Regulation 2 Interpretation: Part VIII

Paragraph (1) of regulation 44 of the 1994 Regulations (interpretation: Part VIII) shall be amended as follows.

Before the definition of “approved counterparty” insert—

• ““amortised value” means the amortised value as determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate to insurance companies;”.

In the definition of “approved counterparty”, delete “or” from the end of sub-paragraph (b) and at the end insert

“or

(d)

in respect of a transaction involving a new issue of securities which are to be listed, the issuer or an approved investment firm acting on behalf of the issuer;”.

After the definition of “building society” insert—

• ““collective investment scheme” has the meaning given in section 75 of the Financial Services Act 1986^f1;”.

After the definition of “contract for differences” insert—

• ““counterparty” has the meaning set out in Schedule 12 to these Regulations;”.

Omit the definition of “debenture” and after the definition of “debt” insert—

• ““debt security” includes bonds, notes, debentures and debenture stock;

• “deferred acquisition costs” means those items shown at GII under the heading “Assets” set out in paragraph 9 of Schedule 9A to the Companies Act 1985^f2;”.

At the end of the definition of “derivative contract” insert the words “and includes a contract under which the amount payable by either party is calculated by reference to the amortised value of any property”.

After the definition of “equity share” insert—

• ““equivalent securities” means securities issued by the same issuer being of an identical type and having the same nominal value, description and amount;”.

In the definition of “general business amount”, for the words “regulation 57(9) below” substitute “Schedule 12 to these Regulations”.

Omit the definition of “insurance liabilities”.

After the definition of “intermediary”, insert—

• ““issuer” in respect of a collective investment scheme, means the manager or operator of the scheme and in respect of an interest in a limited partnership, means the partnership;”.

For the definition of “listed” substitute—

• ““listed”, in relation to an investment, means that—

  1. (a)

     there has been granted and not withdrawn a listing in respect of that investment on any stock exchange in an EEA State which is a stock exchange within the law of that EEA State; or

  2. (b)

     facilities for dealing in that investment have been granted on a regulated market;”.

Omit the definition of “middle market quotation” and insert—

• ““market value” means the market value as determined in accordance with generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate to insurance companies;”

Omit the definition of “price earnings ratio”.

In the definition of “regulated institution”, at the beginning of sub-paragraph (a) insert “an insurance company which is either;”.

In the definition of “securities”, for the word “debentures” substitute the words “debt securities”.

Omit the definition of “stock lending transaction”.