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

Part III Interpretation of Parts I and II

17.  In this Schedule—

• “Collective investment scheme” has the meaning given in section 75 of the Financial Services Act 1986(1);

• “Companies” includes companies established under the law of any territory outside the United Kingdom;

• “Government loan” means a loan—

  (a)

  to Her Majesty’s Government in the United Kingdom, or

  (b)

  to the Government of the Isle of Man;

• “Listed securities” means securities quoted on a recognised stock exchange;

• “Loan” does not include—

  (a)

  investing money in registered securities to which section 1 of the Stock Transfer Act 1963(2) applies (transfer by stock transfer forms) or in listed securities, or

  (b)

  depositing money with a relevant institution;

  and “lent” must be understood in that way.

• “Open-ended investment company” means an open-ended investment company as defined in section 75(8) of the Financial Services Act 1986 which is an undertaking for collective investment schemes to which the Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities(3), as amended, applies;

• “Single holding” means investments—

  (a)

  in securities of, or in loans to or deposits with, any one body,

  (b)

  in units or other shares of the investments subject to the trust of any one unit trust scheme, or

  (c)

  in transactions involving any one piece of land or other property;

• “Unlisted securities” means securities which are not quoted on a recognised stock exchange.

(1)

1986 c. 60

(2)

1963 c. 18

(3)

O.J. No. L375, 31.12.85, p. 3-18 as amended by Council Directive 88/220/EEC (O.J. No. L100, 19.04.88, p. 31-33).