The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Interpretation of the 1997 Regulations

555.—(1) In regulation 2 of the Local Government Pension Scheme Regulations 1997 (interpretation)(1), after paragraph (2) insert—

“(3) The definitions of “AVC insurance company” and “Reference banks” in Schedule 1 must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.

(2) In Schedule 1 to those Regulations (interpretation)(2)—

(a) for the definition of “AVC insurance company” substitute—

• ““AVC insurance company” means—

  (a)

  a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or

  (b)

  an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;”;

(b) for the definition of “Reference banks” substitute—

• ““Reference banks” means the seven largest persons for the time being who—

  (a)

  have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

  (b)

  are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

  (c)

  quote a base rate in sterling;

  and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time;”.

(1)

Amended by S.I. 2000/3025.

(2)

Relevant amendment made (to the definition of “Reference banks”) by S.I. 1998/1129.