Article 5 New articles 10A and 10B

After article 10 insert—

“Relevant non-UK institutions

10A.

(1)

A “relevant non-UK institution” is a non-UK institution which—

(a)

meets condition A or B;

(b)

has a branch in the United Kingdom; and

(c)

is not an insurer.

(2)

Condition A is that the non-UK institution is a credit institution which has permission under Part 4A or resulting from Schedule 3 or 4 to carry on the regulated activity of accepting deposits^f1.

(3)

Condition B is that—

(a)

the non-UK institution is an investment firm;

(b)

it has permission under Part 4A or resulting from Schedule 3 or 4 to carry on the regulated activity of dealing in investments as principal^f2; and

(c)

when carried on by it, that activity is a PRA-regulated activity^f3.

(4)

In this article—

(a)

“branch” means a place of business that forms a legally dependent part of a non-UK institution and conducts directly all or some of the operations inherent in the institution’s business;

(b)

“credit institution” has the meaning given in section 71A(6)(c)^f4;

(c)

“investment firm” has the meaning given in section 424A^f5.

Solvency II firms

10B.

(1)

“Solvency II firm” means—

(a)

an insurance undertaking within the meaning of Article 13(1) of the Solvency II Directive that is not—

(i)

an insurance undertaking falling under Article 308b(1) of the Solvency II Directive; or

(ii)

excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive;

(b)

a reinsurance undertaking within the meaning of Article 13(4) of the Solvency II Directive that is not—

(i)

a reinsurance undertaking falling under Article 308b(1) of the Solvency II Directive; or

(ii)

excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive;

(c)

a special purpose vehicle within the meaning of Article 13(26) of the Solvency II Directive;

(d)

a third country insurance undertaking within the meaning of Article 13(3) of the Solvency II Directive which has a branch in the United Kingdom; or

(e)

a third country reinsurance undertaking within the meaning of Article 13(6) of the Solvency II Directive which has a branch in the United Kingdom.

(2)

In this article “branch” has the meaning given in Article 13(11) of the Solvency II Directive^f6.”