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M2G

    123the MiFID 2 Guide

JGPPI

    2the FSA/OFT Joint Guidance on Payment Protection Products.

UCITS

    43undertakings for collective investment in transferable securities that are established in accordance with the UCITS Directive.

1986 Act

    70(in BSOCS) the Building Societies Act 1986.

habitual residence

      1. (a) if the policyholder is an individual, the address given by the policyholder as his residence if it reasonably appears to be a residential address and there is no evidence to the contrary;
      1. (b) if the policyholder is not an individual or a group of individuals, the State in which the policyholder has its place of establishment, or, if it has more than one, its relevant place of establishment;
      1. (c) in respect of the variation of a life policy, or the purchase of a pension annuity related to a life policy, unless there is evidence to the contrary, the habitual residence of the policyholder at the date on which the policyholder signed the proposal for the life policy.1

name-passing broker

    a person who arranges (brings about ) deals between counterparties at mutually acceptable terms and passes their names to each of them to facilitate the conclusion of a transaction.2

land

    51in accordance with section 189(1) of the CCA, includes an interest in land, and, in Scotland, includes heritable subjects of whatever description.

zero-specific-risk security

    5a notional debt security used, for the purpose of calculating PRR, to represent the interest rate general market risk arising from certain derivative and forward transactions as specified in BIPRU 7.2 (Interest rate PRR).

facilities

    (in relation to a recognised body) the facilities and services which it provides in the course of carrying on exempt activities2. References129 to the use of the facilities of an RIE or RAP59 are to be construed as follows:25

      1. 25 59
      1. 25 59
      1. 25 59
      1. 25 59
      1. 25
      1. (a) dealings or transactions on an RIE or RAP are references to dealings or transactions which are effected by means of the RIE's or RAP's facilities or which are governed by the rules of the RIE or RAP; 12959
      1. (b) references to the use of the facilities of an RIE or RAP include use which consists of any such dealings or entering into any such transactions.59

early amortisation provision

    89

      1. (1) (in BIPRU) (in accordance with Article 100 of the Banking Consolidation Directive (Securitisation of revolving exposures) and in relation to a securitisation within the meaning of paragraph (2) of the definition of securitisation) a contractual clause which requires, on the occurrence of defined events, investors' positions to be redeemed prior to the originally stated maturity of the securities issued.
      1. (2) (except in (1)) has the meaning in article 242(16)134 of the EU CRR.

P2P agreement

      1. (a) (in relation to a borrower) in accordance with article 36H of the Regulated Activities Order, an agreement by which one person provides another person with credit (within the meaning of article 60L of the Regulated Activities Order) and in relation to which:140
        1. (i) the operator of the electronic system in relation to lending which facilitates the agreement does not provide credit (within that meaning), assume the rights (by assignment or operation of law) of a person who provided credit, or receive credit under the agreement; 140
        1. (ii) the borrower is an individual; and140
        1. (iii) either condition (A) or (B) is satisfied:140
          1. (A) the lender provides credit (within that meaning) of less than or equal to £25,000; or140
          1. (B) the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.140
      1. (b) (in relation to a lender) in accordance with article 36H of the Regulated Activities Order, an agreement by which one person provides another person with credit (within the meaning of article 60L of the Regulated Activities Order) and in relation to which either:140
        1. (i) the lender is an individual or was an individual at the time the agreement was entered into; or140
        1. (ii) if the lender is not an individual or was not an individual at the time the agreement was entered into, either condition (A) or (B) is satisfied, or was satisfied at the time the agreement was entered into:140
          1. (A) the lender provides credit (within that meaning) of less than or equal to £25,000; or140
          1. (B) the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower;140
        provided, in either case, that the operator of the electronic system in relation to lending which facilitates the agreement does not provide credit (within that meaning), assume the rights (by assignment or operation of law) of a person who provided credit, or receive credit under the agreement.140
      113

half-yearly accounting period

    (in COLL) a period determined in accordance with COLL 6.8.2 R (2) (Accounting periods).16

value at risk

    8(in relation to risk modelling or estimation for the purposes of BIPRU15) the measure of risk described in BIPRU 7.10.146 R (Requirement to use value at risk methodology).

safeguarded-flexible benefits risk warning

    162A written communication to a member of a personal pension scheme or stakeholder pension scheme which is required by Regulation 8A of the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015 (SI 2015/742).

2015 Interchange Regulations

    129(in FEES 9) The Payment Card Interchange Fee Regulations 2015 (SI 2015/1911).

joint enterprise

    (as defined in article 3(1) of the Regulated Activities Order (Interpretation)) an enterprise into which two or more persons ("the participators") enter for commercial purposes related to a business or businesses (other than the business of engaging in a regulated activity) carried on by them; where a participator is a member of a group, each other member of the group is also to be regarded as a participator in the enterprise. 1

IBNR

    32(in relation to claims (as defined for the purposes of INSPRU52 , SUP and TC)) claims that have been incurred but not reported arising out of events that have occurred by the balance sheet date but have not been reported to the insurance undertaking at that date.

national bureau

    (in relation to an EEA State) a professional organisation which:

      1. (a) has been constituted in that State in accordance with Recommendation No 5 adopted on 25 January 1949 by the Road Transport Sub-committee of the Inland Transport Committee of the United Nations Economic Commission for Europe; and
      1. (b) groups together insurance undertakings which in that State are authorised to conduct the business of motor vehicle liability insurance.2

backwardation

    4a situation in which futures prices are lower than cash prices.

land-related agreement

    51(in CONC App 1.1) a credit agreement which is

      1. (a) intended primarily to finance the acquisition or retention of land; or
      1. (b) intended to finance the renovation or improvement of a building,

    or any other credit agreement secured by a legal mortgage on land or, in Scotland, by a standard security within the meaning of the Conveyancing and Feudal Reform (Scotland) Act 1970.

early exit charge

    117has the meaning given in section 137FBB(6) of the Act, which is, in summary:

      1. (a) a charge imposed on a member of a personal pension scheme or stakeholder pension scheme:
        1. (i) when that member, having reached normal minimum pension age, takes the action set out in (b); but
        1. (ii) which is only imposed, or only imposed to that extent, if the member takes that action before the member’s expected retirement date; and
      1. (b) the action is the member taking benefits, converting benefits into different benefits or transferring benefits to another pension scheme; and
      1. (c) in this definition:
        1. (i) a reference to “benefits” includes all or any part of the member’s benefits under the scheme;
        1. (ii) “charge” includes a reduction in the value of the member’s benefits under the scheme;
        1. (iii) “expected retirement date” means the date determined by or in accordance with the scheme as the date on which the member’s benefits under the scheme are expected to be taken; and
        1. (iv) “normal minimum pension age” has the meaning given in section 279(1) of the Finance Act 2004.
        [Note: the meaning of “normal minimum pension age” referred to in (c)(iv) above, is, in summary, in relation to dates on and after 6 April 2010, 55 and, in relation to dates before 6 April 2010, 50].

national guarantee fund

    (in relation to an EEA State) a body which:

      1. (a) has been set up or authorised in that State in accordance with article 1(4) of Council Directive (84/5/EEC); and
      1. (b) provides compensation for damages to property or personal injuries caused by unidentified vehicles for which the insurance obligation provided for in article 1(1) of that Directive has not been satisfied.2

IBSA Regulations

    151the Investment Bank Special Administration Regulations 2011 (SI 2011/245).

occupational pension scheme

      1. (a) (a scheme24 specified in article 3(1) of the Regulated Activities Order (Interpretation)) which is, in summary, a pension scheme established for the purpose of providing benefits to people with service in employments of a prescribed description.24