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Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000

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General definitions

2.  In these Regulations—

“the 2000 regulations” means the Local Government Pension Scheme Regulations (Northern Ireland) 2000(1);

“the Committee” has the same meaning as in Schedule A1 to the 2000 regulations;

“European authorised institution” and “European institution” have the same meanings as in the Banking Co-ordination (Second Council Directive) Regulations 1992(2);

“FSAVC scheme” is a scheme approved by virtue of section 591(2)(h) of the Income and Corporation Taxes Act 1988(3);

“the fund” means the superannuation fund established under the Local Government (Superannuation) Regulations (Northern Ireland) 1950(4);

“fund money” means money in the fund;

“home-regulated investment business” has the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992;

“limited partner” means a person who is not liable for the debts or obligations of a partnership beyond the amount he contributed at the time he became a partner;

“member” has the same meaning as in Article 121(1) of the Pensions (Northern Ireland) Order 1995(5);

“proper advice”, in relation to the Committee, means the advice of a person who is reasonably believed by it to be qualified by his ability in and practical experience of financial matters (including any suitable officer of the Committee);

“recognised stock exchange” has the same meaning as in section 841(1) of the Income and Corporation Taxes Act 1988;

“relevant institution” means—

(a)

the Bank of England,

(b)

an institution authorised under Part I of the Banking Act 1987(6) (regulation of deposit-taking business),

(c)

a person to whom the restriction on acceptance of deposits in section 3 of that Act does not apply because he is specified in Schedule 2 to that Act (central banks etc.), or

(d)

a European authorised institution which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;

“securities” includes shares, stock and debentures;

“statement of investment principles” means the statement referred to in regulation 10(1) or any revision of it, as appropriate;

“stock lending arrangement” means an arrangement such as is mentioned in section 263B of the Taxation of Chargeable Gains Act 1992(7);

“sub-underwriting contract” means a contract with a person who is underwriting a share issue to acquire the shares from him if he requires it;

“traded option” means an option quoted on a recognised stock exchange or on the London International Financial Futures Exchange;

“unquoted securities investment partnership” means a partnership for investing in securities which are normally not quoted on a recognised stock exchange when the partnership buys them.

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