General definitions
2. In these Regulations–
“the 1998 Regulations” means the Local Government Pension Scheme (Scotland) Regulations 1998();
“administering authority” means a body required to maintain a pension fund under the 1998 Regulations;
“European authorised institution” and “European institution” have the same meanings as in the Banking Co-ordination (Second Council Directive) Regulations 1992();
“FSAVC scheme” is a scheme approved by virtue of section 591(2)(h) of the Taxes Act;
“fund money” means money in the pension fund maintained by an administering authority;
“home-regulated investment business” has the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992;
“limited partner” means a person who is not liable for the debts or obligations of a partnership beyond the amount he contributed at the time he became a partner;
“member” has the same meaning as in section 124(1) of the Pensions Act 1995();
“proper advice”, in relation to an administering authority, means the advice of a person who is reasonably believed by them to be qualified by his ability in and practical experience of financial matters (including any suitable officer of theirs);
“recognised stock exchange” has the same meaning as in section 841(1) of the Taxes Act;
“relevant institution” means–
(b)
an institution authorised under Part I of the Banking Act 1987() (regulation of deposit-taking business);
(c)
a person to whom the restriction on acceptance of deposits in section 3 of that Act does not apply because he is specified in Schedule 2 to that Act (exempted persons); or
(d)
a European authorised institution which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;
“securities” includes shares, stock and debentures;
“stock lending arrangement” means the type of arrangement described in section 263B of the Taxation of Chargeable Gains Act 1992();
“sub-underwriting contract” means a contract with a person who is underwriting a share issue to acquire the shares from him if he requires it;
“Taxes Act” means the Income and Corporation Taxes Act 1988();
“traded option” means an option quoted on a recognised stock exchange or on the London International Financial Futures Exchange;
“Transitional Regulations” means the Local Government Pension Scheme (Transitional Provisions) (Scotland) Regulations 1998();
“unquoted securities investment partnership” means a partnership for investing in securities which are normally not quoted on a recognised stock exchange when the partnership buys them.