PART 7 ENACTMENTS RELATING TO SCOTLAND

CHAPTER II secondary legislation

The Banking Appeal Tribunal (Scottish Appeals)

Revocation of instruments made under the Banking Act 1987
236. The following instruments are revoked—
(a) The Banking Appeal Tribunal (Scottish Appeals) Regulations 1987 (S.I. 1987/1336 (S.95));
(b) The Banking Appeal Tribunal (Scottish Appeals) Amendment Regulations 1993 (S.I. 1993/1061 (S.150)).

Local Government Superannuation (Scotland) Regulations 1987 (S.I. 1987/1850)

Actionable loss arising from pension mis-selling
237. In regulation B4B(4)(b) of the Local Government Superannuation (Scotland) Regulations 1987(rejoining pensionable employment)—
Regulation B4B(4)(b) was inserted by the Local Government Superannuation (Scotland) Amendment (No. 2) Regulations 1997 (S.I. 1997/1373 (S. 108)).
(a) after the words “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”; and
(b) the words “made under the Act” are revoked.

Use and investment of superannuation funds' moneys
238. (1) Regulation P6 of the Local Government Superannuation (Scotland) Regulations 1987 (use and investment of superannuation funds' moneys) is amended as follows.
(2) In paragraph (7A) for the words “the provisions of” to the end of sub-paragraph (b) substitute—

“the provisions of CIS 5.14.4R and CIS 5.14.6R of the rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.”.

Paragraph (7A) was inserted by the Local Government Superannuation (Scotland) Amendment (No. 2) Regulations 1993 (S.I. 1993/2013 (S.224)).
(3) In paragraph (10), for the definition of “investment manager” substitute—

““investment manager” means a person who has permission for the purposes of the Financial Services and Markets Act 2000 to manage investments which are held for the purposes of an occupational pension scheme and who is reasonably believed by the administrating authority to be suitably qualified to make investment decisions on their behalf, but who is not an employee of that authority;”.

The definition of “investment manager” was substituted by the Local Government Superannuation (Scotland) Amendment Regulations 1991 (S.I. 1991/78 (S.7)), regulation 5(4).
(4) After paragraph (10) insert—

“(11) The definition of “investment manager” in paragraph (10) must be read with—
(a) sections 22 and 419 of the Financial Services and Markets Act 2000;
(b) any relevant order under those sections;
(c) Schedule 2 to that Act.”.

The Teachers' Superannuation (Scotland) Regulations 1992 (S.I. 1992/280)

Meaning of “reference banks”
239. (1) The Teachers' Superannuation (Scotland) Regulations 1992 are amended as follows.
(2) For paragraph (5)(b) of regulation E31A (interest on late payment of certain benefits) substitute—

“(b) “the reference banks” means the four largest persons for the time being who—
(i) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(ii) are incorporated in and carrying on in the United Kingdom a regulated activity of accepting deposits; and
(iii) quote a base rate applicable to sterling deposits,
and in this definition the reference to accepting deposits must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.

Regulation E31A was substituted by the Teachers' Superannuation (Scotland) Amendment Regulations 1999 (S.I. 1999/446 (S. 30)), regulation 15.

The Brechin and Bridge of Dun Light Railway Order 1992 (S.I. 1992/1267)

Meaning of “insurer”
240. (1) Article 10 of the Brechin and Bridge of Dun Light Railway Order 1992 (public liability insurance) is amended as follows.
(2) In paragraph (1), for the definition of “insurer” substitute—

““insurer” means—
(a) any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class, 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 (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class;”.

(3) After paragraph (1) insert—

“(1A) The definition of “insurer” in paragraph (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.”.

The Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 (S.I. 1992/2184 (S. 218))

Definition of “reference banks”
241. (1) Regulation 4 of the Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 (calculation of interest—repayment on or after 1st October 1992) is amended as follows.
(2) In paragraph (3)—
(a) for the words from “seven” to “United Kingdom” substitute—

“seven largest persons who—
(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; and
(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits;”

; and
(b) for the words “an institution” substitute “a person”; for the words “that institution” substitute “that person” and for the word “its” substitute “the”.
(3) After paragraph (3) insert—

“(4) Paragraph (3) 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.”.

The Registered Housing Associations (Accounting Requirements) (Scotland) Order 1993 (S.I. 1993/487 (S. 52))

Meaning of “listed investment”
242. In paragraph 15 of Schedule 2 to the Registered Housing Associations (Accounting Requirements) (Scotland) Order 1993 (investments)—
(a) in sub-paragraph (1)(b) for the words “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”;
(b) in sub-paragraph (3) for the words “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”.

The Criminal Justice (Scotland) Act 1987 (Crown Servants and Regulators etc.) Regulations 1994 (S.I. 1994/1808) (S.80))

Exemption from obligation to disclose knowledge or suspicion of money laundering
243. In regulation 4(1) of the Criminal Justice (Scotland) Act 1987 (Crown Servants and Regulators etc.) Regulations 1994 (designation of persons appearing to the Secretary of State to be performing regulatory etc. functions)—
(a) for sub-paragraph (c) substitute—

“(c) the Financial Services Authority;”;

(b) sub-paragraphs (b), (d) to (g) and (i) to (m) are revoked.

The National Health Service Superannuation Scheme (Scotland) Regulations 1995 (S.I. 1995/365)

Actionable loss arising from pension mis-selling
244. In paragraph (1)(c) of regulation B6 of the National Health Service Superannuation Scheme (Scotland) Regulations 1995 (opting into the scheme: mis-sold pensions), after the words “section 62 of the Financial Services Act 1986” add “or section 150 of the Financial Services and Markets Act 2000”.
Regulation B6 was inserted by the National Health Services Superannuation Scheme (Scotland) Amendment Regulations 1997 (S.I. 1997/1434 (S.111), regulation 4.

The Charities (Dormant Accounts) (Scotland) Regulations 1995 (S.I. 1995/2056)

Prescribed “relevant institutions”
245. In regulation 2A of the Charities (Dormant Accounts) (Scotland) Regulations 1995 for the words “(being institutions mentioned in Schedule 2 to the Banking Act 1987)” substitute “that is to say a company which was, immediately before the repeal of the Banking Act 1987, exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act”.
Regulation 2A was inserted by the Charities (Dormant Accounts) (Scotland) Amendment Regulations 1997 (S.I. 1997/964 (S.86)).

The Acquisition of Land (Rate of Interest After Entry) (Scotland) Regulations 1995 (S.I. 1995/2791) (S.206))

Definition of reference banks
246. (1) Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995 (rate of interest) is amended as follows.
(2) In paragraph (5)(a) for the words from “seven” to “United Kingdom,” substitute—

“seven largest persons who—
(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; and
(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits,”;

(3) In paragraphs (5)(b) and (6) for the words “an institution” (in both places) substitute “a person”; for the words “that institution” substitute “that person” and for “its” (wherever it appears) substitute “his”.
(4) After paragraph (5) insert—

“(5A) Paragraph (5) 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.”.

The Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (S.I. 1995/2814)

Meaning of “insurer”
247. (1) Regulation 9 of the Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (investment of contributions) is amended as follows.
(2) In paragraphs (1) and (2), for “insurance company” wherever it appears substitute “insurer”.
(3) For paragraph (3) substitute—

“(3) In this regulation “insurer” 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.”.

(4) After paragraph (3) insert—

“(4) Paragraph (3) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section;
(c) Schedule 2 to that Act.”.

The Fossil Fuel Levy (Scotland) Regulations 1996 (S.I. 1996/293)

Investment of sums collected
248. (1) Regulation 25 of the Fossil Fuel Levy (Scotland) Regulations 1996 (investment of sums collected) is amended as follows.
(2) In paragraph (3) for the words from “an institution” to “Regulations 1992” substitute—

“a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits and an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule”.

The words now being substituted were themselves substituted by the Fossil Fuels Levy (Scotland) Amendment Regulations 1996 (S.I. 1996/1512) (S.135) regulation 2.)
(3) After paragraph (3) insert—

“(4) Paragraph (3) 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.”.

The Independent Qualified Conveyancers (Scotland) Regulations 1997 (S.I. 1997/316) ( S.20))

Meaning of “banks” and “recognised financial institution”
249. (1) Regulation 2 of the Independent Qualified Conveyancers (Scotland) Regulations 1997 (interpretation) is amended as follows.
(2) In paragraph (1)—
(a) for the definition of “Bank” substitute—

““Bank” means—
(a) a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;”

; and
(b) for the definition of “recognised financial institution” substitute—

““recognised financial institution” means—
(a) any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b) an EEA firm of the kind mentioned in paragraph 5(b) 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 accept deposits;
(c) any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.”.

(3) After paragraph (1) insert—

“(1A) The definitions of “bank” and “recognised financial institution” in paragraph (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.”.

The Executry Practitioners (Scotland) Regulations 1997 (S.I. 1997/317) (S.21))

Meaning of “bank” and “recognised financial institution”
250. (1) Regulation 2 of the Executry Practitioners (Scotland) Regulations 1997 (interpretation) is amended as follows.
(2) In paragraph (1) for the definition of “bank” substitute—

““Bank” means—
(a) a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;”.

(3) In paragraph (1) for the definition of “recognised financial institution” substitute—

““recognised financial institution” means—
(a) any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b) an EEA firm of the kind mentioned in paragraph 5(b) 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 accept deposits;
(c) any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.”.

(4) After paragraph (1) insert—

“(1A) The definitions of “bank” and “recognised financial institution” in paragraph (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.”.

The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366)

Meaning of “authorised insurer” and “relevant institution”
251. (1) Regulation 4(16) of the Local Government Pension Scheme (Scotland) Regulations 1998 (agreements to enable employees of non-Scheme employers to be members (“admission agreements”) is amended as follows.
Regulation 4 was substituted by S.I. 2000/199, regulation 9.
(2) For sub-paragraph (a) substitute—

“(a) “authorised insurer” means—
(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of general 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 general insurance,
and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.

(3) For sub-paragraph (e) substitute—

“(e) “relevant institution” means—
(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 accept deposits;
(ii) a person who is exempt from the general prohibition in respect of accepting deposits as a result of an exemption order made under section 38(1) of that Act;
(iii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule,
and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.

Actionable loss arising from pensions mis-selling
252. In regulation 6(9) of the Local Government Pension Scheme (Scotland) Regulations 1998 (joining the Scheme), after the words “section 62 of the Financial Services Act 1986” add “or section 150 of the Financial Services and Markets Act 2000”.

Appropriate annuity contracts etc.
253. (1) Regulation 145 of the Local Government Pension Scheme (Scotland) Regulations 1998 (qualifying arrangements) is amended as follows.
Regulation 145 was inserted by S.S.I 2001/23, regulation 4.
(2) In paragraph (2), for sub-paragraph (a) substitute—

“(a) effects or carries out contracts of long-term insurance in the United Kingdom or any other member State; and”.

(3) For paragraph (3) substitute—

“(3) Paragraph (2)(a) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order made under that section; and
(c) Schedule 2 to that Act.”.

Definition of terms
254. (1) Schedule 1 to the Local Government Pension Scheme (Scotland) Regulations 1998 (interpretation) is amended as follows.
(2) In the definition of “AVC insurance company”—
(a) for paragraphs (a) and (b) substitute—

“(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;
(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; or”

(b) for the words after the end of paragraph (c) substitute—

“and paragraphs (a) and (b) of this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.

(3) In the definition of “the Reference banks”—
(a) for the words from “seven largest institutions” to the end of the definition substitute—

“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 and carrying on in the United Kingdom a regulated activity of accepting deposits; and
(c) quote a base rate in sterling,
and in 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; and
the reference to accepting deposits must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.

(4) In the definition of “open ended investment company” for the words “section 75(8) of the Financial Services Act 1986” substitute “section 236 of the Financial Services and Markets Act 2000”.
The definition of “open ended investment company” was substituted by S.S.I. 2000/74, regulation 6(2).

The National Health Service Superannuation Scheme (Scotland) (Additional Voluntary Contributions) Regulations 1998 (S.I. 1998/1451) (S.75))

Meaning of “insurance company”
255. (1) Regulation 2 of the National Health Service Superannuation Scheme (Scotland) (Additional Voluntary Contributions) Regulations 1998 (interpretation) is amended as follows.
(2) In paragraph (1) for the definition of “insurance company” substitute—

““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 to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;”.

(3) After paragraph (1) insert—

“(1A) The definition of “insurance company” in paragraph (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.”.

The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (S.I. 1998/2888) (S.168))

Definitions of terms
256. (1) In regulation 2 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (general definitions)—
Amended by S.I. 1999/3259.
(a) the existing provision becomes paragraph (1);
(b) the definitions of “European authorised institution” and “European institution” are revoked;
(c) the definition of “home-regulated investment business” is revoked;
(d) for the definition of “relevant institution” substitute—

““relevant institution” means—
(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b) an EEA firm of the kind mentioned in paragraph 5(b) 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(1) 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;”;

(e) after paragraph (1) insert—

“(2) The definition of “relevant institution” in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of 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.”.

Meaning of “investment”
257. (1) In regulation 3 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (definition of “investment”), for paragraphs (5) and (6) substitute—

“(5) A contract of insurance is an investment if and only if it is a contract of a relevant class, and is entered into with a person within paragraph (6) for whom entering into the contract constitutes the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000).
(6) The persons within this paragraph are—
(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;
(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 insurance of a relevant class; or
(c) a person who does not fall within sub-paragraph (a) or (b) and who, because he has his head office in an EEA State (within the meaning of that Act) other than the United Kingdom, is permitted by the law of that State to effect or carry out contracts of insurance of a relevant class.
(6A) A contract of insurance is of a relevant class for the purposes of paragraphs (5) and (6) if it is—
(a) a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or
(b) a contract to manage the investments of pension funds, whether or not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.”.

(2) For paragraphs (7) and (8) substitute—

“(7) A stock lending arrangement is an investment if, and only if, in respect of it, the conditions in rules 5.14.4R and 5.14.6R in the Collective Investment Scheme Sourcebook are complied with.
(8) For the purposes of paragraph (7)—
(a) the references in rules 5.14.4R and 5.14.6R to the trustee must be read as if they were references to the administering authority; and
(b) the “Collective Investment Scheme Sourcebook” means the Collective Investment Scheme Sourcebook made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.”.

Meaning of “investment manager”
258. (1) Regulation 4 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (definition of “investment manager”), for paragraphs (2) to (4) substitute—

“(2) A person is an investment manager if—
(a) he has permission under Part 4 of the Financial Services and Markets Act 2000 to manage the assets of occupational pension schemes;
(b) he is an EEA firm of the kind mentioned in paragraph 5(a) or (b) 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 manage the assets of occupational pension schemes; or
(c) he is a person—
(i) who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;
(ii) whose head office is situated in an EEA State (within the meaning of that 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 that Act); and
(v) who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.”.

Limits on investments and other definitions
259. (1) Schedule 1 to the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (limits on investments) is amended as follows.
(2) For paragraph 4 of Part I of that Schedule (limits on investments) substitute—

“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 12).”.

(3) In paragraph 15—
(a) in the definition of “collective investment scheme” for the words “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”; and
(b) in the definition of “open-ended investment company” for the words “Open-ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996” substitute “Open-Ended Investment Companies Regulations 2001”.

The Registered Housing Associations (Accounting Requirements) (Scotland) Order 1999 (S.I. 1999/1073)

Listed investments shown on balance sheet
260. In paragraph 28 of the Schedule to the Registered Housing Associations (Accounting Requirements) (Scotland) Order 1999, for the words from “granted a listing” to the end, substitute—

“granted a listing on—
(a) a recognised investment exchange other than an overseas investment exchange within the meaning of the Financial Services and Markets Act 2000; or
(b) any stock exchange of repute outside Great Britain.”.

The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (S.I. 1999/1082)

Additional voluntary contributions
261. (1) Schedule 6 to the Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (additional voluntary contributions) is amended as follows.
(2) After sub-paragraph (2) of paragraph 1 (interpretation) insert—

“(3) In this Schedule, paragraphs 5(2) and 8(2) 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.”.

(3) For sub-paragraphs (a) and (b) of paragraph 5(2) (investment of contributions) substitute—

“(a) in an insurance policy or policies taken out with an office or branch in the United Kingdom of—
(i) 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
(ii) 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(1) of that Schedule) to effect or carry out contracts of long-term insurance;
(b) in a deposit account or accounts with a building society (within the meaning of the Building Societies Act 1986) which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.”.

(4) In paragraph 8(2) (purchase of pensions), for the words from “being either” to the end of sub-paragraph (b) substitute—

“being a United Kingdom branch or office of—
(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 to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;”.

The Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999 (S.I. 1999/1748)

Revocation of redundant provision
262. In Schedule 1 to the Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999—
(a) paragraphs 8 and 23 (which relate to the tribunal established under section 47 of the Building Societies Act 1986), and
1986 c. 53. Section 47 is superseded by provisions inserted by S.I. 2001/2617 and the tribunal established under that section abolished.
(b) paragraph 9 (which relates to the Financial Services Tribunal),
are revoked.

The European Communities (Lawyer’s Practice) (Scotland) Regulations 2000 (S.I. 2000/121)

Application of Part 20 of the Financial Services and Markets Act 2000 to European lawyers
263. (1) Schedule 2 to the European Communities (Lawyer’s Practice) (Scotland) Regulations (application, extension and modification of enactments to registered European lawyers) is amended as follows.
(2) For paragraph 3 of Part II substitute—

“3. For the purposes of Part 20 of the Financial Services and Markets Act 2000 (provision of financial services by members of the professions), a registered European lawyer and any partner shall be treated as—
(a) a member of the profession in relation to which the Law Society of Scotland is established; and
The Law Society of Scotland is a designated professional body for the purposes of Part 20: S.I. 2001/1226.
(b) as subject to the rules of the Law Society of Scotland.”.

(3) Paragraph 5 of Part II is revoked.