PART 9AMENDMENTS TO SECONDARY LEGISLATION

The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (S.I. 1998/1831)

Interpretation of the 1998 Regulations: general574

In regulation 2 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (general definitions)360—

a

the existing provision becomes paragraph (1);

b

the definitions of “European authorised institution” and “European institution” are revoked;

c

the definition of “home-regulated investment business” is revoked;

d

for the definition of “relevant institution” substitute—

  • “relevant institution” means—

    1. a

      a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

    2. b

      an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits; or

    3. c

      a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;

e

after paragraph (1) insert—

2

The definition of “relevant institution” in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 1, must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; and

c

Schedule 2 to that Act.