The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998

PART IIIINTERPRETATION

15.  In this Schedule–

• “collective investment scheme” has the meaning given in section 75 of the Financial Services Act 1986(1);

• “companies” includes companies established under the law of any territory outside the United Kingdom;

• “Government loan” means a loan–

  (a)

  to Her Majesty’s Government in the United Kingdom; or

  (b)

  to the Government of the Isle of Man;

• “listed securities” means securities quoted on a recognised stock exchange;

• “loan” does not include–

  (a)

  investing money in registered securities to which section 1 of the Stock Transfer Act 1963(2) applies (transfer by stock transfer forms) or in listed securities; or

  (b)

  depositing money with a relevant institution,

  and “lent” must be understood in that way;

• “open-ended investment company” means a company incorporated by virtue of regulation 3(1) of the Open-ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996(3);

• “single holding” means investments–

  (a)

  in securities of, or in loans to or deposits with, any one body;

  (b)

  in units or other shares of the investments subject to the trust of any one unit trust scheme; or

  (c)

  in transactions involving any one piece of land or other property.

• “unlisted securities” means securities which are not quoted on a recognised stock exchange.