Company: FRFXF
Filing Date: 2025-10-01
Form Type: F-10
Source: 0001104659-25-095645
Chunk: 90

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-01
Form: F-10
Chunk 90
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 relation to the carrying on by certain of our operating subsidiaries of regulated activities in the United Kingdom. We are also subject to regulatory standards set by Lloyd’s of London (“

#### Lloyd’s
”) by way of our operations in the Lloyd’s market.

Our U.K. operating subsidiaries include:

•

the following Lloyd’s managing agents: (a) Brit Syndicates Limited, which is the managing agent of Syndicates 2987 and 2988; (b) Newline Underwriting Management Limited, which is the managing agent of Syndicate 1218; and (c) Allied World Managing Agency Limited, which is the managing agent of Syndicate 2232; and

•

the U.K. branch of Allied World Assurance Company (Europe) dac, an Irish insurance company (“

#### AWAC Europe U.K. Branch
”).

This section is principally focused on the application of the U.K. regulatory framework to the Lloyd’s managing agents referenced above (but a number of the requirements also apply to AWAC Europe U.K. Branch, including, for example, the FCA’s conduct of business requirements).

#### U.K. Regulatory Framework
Dual-regulation by PRA and FCA

The PRA and the FCA are the regulators for persons authorized under the Financial Services and Markets Act 2000 (“

#### FSMA
”) to undertake regulated activities in the financial services sector in the United Kingdom. The PRA oversees and is responsible for the micro-prudential regulation of banks, insurers and some large investment firms (the Financial Policy Committee, a sub-committee of the Bank of England, is responsible for macro-prudential regulation in the United Kingdom). The FCA is responsible for conduct of business regulation and market regulation for all authorized firms, and the prudential regulation of firms not authorized by the PRA.

Each of the Lloyd’s managing agents referred to above and AWAC Europe U.K. Branch is authorized and regulated by the PRA as well as having its conduct of business regulated by the FCA, and is, therefore, considered a dual-regulated firm. The PRA and the FCA have extensive powers to supervise and intervene in the affairs of regulated firms, for example, if they consider it appropriate in order to protect policyholders against the risk that the firm may be unable to meet its liabilities as they fall due, that the Threshold Conditions (as defined below) may not be met, that the firm or its parent has failed to comply with obligations under the relevant legislation or rules, that the firm has