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The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019
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PART 2Amendment of Commission Delegated Regulation (EU) 2015/35
Amendment of Commission Delegated Regulation (EU) 2015/35
2.—(1) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance is amended as follows.
(2) In Article 1 (definitions)(1), after paragraph 58 insert—
“58A. ‘PRA’ means the Prudential Regulation Authority;”.
(3) In Article 257 (requirements for investments in securitisations that no longer comply with the risk-retention and qualitative requirements)(2)—
(a)in paragraphs 1 and 2, for “supervisory authority” substitute “PRA”; and
(b)in paragraph 5 for “undertaking’s system of governance as referred to in Article 37(1)(c)” substitute “standards of governance laid down in Title 1, Chapter IV, Section 2”.
(1)
Article 1 was amended by S.I. 2019/407.
(2)
Paragraphs 1 and 2 of Article 257 were replaced by Commission Delegated Regulation (EU) 2018/1221, Article 1(8).
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