Term
Definition
Letter: A
acting as the depositary or sole director of an open-ended investment company
the regulated activity, specified in article 51(1)(c) of the Regulated Activities Order (Establishing etc a collective investment scheme), of acting as the depositary or sole director of an open-ended investment company.
- 01/12/2004
admission or admission to listing
- 01/07/2005
admission to trading
(3) (elsewhere in the Handbook)(in relation to an investment and an exchange) the process by which the exchange permits members of the exchange to enter into transactions in that investment under and subject to the rules of the exchange.
- 22/12/2006
agreeing to carry on a regulated activity
the regulated activity, specified in article 64 of the Regulated Activities Order (Agreeing to carry on specified kinds of activity), of agreeing to carry on an activity specified in Part II of that Order other than:
(a) accepting deposits;
(aa) issuing electronic money;
- 06/04/2007
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 for:which of those sets of rules apply for the purpose of a particular calculation depends on the nature of that calculation.
- 01/01/2007
approved bank
(except in COLL) (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; 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) 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.
- 01/04/2009
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 credit institution
a credit institution recognised or permitted under the law of an EEA State to carry on any of the activities set out in Annex 1 to the Banking Consolidation Directive.
- 31/12/2005
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
- 01/04/2009
approved financial institution
any of the following:
(a) the European Central Bank;
(b) the central bank of an EEA State;
(c) the International Bank for Reconstruction and Development;
(d) the European Bank for Reconstruction and Development;
(e) the International Finance Corporation;
(f) the International Monetary Fund;
(g) the Inter-American Development Bank;
(h) the African Development Bank;
(i) the Asian Development Bank;
(j) the Caribbean Development Bank;
(k) the European Investment Bank;
(l) the
EU
; and
(m) the European Atomic Energy Community.
- 01/12/2009
approved index
in relation to permitted links:
(a) an index that is:
(i) calculated independently;
(ii) published at least once every week;
(iii) based on constituents that are permitted links; and
(iv) calculated on a basis that is made available to the public, and that includes both the rules for including and excluding constituents and the rules for valuation which must use an arithmetic average of the value of the constituents; or
(b) a national index of retail prices published by or under the authority of a government of a
Zone A country; or
(c) an index that is:
(i) based on constituents that are permitted links; and
(d) the average earnings index when used for the purposes of orders made under section 148 of the Social Security Administration Act 1992 by the Department for Work and Pensions.
- 31/12/2008
approved money-market instrument
(in accordance with COLL 5.2.7F R) a money-market instrument which is normally dealt in on the money market, is liquid and has a value which can be accurately determined at any time.
- 23/07/2008
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 quasi-derivative
a quasi-derivative in respect of which the conditions in
INSPRU 3.2.5 R
are met.
- 31/12/2006
approved reinsurance to close
(a) a reinsurance to close effected before 1 January 2005; or
(b) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with the members of that syndicate in a later syndicate year or the members of one other
syndicate ("the reinsuring members") that the reinsuring members will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year that is:
(i) effected after 1 January 2005; and
(ii) not a balance transfer between two syndicate years where the syndicate has only one member and the member is the same in each of those years; or
(c) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with a subsidiary of the Society that that subsidiary will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year ("the reinsured liabilities") and where:
(i) that subsidiary is wholly owned by the Society and if from time to time the subsidiary has an asset or cash flow deficiency such that the subsidiary is unable to meet any of the liabilities which it has reinsured, the Society is legally obliged to pay to the subsidiary a sum equal to that deficiency; and
(ii) at the effective date of the agreement, the relevant syndicate year has been open for at least two years after the date at which it would normally have been closed in accordance with the policies and practices in relation to the syndicate concerned.
- 31/12/2009
approved reporting mechanism
- 01/11/2007
approved security
(1) (in COLL) 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
INSPRU
) 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.
(3) (in
COBS
) 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 loan to or deposit with, any government, public or local authority or nationalised industry or undertaking that belongs to Zone A as defined in the Banking Consolidation Directive; or
(b) any loan to, or deposit with, an approved financial institution; or
(c) debentures issued before 31 December 1994 by the Agricultural Mortgage Corporation Ltd or the Scottish Agricultural Securities Corporation Ltd.
- 01/04/2009
approved stock lending transaction
a stock lending transaction in respect of which the conditions in
INSPRU 3.2.36 R
have been met.
- 31/12/2006
authorised corporate director
the director of an ICVC who is the authorised corporate director of the ICVC in accordance with COLL 6.5.3 R (Appointment of an ACD) including, if relevant, an EEA UCITS management company.
- 01/04/2009