counterparty

(1) 48(in UPRU) any person with or for whom a firm carries on designated investment business or an ancillary activity.46

1. (2) 4848(for the purposes of the rules relating to insurers in GENPRU and INSPRU)48(in relation to an insurer, the Society, a syndicate or member ('A')48):27
   1. (a) any one individual; or 27
   1. (b) any one unincorporated body of persons; or 27
   1. (c) any company which is not a member of a group; or 27
   1. 2734(d) any group of companies excluding:34
      1. (i) (for the purposes of48 INSPRU 2.1 48 ) any companies within the group which are subsidiary undertakings of48 A48 and which fall within48 GENPRU 1.3.43 R 48 ; and34
      1. (ii) (for all other purposes) any companies within the group which are subsidiary undertakings of48 A48; or34
   1. (e) any government of a State together with all the public bodies, local authorities or nationalised industries of that State,27
   in which48 A48, or any of its subsidiary undertakings, has made investments or against whom, or in respect of whom, it, or any of its subsidiary undertakings, has rights or obligations under a contract entered into by48 A48 or any of its subsidiary undertakings.327

(3) (for the purposes of the rules relating to BIPRU firms in GENPRU and BIPRU and in relation to an exposure of a person ('A')) the counterparty with respect to thatexposure or, if the context requires, another person in respect of whom, under that exposure, A is exposed to credit risk or the risk of loss if that person fails to meet its obligations, such as the issuer of the underlying security in relation to a derivative held by A.48