Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations (Northern Ireland) 2003

Limits on Investments

7.  In the Schedule –

(1) For paragraph 4 of Part I there shall be substituted –

“4.   All deposits with –

(a) any local authority, or

(b) any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute,

which is an exempt person (within the meaning of the Financial Services and Markets Act 2000) in respect of accepting deposits as a result of an order made under section 38(1) of that Act, and all loans (but see paragraph 14).”.

(2) In paragraph 17 of Part III (Interpretation of Parts I and II) –

(a) in the definitions of –

(i) “Collective investment scheme” for the words “section 75 of the Financial Services Act 1986” there shall be substituted the words “section 235 of the Financial Services and Markets Act 2000”; and

(ii) “Open-ended investment company” for the words “section 75(8) of the Financial Services Act 1986” there shall be substituted the words “section 236 of the Financial Services and Markets Act 2000”;

(b) after the definition of “Loan” there shall be inserted –

““local authority” means a district council established under the Local Government Act (Northern Ireland) 1972(1) and includes a local authority as defined in section 270 of the Local Government Act 1972(2) and section 235 of the Local Government (Scotland) Act 1973(3);”.

(1)

1972 c. 9

(2)

1972 c. 70; section 270 was amended by the Local Government (Wales) Act 1994 (c. 19), section 1

(3)

1973 c. 65