Regulation 2 Amendment of Commission Delegated Regulation (EU) 2015/35I1

United Kingdom

(1)

Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance is amended as follows.

(2)

In Article 1 (definitions) M1, after paragraph 58 insert—

“
58A
‘PRA’ means the Prudential Regulation Authority;”.

(3)

In Article 257 (requirements for investments in securitisations that no longer comply with the risk-retention and qualitative requirements) M2—

(a)

in paragraphs 1 and 2, for “supervisory authority” substitute “ PRA ”; and

(b)

in paragraph 5 for “undertaking's system of governance as referred to in Article 37(1)(c)” substitute “ standards of governance laid down in Title 1, Chapter IV, Section 2 ”.

Annotations

Marginal citations

M1: Article 1 was amended by S.I. 2019/407.
M2: Paragraphs 1 and 2 of Article 257 were replaced by Commission Delegated Regulation (EU) 2018/1221, Article 1(8).

Commencement

I1: Reg. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2) (as amended by S.I. 2019/1390, regs. 1(2), 6)