Term
Definition
Letter: A
approved bank
(except in COLL and CIS) (in relation to a bank account opened by a firm):
(a) if the account is opened at a branch in the United Kingdom:
(i) the Bank of England; or
(ii) the central bank of a member state of the OECD; or
(iii) a bank; or
(iv) a building society which offers, unrestrictedly, banking services; or
(v) a bank which is supervised by the central bank or other banking regulator of a member state of the OECD; or
(b) if the account is opened elsewhere:
(i) a bank in (a); or
(ii) a credit institution established in an EEA State other than the United Kingdom and duly authorised by the relevant Home State regulator; or
(iii) a bank which is regulated in the Isle of Man or the Channel Islands; or
(c) a bank supervised by the South African Reserve Bank; or
(d) any other bank that:
(in COLL and CIS) any person falling within (a-c). (i) is subject to regulation by a national banking regulator;
(ii) is required to provide audited accounts;
(iii) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and
(iv) has an annual audit report which is not materially qualified.
- 01/12/2004
approved collateral
any form of security for the discharge of any liability arising from a contingent liability investment (other than a guarantee) which:
(a) (in relation to an on-exchange transaction) is acceptable under the rules of the relevant exchange or clearing house; and
(b) (in relation to an OTC transaction) would be acceptable for a similar transaction to the relevant exchange or clearing house.
- 01/12/2004
approved counterparty
an approved counterparty as defined in IPRU(INS).
- 01/12/2004
approved credit institution
an approved credit institution as defined in IPRU(INS).
- 01/12/2004
approved depositary
any depositary:
(a) which is subject to regulation by a national regulatory body in connection with its custody services;
(b) which is required to prepare audited accounts;
(c) whose latest annual audit report is not materially qualified; and
(d) which
(i) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has surplus revenue over expenditure for the last two financial years; or
(ii) if not, nevertheless has adequate financial resources for its business.
- 01/12/2004
approved derivative
- 01/12/2004
approved financial institution
an approved financial institution as defined in IPRU(INS).
- 01/12/2004
approved immovable
an interest in any land or building which satisfies the conditions in CIS 5A.8.5 R (Approved immovables).
- 01/12/2004
approved mortgage
(in COLL and CIS) a mortgage:
(a) which the trustee reasonably believes can be discharged on demand or within 28 days by repayment of all the money secured by the mortgage (including, where appropriate, any additional sum provided for under the mortgage); and
(b) on which there is not secured any property, whether immediately or contingently, other than the approved immovable in question.
- 01/12/2004
approved person
a person in relation to whom the
FSA
has given its approval under section 59 of the Act (Approval for particular arrangements) for the performance of a controlled function.
- 01/12/2004
approved security
(1) (in COLL and CIS) a transferable security that is admitted to official listing in an EEA State or is traded on or under the rules of an eligible securities market (otherwise than by the specific permission of the market authority).
(2) (in) any of the following:
(a) any security issued or guaranteed by, or the repayment of the principal of which, or the interest on which, is guaranteed by, and any loans to or deposits with, any government, public or local authority or nationalised industry or undertaking, which belongs to a Zone A country;
(b) any loan to, or deposit with, an approved financial institution;
(c) any debenture issued before 31 December 1994 by the Agricultural Mortgage Corporation Limited or the Scottish Agricultural Securities Corporation Limited.
- 01/12/2004