PRU A4.11.7

For Concentration Risk purposes, and in relation to a Person, a Connected Counterparty means another Person to whom the first Person has an Exposure and who fulfils one of the following conditions:

(a) he is Connected to the first Person;
(b) he is an Associate of the first Person;
(c) the same Persons significantly influence the Governing Body of each of them; or
(d) one of those Persons has an Exposure to the other that was not incurred for the clear commercial advantage of both of them and which is not on arm's length terms.