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The Risk Transformation Regulations 2017
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- UK Statutory Instruments
- 2017 No. 1212
- PART 2
- Regulation 9
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Transformer vehicles which are not Solvency 2 special purpose vehicles
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9.—(1) In this regulation—
(a)“non-Solvency 2 transformer vehicle” means a transformer vehicle which is authorised under Part 4A of FSMA in relation to the activity specified in article 13A of the Regulated Activities Order, but which is not a special purpose vehicle; and
(b)“special purpose vehicle” has the meaning given by Article 13(26) of the Solvency 2 Directive.
(2) The PRA must make rules under Part 9A of FSMA (rules and guidance)(1) which impose requirements on non-Solvency 2 transformer vehicles which are equivalent to the requirements imposed by directly applicable regulations made under paragraphs (2) and (2a) of Article 211 of the Solvency 2 Directive(2) on special purpose vehicles authorised for the purposes of that Article.
(1)
Part 9A was inserted by section 24 of the Financial Services Act 2012. There are amendments to Part 9A which are not relevant to these Regulations.
(2)
Article 211 has been amended by Directive 2014/51/EU (OJ no L153, 22.5.2014, p. 1).
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