Paragraph 14

Paragraph 70 is amended in accordance with this paragraph.

After the definition of “contract of insurance” insert—

““designated FPE entity” is defined in paragraph 15F(2);”.

After the definition of “entity” insert—

““entity-by-entity election” is defined in paragraph 15L(1);”.

After the definition of “long term” insert—

““non-UK allocated equity and liabilities” is defined in paragraph 15Z1;”.

After the definition of “relevant regulated activity” insert—

““residual UK-sub-group” is defined in paragraph 15K(2);”.

After the definition of “UK allocated equity and liabilities” insert—

““UK-based equity and liabilities”—

(a)

in relation to a UK resident entity, other than a designated FPE entity, is defined in paragraph 15H,

(b)

in relation to a designated FPE entity (other than a member of a UK sub-group) is defined in paragraphs 15I and 15Z1, and

(c)

in relation to a UK sub-group, is defined in paragraphs 15J, 15K and 15L;”.

In the definition of “UK sub-group” for “paragraph 17(4)” substitute “ paragraph 15B ”.

Omit the definitions of—