SCHEDULE 2Amendment of subordinate legislation
PART 1Amendment of subordinate legislation made under the Competition Act 1998
Competition Act 1998 (Determination of Turnover for Penalties) Order 2000I12
1
The Schedule to the Competition Act 1998 (Determination of Turnover for Penalties) Order 2000 M1 is amended as follows.
2
In paragraph 1—
a
in the definition of “financial institution”, for “EEA” substitute “
United Kingdom
”
;
b
for the definition of “insurance undertaking” substitute—
“insurance undertaking” means—
a
an insurance undertaking carrying on the business of direct insurance of a class set out in Article 2 of, or Annex 1 to, Directive 2009/138/EC of the European Parliament and Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);
b
a reinsurance undertaking; or
c
a third-country reinsurance undertaking;
c
omit the “and” at the end of the definition of “insurance undertaking” and after that definition insert—
“reinsurance undertaking” means an undertaking which—
a
has its head office in the United Kingdom;
b
has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;
c
effects or carries out contracts of insurance that are limited to reinsurance contracts; and
d
would require authorisation in accordance with Article 14 of Directive 2009/138/EC, if the United Kingdom were a Member State;
“third-country reinsurance undertaking” means an undertaking which, if its head office were in the United Kingdom—
a
would require permission under Part 4A of the Financial Services and Markets Act 2000 to carry out regulated activities relating to reinsurance; and
b
immediately before F1IP completion day, would have required authorisation as a reinsurance undertaking in accordance with Article 14 of Directive 2009/138/EC; and