(1) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance is amended as follows.

(2) In Article 1 (definitions) [Article 1 was amended by S.I. 2019/407.], after paragraph 58 insert -

"58A. ‘PRA’ means the Prudential Regulation Authority;".

(3) In Article 257 (requirements for investments in securitisations that no longer comply with the risk-retention and qualitative requirements) [Paragraphs 1 and 2 of Article 257 were replaced by Commission Delegated Regulation (EU) 2018/1221, Article 1(8).] -

(a) in paragraphs 1 and 2, for "supervisory authority" substitute "PRA"; and

(b) in paragraph 5 for "undertaking’s system of governance as referred to in Article 37(1)(c)" substitute "standards of governance laid down in Title 1, Chapter IV, Section 2".