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17.—(1) Amend the Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005(1) as follows.
(2) In regulation 10(8) (postponement) for “given in regulation 11” substitute “given in regulation 3 of the Occupational Pension Schemes (Cross-border Activities) Regulations 2005(2) (meaning of “European employer” and “host member State” in Part 7 of the Pensions Act 2004).”.
(3) Omit regulation 11 (meaning of “European employer”).
(4) In regulation 15(1) (exemptions)—
(a)in sub-paragraph (h)—
(i)for “a scheme which has” substitute “a scheme with”;
(ii)in head (i) for “all decisions which fall to be made by the trustees are” substitute “any decision made by the trustees is”; and
(iii)in head (ii), for “who is an independent trustee” substitute “who is independent”; and
(b)in sub-paragraph (i)—
(i)for “a scheme which has” substitute “a scheme with”;
(ii)for “where a company is a trustee” substitute “where a company is the sole trustee”;
(iii)in head (i), for “is made only by the unanimous agreement” substitute “is made by the unanimous agreement”; and
(iv)in head (ii), for “one of the directors is a trustee who” substitute “one of the directors of the company”.
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