Term

Definition

Letter: A

admissible asset

(in LLD) an asset that may be taken into account for the purposes of the solvency requirements in LLD 11.2.1R in accordance with LLD 13.4.1R.

applicable sectoral consolidation rules

(in respect of a financial sector and in accordance with paragraph 6.10 of PRU 8 Ann 1R G (Applicable sectoral consolidation rules)) the FSA's sectoral rules about capital adequacy and solvency on a consolidated basis applicable to that financial sector under the table in paragraph 6.11 of PRU 8 Ann 1R G.

applicable sectoral rules

(in respect of a financial sector) applicable sectoral consolidation rules for that financial sector and the FSA's sectoral rules about capital adequacy and solvency applicable to that financial sector under the table in paragraph 6.8 of PRU 8 Ann 1R Gwhich of those sets of rules apply for the purpose of a particular calculation depends on the nature of that calculation.

arranging safeguarding and administration of assets

that part of safeguarding and administering investments which consists solely of arranging for one or more other persons to carry on both:
(a) the safeguarding of assets belonging to another; and
(b) the administration of those assets.

asset identification rules

(as defined in subsection 142(2) of the Act (Insurance business: regulations supplementing Authority's rules)) rules made by the FSA which require an authorised person who has permission to effecting or carry out contracts of insurance to identify assets which belong to him and which are maintained in respect of a particular aspect of his business.

asset management company

(for the purpose of ELM and PRU 8 (Group risk)and in accordance with Article 2(5) of the Financial Groups Directive (Definitions)) a management company within the meaning of Article 1a(2) of the UCITS Directive, as well as an undertaking the registered office of which is outside the EEA and which would require authorisation in accordance with Article 5(1) of the UCITS Directive if it had its registered office within the EEA.