The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024

Amendment of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003

2.—(1) The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003(1) are amended as follows.

(2) In regulation 1(5) (citation, commencement, application and interpretation)—

(a) omit the definition of “money market fund”;

(b) in the definition of “relevant period”, for “three” substitute “five”;

(c) in the definition of “relevant UCITS”, after paragraph (c) insert—

“or

(d)

an EEA UCITS which is a recognised scheme under section 271A or 272 of the Financial Services and Markets Act 2000(2), or

(e)

an EEA UCITS—

(i)

to which Article 4(1)(aa) of Regulation 2017/1131 of the European Parliament and of the Council of 14th June 2017 on Money Market Funds(3) applies, and

(ii)

which is marketed in accordance with Chapter 3 of Part 6 of the Alternative Investment Fund Managers Regulations 2013(4);”.

(3) In regulation 25(3) (expenditure to be capital expenditure), omit sub-paragraph (a).

(4) In regulation 30K(1) (fair value gains and losses of pooled investment funds), in the definition of “pooled investment fund” omit paragraph (a).

(1)

S.I. 2003/3146; relevant amending instruments are S.I. 2004/534, 2018/1207, 2018/1386 and 2019/396.

(2)

2000 c. 8; section 271A was inserted by the Financial Services Act 2021 (c. 22), Schedule 9, Part 1, paragraph 1. Section 272 was amended by the Financial Services Act 2012 (c. 21), Schedule 18, Part 1, paragraph 9(1) and (2)(f); by the Financial Services Act 2021, section 25(1) to (3); and by S.I. 2013/1388, 2013/1773 and 2019/325.

(3)

EUR 2017/1131. Article 4(1) was amended by S.I. 2019/394 and Article 4(1)(aa) was inserted by the Financial Services Act 2021 (c. 22), section 26(2).

(4)

S.I. 2013/1773, which was amended by the Financial Services Act 2021, Schedule 9, Part 2, paragraphs 10 to 12; and by S.I. 2019/328. There are other amending instruments but none is relevant.