Glossary

PRA Rulebook Glossary

Printed on: 06/07/2024

Rulebook at: 03/08/2015

Term

Definition

Letter: A

administering a regulated sale and rent back agreement

the regulated activity, specified in article 63J(2) of the Regulated Activities Order, which is in summary any of the following:

(a) notifying the agreement seller of changes in payment due under a regulated sale and rent back agreement or of other matters of which that agreement requires him to be notified;

(b) taking any necessary steps for the purpose of making payments to the agreement seller under that agreement; and

(c) taking any necessary steps for the purposes of collecting or recovering payments due under that agreement from the agreement seller;

but a person is not to be treated as administering a regulated sale and rent back agreement because he has, or exercises, a right to take action for the purposes of enforcing that agreement (or to require that such action is or is not taken);and in relation to a person who acquires obligations or rights under a regulated sale and rent back agreement, an activity is a specified kind of activity for the purposes of this definition only if the agreement was entered into by the agreement provider (rather than the obligations or rights acquired) on or after 1 July 2009.

01/07/2009

advising on a regulated sale and rent back agreement

the regulated activity, specified in article 53D of the Regulated Activities Order, which is in summary advising a person if the advice:

(a) is given to a person in his capacity as:

(i) an agreement seller or potential agreement seller; or

(ii) an agreement provider or potential agreement provider; and

(b) is advice on the merits of his doing either of the following:

(i) entering into a particular regulated sale and rent back agreement; or

(ii) varying the terms of a regulated sale and rent back agreement entered into on or after 1 July 2009 by him as agreement seller or agreement provider, in such a way as to vary his obligations under that agreement and in relation to a person who acquires obligations or rights under a regulated sale and rent back agreement, an activity is a specified kind of activity for the purposes of this part of the definition only if the agreement was entered into by the agreement provider (rather than the obligations or rights acquired) on or after 1 July 2009.

01/07/2009

advising on investments (except pension transfers and pension opt-outs)

advising on investments except in respect of pension transfers and pension opt-outs.

01/12/2004

advising on pension transfers and pension opt-outs

advising on investments in respect of pension transfers and pension opt-outs.

01/12/2004

advising on pension transfers and pension opt-outs

means advising on investments in respect of pension transfers and pension opt-outs.

03/08/2015

annual accounting period

(1) [deleted]

(2) (in COLL): the period determined in accordance with COLL 6.8.2 R (3) to COLL 6.8.2 R (7)(Accounting periods).

01/04/2009

Annual Accounts

(A) In the PRA Handbook:

(1) the Council Directive of 19 December 1991 concerning the annual accounts and consolidated accounts of insurance undertakings (No. 91/674/EEC).

(2) (in UPRU) accounts prepared to comply with:

(a) the Companies Acts 1985 to 1989, and their equivalent in Northern Ireland, where these provisions are applicable; or

(b) the Companies Act 2006; or

(B) In the FCA Handbook:

(1) the Council Directive of 19 December 1991 concerning the annual accounts and consolidated accounts of insurance undertakings (No. 91/674/EEC).

(2) [deleted]

22/07/2014

annual audited fixed expenditure

(in UPRU) has the meaning given in UPRU 2.1.3 R (Annual audited fixed expenditure).

22/07/2014

annual bonus

(in relation to a with-profits insurance contract) a discretionary addition to policy benefits under a with-profits insurance contract made by a long-term insurer as a result of the annual actuarial investigation.

31/12/2004

annual budget

the annual budgeted costs of operating the Financial Ombudsman Service.

01/12/2004

annual income

(in MIPRU)the income referred to in MIPRU 4.3

01/01/2007

annual income allocation date

the date in any year stated in the most recently published prospectus as the date on or before which, in respect of each annual accounting period, an allocation of income is to be made.

01/12/2004

annual percentage rate

the annual percentage rate of charge for a contract as calculated in accordance with MCOB 10 (Annual percentage rate).

01/12/2004

annual report and accounts

means

(1) (in relation to a company incorporated in the UK) an annual report and annual accounts as those terms are defined in section 471 of the Companies Act 2006 together with an auditor's report prepared in relation to those accounts under sections 495 to 497A of the same Act;
(2) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established.

03/08/2015

annual report and accounts

(a) (in relation to a company incorporated in the United Kingdom) an annual report and annual accounts as those terms are defined in:

(i) section 262(1) of the Companies Act 1985, together with an auditor's report prepared in relation to those accounts under section 235 of the same Act where these provisions are applicable; or

(ii) section 471 of the Companies Act 2006 together with an auditor's report prepared in relation to those accounts under sections 495 to 497 of the same Act;

(b) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established.

06/06/2008

apportionment and oversight function

FCA controlled function CF8 in Parts 1 and Part 2 of the table of FCA controlled functions, described more fully in SUP 10A.7.1 R .

01/04/2013

approved reporting mechanism

a trade-matching or reporting system approved by the FCA in accordance with Section 412A of the Act.

01/04/2013

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.

01/12/2004

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.

03/08/2015

assisting in the administration and performance of a contract of insurance

the regulated activity, specified in article 39A of the Regulated Activities Order (Assisting in the administration and performance of a contract of insurance) of assisting in the administration and performance of a contract of insurance.

01/12/2004