PRA Rulebook Glossary

Printed on: 06/07/2024

Rulebook at: 23/07/2013

Term

Definition

Letter: A

accountable functions

(1) (in the FCA Handbook and in relation to an approved person) the functions described in APER 1.1A.2 P, which are in summary:
(a) FCA controlled functions;
(b) PRA controlled functions; and
(c) any other functions in relation to the carrying on of a regulated activity;
in relation to the authorised persons in relation to which that person is an approved person.
(2) (in the PRA Handbook and in relation to an approved person) the functions described in APER 1.1B.2 P, which are in summary:
(a) PRA controlled functions;
(b) FCA controlled functions that are significant-influence functions; and
(c) any other significant-influence functions;
in relation to the PRA-authorised persons in relation to which that person is an approved person.
  • 01/04/2013

administrative functions

(a) (in relation to managing investments):
(i) arranging settlement;
(ii) monitoring and processing corporate actions;
(iii) client account administration, liaison and reporting, including valuation and performance measurement;
(iv) ISA or CTF administration;
(v) investment trust savings scheme administration;
(b) (in relation to effecting or carrying out life policies):
(i) new business administration;
(ii) policy alterations including surrenders and policy loans;
(iii) preparing projections;
(iv) processing claims including pension payments;
(v) fund switching;
(c) (in relation to the operation of a stakeholder pension scheme):
(i) new business administration;
(ii) receipt of or alteration to contributions;
(iii) preparing projections and annual statements;
(iv) administration of transfers;
(v) handling claims, including pension payments;
(vi) fund allocation and switching.
  • 06/11/2008

AIFM

  • 23/07/2013

AIFM investment firm

a firm which:
(a) is:
(i) a full-scope UK AIFM; or
(ii) an incoming EEA AIFM branch; and
(b) has a Part 4A permission (or an equivalent permission from its Home State regulator) for managing investments where:
(i) the investments managed include one or more financial instruments; and
(ii) the permission is limited to the activities permitted by article 6(4) of AIFMD.
  • 23/07/2013

AIFM management functions

the management functions of an AIFM listed in Annex I to AIFMD.
  • 23/07/2013

AIFM qualifier

an EEA AIFM which is marketing, or has marketed, an AIF in the UK by:
(a) exercising its EEA right to market under Schedule 3 of the Act (EEA Passport Rights); and
(b) is not exercising a right to manage a UK AIF under Schedule 3 of the Act.
  • 23/07/2013

AIFMD

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:174:0001:0073:EN:PDF) .
  • 23/07/2013

AIFMD host state requirements

Handbook rules transposing articles 12 and 14 of AIFMD and which fall under the responsibility of the Host State to supervise where an AIFM manages or markets an AIF through a branch in that EEA State, namely:
(a) FUND 3.8;
(b) SYSC 4.1.2C R;
(c) SYSC 10.1.22 R to SYSC 10.1.26 R; and
(d) COBS 2.1.4 R.
  • 23/07/2013

AIFMD level 2 regulation

Commission delegated regulation (EU) No 231/2013 supplementing Directive 2011/16/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:083:0001:0095:en:PDF) .
  • 23/07/2013

AIFMD UK regulation

the Alternative Investment Fund Managers Regulations 2013 (SI 2013/....)
  • 23/07/2013

asset management company

a management company within the meaning of Article 2(1)(b) 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 6(1) of the UCITS Directive if it had its registered office within the EEA.
  • 01/07/2011