12.—(1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001(1) are amended as follows.
(2) In regulation 2 (interpretation), after the definition of “prescribed disciplinary proceedings”, insert—
““PRA rules” means the rules made by the PRA under the Act as they have effect from time to time;”.
(3) After regulation 10C insert—
10D. The PRA or a person who is employed by the PRA may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of an insurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules, or a reinsurance undertaking, which is also a UK Solvency II firm as defined by the PRA rules.”.
(4) After regulation 12C insert—
12D. The PRA or a person who is employed by the PRA may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of an insurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules, or a reinsurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules.”.
13. In paragraph 1 of Part 1 of Schedule 3 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2) (exemptions from the definition of “investment firm”), omit sub-paragraph (ba).
14. In article 3 of the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001(3) (non-UK insurers), in paragraph (1)(b) omit paragraph (ii).
15. In article 1(2) of the Bank of England Act 1998 (Macro-prudential Measures) Order 2013(4) (citation, commencement and interpretation)—
(a)in the definition of “financial sector entity”—
(i)omit paragraphs (h) and (j);
(ii)in paragraph (k), for “, reinsurance undertakings, third country insurance undertakings or third country reinsurance undertakings” substitute “or reinsurance undertakings”;
(b)omit the definition of “third country insurance undertaking”;
(c)omit the definition of “third country reinsurance undertaking”.
16. In article 1(2) of the Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013(5) (citation, commencement and interpretation), in the definition of “insurance holding company”, for “regulation 2(1) of the Solvency 2 Regulations 2015” substitute “the rules made by the PRA under the Act as they have effect from time to time”.
S.I. 2001/2188. Regulation 10C was inserted by S.I. 2020/1406 and regulation 12C was inserted by S.I. 2003/2174.
S.I. 2001/544. Sub-paragraph (ba) was inserted by S.I. 2018/1403. There are other amending instruments but none is relevant.
S.I. 2001/2507 amended by S.I. 2019/632. There are other amending instruments but none is relevant.
S.I. 2013/644, to which there are amendments not relevant to these Regulations.
S.I. 2013/165, to which there are amendments not relevant to these Regulations.