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