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

Definition of “investment manager”

7.  For the purposes of regulations 8 to 10, an “investment manager” is—

(a) someone who has permission under Part 4 of the 2000 Act (permission to carry on regulated activities) to manage investments and may lawfully manage the assets of occupational pension schemes;

(b) an EEA firm of the kind mentioned in sub-paragraph (a), (b) or (c) of paragraph 5 of Schedule 3 to that Act(1) (EEA passport rights), which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to manage investments and lawfully manage the assets of occupational pension schemes; or

(c) a person—

(i) who does not carry on regulated activities (within the meaning of the 2000 Act) from a permanent place of business maintained by that person in the United Kingdom;

(ii) whose head office is situated in an EEA State (within the meaning of the 2000 Act) other than the United Kingdom;

(iii) who is recognised by the law of that EEA State as a national of that or another EEA State;

(iv) who is authorised under that law to carry on one or more regulated activities (within the meaning of the 2000 Act); and

(v) who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.

(1)

Amended by S.I. 2003/1473, S.I. 2006/3221 and S.I. 2007/126.