Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations (Northern Ireland) 2003

Definition of “investment manager”

5.  In regulation 4 for paragraphs (2) to (4) there shall be substituted –

“(2) A person is an investment manager if –

(a) he has permission under Part IV of the Financial Services and Markets Act 2000 to manage investments and may lawfully manage the assets of occupational pension schemes;

(b) he is an EEA firm of the kind mentioned in sub-paragraph (a), (b) or (c) of paragraph 5 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 of that Schedule) to manage investments and may lawfully manage the assets of occupational pension schemes; or

(c) he is a person –

(i) who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;

(ii) whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom;

(iii) who is recognised by the law of that EEA State as a national of that or another EEA State;

(iv) who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and

(v) who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.”.