Regulation 9 Transformer vehicles which are not Solvency 2 special purpose vehicles

(1)

In this regulation—

(a)

“non-Solvency 2 transformer vehicle” means a transformer vehicle which is authorised under Part 4A of FSMA in relation to the activity specified in article 13A of the Regulated Activities Order, but which is not a special purpose vehicle; and

(b)

“special purpose vehicle” has the meaning given by Article 13(26) of the Solvency 2 Directive.

(2)

The PRA must make rules under Part 9A of FSMA (rules and guidance)^f1 which impose requirements on non-Solvency 2 transformer vehicles which are equivalent to the requirements imposed by directly applicable regulations made under paragraphs (2) and (2a) of Article 211 of the Solvency 2 Directive^f2 on special purpose vehicles authorised for the purposes of that Article.

Annotations

Footnotes

f1: Part 9A was inserted by section 24 of the Financial Services Act 2012. There are amendments to Part 9A which are not relevant to these Regulations.
f2: Article 211 has been amended by Directive 2014/51/EU (OJ no L153, 22.5.2014, p. 1).