Preliminary

2 General definitions
In these Regulations—
“the 1997 regulations” means the Local Government Pension Scheme Regulations 1997;
“administering authority” means a body required to maintain a pension fund under the 1997 regulations;
“European authorised institution” and “European institution” have the same meanings as in the Banking Co-ordination (Second Council Directive) Regulations 1992;
“FSAVC scheme” is a scheme approved by virtue of section 591(2)(h) of the Taxes Act;
“fund money” means money in the pension fund maintained by an administering authority;
“home-regulated investment business” has the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992;
“limited partner” means a person who is not liable for the debts or obligatons of a partnership beyond the amount he contributed at the time he became a partner;
“member” has the same meaning as in section 124(1) of the Pensions Act 1995;
“proper advice”, in relation to an administering authority, means the advice of a person who is reasonably believed by them to be qualified by his ability in and practical experience of financial matters (including any suitable officer of theirs);
“recognised stock exchange” has the same meaning as in section 84(1) of the Taxes Act;
“relevant institution” means—
(a) the Bank of England,
(b) an institution authorised under Part I of the Banking Act 1987 (regulation of deposit-taking business),
1987 c. 22.
(c) a person to whom the restriction on acceptance of deposits in section 3 of that Act does not apply because he is specified in Schedule 2 to that Act (central banks etc.), or
(d) a European authorised institution which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;
“securities” includes shares, stock and debentures;
“stock lending arrangement” means an arrangement such as is mentioned in section 263B of the Taxation of Chargeable Gains Act 1992;
“sub-underwriting contract” means a contract with a person who is underwriting a share issue to acquire the shares from him if he requires it;
“Taxes Act” means the Income and Corporation Taxes Act 1988;
“traded option” means an option quoted on a recognised stock exchange or on the London International Financial Futures Exchange;
“Transitional Regulations” means the Local Government Pension Scheme (Transitional Provisions) Regulations 1997;
“unquoted securities investment partnership” means a partnership for investing in securities which are normally not quoted on a recognised stock exchange when the partnership buys them.
S.I.1997/1612, to which there are amendments not relevant to these Regulations.
S.I.1992/3218.
1995 c. 26.
1992 c. 12.
1988 c. 1.
S.I.1997/1613.