The Competition (Amendment etc.) (EU Exit) Regulations 2019

Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014

7.—(1) The Schedule to the Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014(1) is amended as follows.

(2) In paragraph 1(1), in the definition of “financial institution”—

(a) for “EU” substitute “United Kingdom”;

(b) omit the “and” at the end;

(3) In paragraph 1(1), in the definition of “insurance undertaking”—

(a) in paragraphs (a) and (b), for “European Economic Area” substitute “United Kingdom”;

(b) omit the “or” at the end of paragraph (b); and

(c) for paragraph (c) substitute—

“(c) a reinsurance undertaking; or

(d) a third-country reinsurance undertaking;”.

(4) In paragraph 1(1), after the definition of “insurance undertaking” insert—

““reinsurance undertaking” means an undertaking which—

(a)

has its head office in the United Kingdom;

(b)

has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;

(c)

effects or carries out contracts of insurance that are limited to reinsurance contracts; and

(d)

would require authorisation in accordance with Article 14 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), if the United Kingdom were a Member State; and

“third-country reinsurance undertaking” means an undertaking which, if its head office were in the United Kingdom—

(a)

would require permission under Part 4A of the Financial Services and Markets Act 2000 to carry out regulated activities relating to reinsurance; and

(b)

immediately before exit day, would have required authorisation as a reinsurance undertaking in accordance with Article 14 of Directive 2009/138/EC.”.

(1)

S.I. 2014/533, as amended by S.I. 2015/575.