14(1)Paragraph 70 is amended in accordance with this paragraph.U.K.
(2)After the definition of “contract of insurance” insert—
““designated FPE entity” is defined in paragraph 15F(2);”.
(3)After the definition of “entity” insert—
““entity-by-entity election” is defined in paragraph 15L(1);”.
(4)After the definition of “long term” insert—
““non-UK allocated equity and liabilities” is defined in paragraph 15Z1;”.
(5)After the definition of “relevant regulated activity” insert—
““residual UK-sub-group” is defined in paragraph 15K(2);”.
(6)After the definition of “UK allocated equity and liabilities” insert—
““UK-based equity and liabilities”—
(a)in relation to a UK resident entity, other than a designated FPE entity, is defined in paragraph 15H,
(b)in relation to a designated FPE entity (other than a member of a UK sub-group) is defined in paragraphs 15I and 15Z1, and
(c)in relation to a UK sub-group, is defined in paragraphs 15J, 15K and 15L;”.
(7)In the definition of “UK sub-group” for “paragraph 17(4)” substitute “ paragraph 15B ”.
(8)Omit the definitions of—
(a)“relevant UK banking sub-group”,
(b)“relevant UK sub-group”, and
(c)“UK banking sub-group”.