The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2018

Amendment of the Occupational Pension Schemes (Investment) Regulations 2005

29.—(1) The Occupational Pension Schemes (Investment) Regulations 2005(1) are amended as follows.

(2) In regulation 1(2)—

(a) in the definition of “qualifying insurance policy”, omit paragraph (b) and the “or” before it;

(b) omit the definition of “scheme undertaking cross-border activities”.

(3) In regulation 4—

(a) in paragraph (5), for “regulated markets” substitute “UK regulated markets”;

(b) in paragraph (11)—

(i) in the definition of “derivative instrument”, for the words from “of Section C” to “financial instruments” substitute “of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2)”;

(ii) for the definition of “regulated market” substitute the following—

““regulated market” means a multilateral system operated or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or systems;”;

(iii) after the definition of “technical provisions” insert—

““UK regulated market” means a regulated market which is a recognised investment exchange under section 285(3) of the FSM Act, but not an overseas investment exchange within the meaning of section 313(1)(4) of that Act.”.

(4) In regulation 15A, omit paragraph (2)(b) but not the final “or”.

(5) Omit regulation 17.

(1)

S.I. 2005/3378; amended by S.I. 2009/615, 2015/575, 2017/701; there are other amending instruments but none is relevant.

(2)

S.I. 2001/544; amended by S.I. 2006/3384, 2017/488.

(3)

Section 285 was amended by S.I. 2017/1064; there are other amending instruments but none is relevant.

(4)

There are amendments to subsection (1) which are not relevant to these Regulations.