26.— Section 2 of the Principal Act is amended in subsection (1) by—

(a) substituting—

(i) the following definition for the definition of “actuary”:

“ ‘actuary’, in relation to a scheme or regulatory own funds trust RAC, means a person appointed in pursuance of this Act as actuary, for the purposes of this Act, of the scheme or regulatory own funds trust RAC;”,

and

(ii) the following definition for the definition of “Directive”:

“ ‘Directive’ means Directive 2003/41/EC ¹ of the European Parliament and of the Council as amended by Directive 2009/138/EC ² of the European Parliament and of the Council and Directive 2010/78/EU ³ of the European Parliament and of the Council;”,

and

(b) inserting the following definitions:

“ ‘actuarial funding certificate’ has the meaning assigned to it by section 42;

‘credit institution’ means a credit institution within the meaning of Article 4.1 of Directive 2006/48/EC ⁴ of the European Parliament and the Council relating to the taking up and pursuit of the business of credit institutions which is authorised in accordance with and for the purposes of that Directive;

‘funding standard’ shall be construed in accordance with section 44;

‘regulatory own funds certificate’ has the meaning assigned to it by section 53J;

‘regulatory own funds scheme’ has the meaning assigned to it by section 53E;

‘regulatory own funds trust RAC’ has the meaning assigned to it by section 53E;

‘relevant scheme’ means a scheme to which Part IV applies by virtue of section 41;”.