Office of Public Sector Information

Regulation 2(2)

SCHEDULE 2 Amendments to secondary legislation made under the Act

Amendments to the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001(15) are amended as follows—

(a) in regulation 10—

(i) the original text from “an EEA firm” to the end becomes paragraph (a);

(ii) at the end insert—

“; and

(b) an EEA firm which falls within paragraph 5(da) of Schedule 3 which establishes a branch in the United Kingdom”;

(b) in regulation 19—

(i) the existing text becomes paragraph (1);

(ii) after paragraph (1) insert—

“(2) Where—

(a) the activities of a UK firm which pursues the activity of reinsurance (within the meaning of Article 2.1(a) of the reinsurance directive) includes any activity which is not a regulated activity, and

(b) that activity is one which the UK firm in question is able to carry on in the EEA State in question without contravening any provision of the law of the United Kingdom (or any part of the United Kingdom),

the UK firm is to be treated, for the purpose of the exercise of its EEA right, as being authorised to carry on that activity.”.

Regulation 2(3)

SCHEDULE 3 Amendments to other primary legislation

Amendments to the Friendly Societies Act 1992

1.  Section 119 of the Friendly Societies Act 1992(16)(general interpretation) is amended as follows—

(a) in subsection (1A)(17)—

(i) for “72/239/EEC” substitute “73/239/EEC”; and

(ii) at the end insert “and as amended by the reinsurance Directive.”;

(b) after subsection (1C) add—

“(1D) References in this Act to the life assurance consolidation Directive are references to that Directive as amended by the reinsurance Directive.”;

(c) after subsection (2) insert—

“(3) In this section, “the reinsurance Directive” means Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”.

Amendments to the Companies Acts

2.—(1) Section 843 of the Companies Act 2006(18) (realised profits and losses of long term insurance business) is amended as follows—

(a) in subsection (1) after “authorised insurance company” insert “, other than an insurance special purpose vehicle,”;

(b) after subsection (7) insert—

“(8) In this section “insurance special purpose vehicle” means a special purpose vehicle within the meaning of Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”

(2) Until the coming into force of section 843 of the Companies Act 2006, section 268 of the Companies Act 1985(19) (realised profits of authorised insurance company with long term business) has effect as if—

(a) in subsection (1)(20) after “authorised insurance company” there were inserted “, other than an insurance special purpose vehicle,”; and

(b) in subsection (3)(21) after paragraph (a) there were inserted—

“(aa) “insurance special purpose vehicle” means a special purpose vehicle within the meaning of Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”.

Regulation 2(4)

SCHEDULE 4 Amendments to other secondary legislation

Amendment to the Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000

1.—(1) The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000(22) are amended as follows.

(2) In paragraph 1 of the Schedule at the end of the definition of “insurance undertaking” insert “or a reinsurance undertaking carrying on the business of reinsurance under Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance”.

Amendment to the Competition Act 1998 (Determination of Turnover for Penalties) Order 2000

2.—(1) The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000(23) is amended as follows.

(2) In paragraph 1 of the Schedule at the end of the definition of “insurance undertaking” insert “or a reinsurance undertaking carrying on the business of reinsurance under Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance”.