2. Regulation P6 of the Local Government Superannuation (Scotland) Regulations 1987(1) shall be amended—
(a)by adding after paragraph (2)(d)—
“and
(e)entering as a limited partner into a partnership.”;
(b)by adding after paragraph (4)(f)—
“or
(g)contribute to a partnership so as to cause the total value of contributions by the administering authority to that partnership to exceed 2% of the value at the time of all investments of fund moneys, or so as to cause the total value of all contributions by the administering authority to such partnerships to exceed 5% of the value at the time of all investments of fund moneys.”; and
(c)by adding in paragraph (10)—
(i)after the definition of “investment manager” the following definition:—
““limited partner” means a person who is not liable for the debts or obligations of a partnership beyond the amount contributed at the time of entering into that partnership;”; and
(ii)after the definition of “local authority” the following definition:—
““partnership” means a partnership whose purpose is to invest in shares in, or securities of, companies which, at the date of purchase by the partnership, are normally not quoted on a recognised stock exchange (within the meaning of section 841(1) of the Income and Corporation Taxes Act 1988(2));”.