Interpretation of the 1998 Regulations: general
574. In regulation 2 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (general definitions)(1)—
(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—
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
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
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.”.
Amended by S.I. 1999/3259.