Jargon buster

This is a straightforward, non-technical guide to the often-confusing jargon used in financial services regulation. It aims to give a set of basic definitions, in plain language, for a wide range of acronyms, products, and terms as used in RegZone reports. It is designed to be suitable for non-lawyers, and comprehensible without too much prior knowledge or cross-referencing.

*entries marked with an asterisk refer to the UK only

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Term

Explanation

  • Special Liquidity Scheme SLS
    Special Liquidity Scheme
  • Special Purpose Vehicle (SPV)
    subsidiary company set up to make a specific investment, while protecting the parent entity from financial risk; notorious for abuse by CFOs seeking to hide parent-company debt; aka "bankruptcy remote entity"
  • Special Resolution Regime (SRR)
    procedure and powers for the Bank of England to use in winding down failed banks. Introduced by the Banking Act 2009
  • Stamp Duty Land Tax SDLT
    Stamp Duty Land Tax
  • Structured Capital at Risk Products SCARPs
    Structured Capital at Risk Products
  • Structured Investment Vehicle (SIV)
    setup where low-yield, short-term commercial paper is issued by a subsidiary, and the money invested in high-yield, long-term debt; off-balance sheet, lightly-regulated and often highly leveraged; a.k.a. "conduits"
  • Supervisory Commission on Pension Fund (Commissione di vigilanza sui fondi pensione) (COVIP) [Italy]
    COVIP is an Italian agency which gives prior authorization to pension funds to operate, approves regulations and bye-laws of pension funds and plans, supervises all pension funds, checks if pension funds comply with the transparency principle, keeps a register of pension plans and ensures their compliance with legal requirements. COVIP can also require pension funds to submit certain information and may apply sanctions in the case of violation of legal requirements and/or if false information is submitted.
  • Supervisory Enhancement Program (SEP) [Defunct]*
    Now-defunct FSA programme for improving supervision of high-impact firms, following the internal audit after the collapse of Northern Rock.
  • Supervisory Review and Evaluation Process (SREP)
    An assessment of whether a firm has adequate systems, capital, and other arrangements to cover its risks. Part of the Capital Requirements Directive Supervisory Review Process (CRD SRP).
  • Supervisory Review and Evaluation Process SREP
    Supervisory Review and Evaluation Process