Collective investment undertakingmeans an undertaking for collective investment in transferable securities (‘UCITS’) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council or an alternative investment fund (AIF) as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council.
country in which the risk is situatedmeans the country of localisation of the ceding undertaking.
De–risked assets cash flowsmeans ‘expected assets cash–flows’ as referred to in Article 53 of Delegated Regulation (EU) 2015/35.