The Bank of England and Financial Services Act 2016 (Commencement No. 5 and Transitional Provisions) Regulations 2018

Citation and interpretation

1.—(1) These Regulations may be cited as the Bank of England and Financial Services Act 2016 (Commencement No. 5 and Transitional Provisions) Regulations 2018.

(2) In these Regulations—

“the Act” means the Bank of England and Financial Services Act 2016;

“FSMA” means the Financial Services and Markets Act 2000(1);

“the appropriate regulator” has the meaning given in section 59(4) of FSMA (approval for particular arrangements)(2);

“controlled function” has the meaning given in section 59(3) of FSMA(3);

“designated senior management functions” has the meaning given in section 59ZB of FSMA (designated senior management functions)(4);

“insurer” means—

(a)

a person authorised under FSMA to carry out the regulated activity of—

(i)

effecting or carrying out contracts of insurance as principal; or

(ii)

insurance risk transformation as specified in article 13A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(5) (“the RAO”);

(b)

the society incorporated by Lloyd’s Act 1871(6) by the name Lloyd’s;

(c)

a managing agent as defined in article 3(1) of the RAO;

“the PRA” means the Prudential Regulation Authority;

“statement of responsibilities” has the meaning given in section 60(2B) of FSMA (applications for approval)(7).

(1)

2000 c.8.

(2)

Subsection (4) of section 59 was inserted by section 14(1)(b) of the Financial Services Act 2012 (c.21).

(3)

Subsection (3) of section 59 was inserted by section 14(1)(b) of the Financial Services Act 2012.

(4)

Section 59ZB was inserted by paragraph 3 of Schedule 4 to the Bank of England and Financial Services Act 2016.

(5)

S.I. 2001/544. Article 13A was inserted by regulation 5(1) and (3) of S.I. 2017/1212.

(6)

1871 34 Vict c.21.

(7)

Subsection (2B) of section 60 was inserted by section 20 of the Financial Services (Banking Reform) Act 2013 (c.33).