The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 2010

17.  In this Schedule—

“collective investment scheme” has the meaning given in section 235 of the 2000 Act;

“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(1) 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 236 of the 2000 Act which is an undertaking for collective investment schemes to which Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as last amended by European Parliament and Council Directive No. 2001/108/EC(2) applies;

“relevant institution” means—

(a)

a person who has permission under Part 4 of the 2000 Act (permission to carry on regulated activities) to accept deposits;

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 (EEA passport rights) to that Act(3) which has permission under paragraph 15(1) of that Schedule(4) (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; or

(c)

a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act (exemption orders);

“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)

1963 c.18.

(2)

S.I. 2003/2066.

(3)

Amended by S.I. 2003/1473 and S.I. 2006/3221.

(4)

Amended by S.I. 2007/3253.