The Friendly Societies (Insurance Business) Regulations 1994

Localisation

17.—(1) Assets held pursuant to regulation 13 above shall be held—

(a) if they cover liabilities in sterling, in the European Community;

(b) If they cover liabilities in any other currency, in the European Community or in the country of that currency.

(2) For the purposes of applying paragraph (1) above to tangible assets and assets consisting of a claim against a debtor or a listed or unlisted investment, the following provisions shall have effect—

(a) a tangible asset shall be regarded as held in the place where it is situated;

(b) an asset consisting of a claim against a debtor shall be regarded as held in any place where it can be enforced by legal action;

(c) an asset consisting of a listed investment shall be regarded as held in any place where—

(i) there is a stock exchange (of the kind described in paragraph (a) of the definition of “listed” in regulation 19(1) below) where it is listed; or

(ii) there is a regulated market as defined in regulation 19(1) below where it is dealt in;

(d) an asset consisting of an unlisted investment issued by an incorporated company shall be regarded as held in the place where the head office of the company is situated.

(3) In this regulation—

• “assets” and “liabilities” have the same meaning as in regulation 13 above;

• “listed” and “unlisted” have the meaning given in regulation 19(1) below.