# The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Regulation 100: Paragraph 4A (introduction to Part 1D)

Extent: E+W+S+N.I.

In paragraph 4A—
(a) for sub-paragraph (6)(a) substitute—
“(a) the persons are undertakings, whether incorporated or not, other than an existing insurance or reinsurance undertaking, which assume risks from insurance or reinsurance undertakings and which fully fund their exposure to such risks through the proceeds of a debt issuance or any other financing mechanism where the repayment rights of the providers of such debt or financing mechanism are subordinated to the reinsurance obligations of such an undertaking;”;
(b) for sub-paragraph (6)(b) substitute—
“(b) the persons are not insurance undertakings;”.
(c) after sub-paragraph (6), insert—
“(7) In paragraph (6)(a), references to undertakings which assume risks from insurance or reinsurance undertakings include references to undertakings which assume risks from third country insurance or reinsurance undertakings and Gibraltarian insurance or reinsurance undertakings; and for these purposes “third country insurance undertakings”, “third country reinsurance undertakings”, “Gibraltarian insurance undertakings” and “Gibraltarian reinsurance undertakings” have the same meaning as in the Solvency 2 Regulations 2015 (S.I. 2015/575), as amended under the European Union (Withdrawal) Act 2018 (see, in particular, regulation 2(1)).”.

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Source: https://www.legislation.gov.uk/uksi/2019/632/regulation/100 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-100
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.