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Welsh Statutory Instruments
LOCAL GOVERNMENT, WALES
Made
26th March 2002
Coming into force
1st April 2002
1.—(1) The name of these Regulations is the Local Authorities (Capital Finance and Approved Investments) (Amendment) (Wales) Regulations 2002 and they shall come into force on 1st April 2002.
(2) These Regulations apply to Wales only.
2.—(1) The Local Authorities (Capital Finance) (Approved Investments) Regulations 1990(3) are amended as follows.
(2) In regulation 1(2) (interpretation), after the definition of “gilt-edged securities”, insert the following definitions—
““highest possible credit rating” means, in relation to a money market fund, that it has the highest possible rating—
“money market fund” means a collective investment scheme which—
in accordance with the Council Directive of 20th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities as amended(7), is an undertaking for collective investment in transferable securities subject to that Directive;
has been given the highest possible credit rating; and
is either a unit trust scheme authorised under section 243 of the Financial Services and Markets Act 2000(8) or a collective investment scheme recognised under section 264 of that Act;”.
(3) In regulation 2(1) (approved investments)—
(a)in sub-paragraph (b), after “deposit-taker”, add “, the Treasury”; and
(b)after sub-paragraph (b), insert the following sub-paragraph—
“(bb)any investment in a money market fund;”;
(4) In regulation 3 (conditions for approval of investments), in paragraphs (1)(c) and (4)(a), after “regulation 2” insert “(1)”.
3.—(1) The Local Authorities (Capital Finance) Regulations 1997(9) are amended as follows.
(2) In regulation 62(b) (disposal of investments),—
(a)for “2(b) or (c)”, substitute “2(1)(b), (bb) or (c)”;
(b)in sub-paragraph (i), for “institution” wherever it appears, substitute “deposit-taker”;
(c)in sub-paragraph (ii),—
(i)after “2”, insert “(1)”; and
(ii)at the end, add “; or”; and
(d)after sub-paragraph (ii), add—
“(iii)where the investment was made with a money market fund, that fund has ceased to be a money market fund within the meaning given to that expression in regulation 1(2) of the 1990 Regulations.”.
Signed on behalf of the National Assembly for Wales under section 66(1) of the Government of Wales Act 1998(10)
Rhodri Morgan
The First Minister of the National Assembly
26th March 2002
(This note is not part of the Regulations)
The Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 contain a list of investments which are approved for the purposes of Part IV of the Local Government and Housing Act 1989.
These Regulations amend the 1990 Regulations by adding investments in money market funds and deposits with the Treasury to the list of approved investments.
The Regulations also make consequential amendments to the Local Authorities (Capital Finance) Regulations 1997.
See the National Assembly for Wales (Transfer of Functions) Order 1999 (S.I. 1999/672).
S.I. 1990/426; relevant amending instruments are S.I. 1991/501 and 2001/3731 (W.308).
Registered in England and Wales no. 01916239.
Registered in England and Wales no. 01950192.
Registered in England and Wales no. 01316230.
85/611/EEC (OJNL375, 31.12.1985) amended by 88/220/EEC (OJNL100, 19.4.1988) and 95/26/EC (OJNL168, 18.7.1995).
S.I. 1997/319 to which there are amendments which are not relevant to these Regulations.
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