The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

Amendment of the Personal Pension Schemes (Appropriate Schemes) Regulations

12.—(1) The Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with paragraphs (2) to (5).

(2) In regulation 1(2) (interpretation) before the definition of “administrators” there shall be inserted the following definition –

““the 2000 Act” means the Financial Services and Markets Act 2000;”.

(3) In regulation 2(2)(2) (forms of schemes which may be appropriate schemes) for sub-paragraph (b) there shall be substituted the following sub-paragraph –

“(b)a unit trust scheme of a kind mentioned in Part I of Schedule 1 which is the subject of an authorisation order made (or treated as made) under section 243 of the 2000 Act;”.

(4) In regulation 3 (persons who and bodies which may establish schemes) –

(a)for paragraph (2) there shall be substituted the following paragraph –

“(2) This paragraph applies to a Friendly Society which has permission under Part IV of the 2000 Act to effect or carry out contracts of insurance.”;

(b)in paragraph (3) –

(i)sub-paragraph (a) shall be omitted;

(ii)for sub-paragraph (c) there shall be substituted the following sub-paragraphs –

“(c)a person who has permission under Part IV of the 2000 Act to accept deposits;

(ca)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act (EEA passport rights) 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;”;

(iii)in sub-paragraph (d) –

(aa)for “an institution” in both places where it occurs there shall be substituted “a person or firm”;

(bb)after “sub-paragraph (c)” there shall be inserted “or (ca)”;

(c)in paragraph (4) –

(i)for “an institution” there shall be substituted “a person or firm”;

(ii)after “paragraph (3)(c)” there shall be inserted “or (ca)”;

(d)after paragraph (4) there shall be added the following paragraph –

“(5) Paragraph (3)(c) and (ca) shall be read with –

(a)section 22 of the 2000 Act (regulated activities);

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.”.

(5) In Schedule 1 (kinds of unit trust scheme that may be an appropriate scheme) –

(a)in Part I –

(i)in paragraph 2 for “investment company with variable capital” there shall be substituted “open-ended investment company”;

(ii)in paragraph 3 for “investment companies with variable capital” there shall be substituted “open-ended investment companies”;

(b)in Part II –

(i)in the definition of “authorised unit trust scheme” for “the Financial Services Act 1986” there shall be substituted “Part XVII of the 2000 Act”;

(ii)in the definition of “feeder fund” for “investment company with variable capital” there shall be substituted “open-ended investment company”;

(iii)in the definition of “fund of funds” for “investment companies with a variable capital” there shall be substituted “open-ended investment companies”;

(iv)the definition of “investment company with variable capital” shall be omitted;

(v)after the definition of “money market fund” there shall be inserted the following definition –

““open-ended investment company” has the same meaning as in the Open-Ended Investment Companies Regulations 2001(3);”;

(vi)for the definition of “transferable security” there shall be substituted the following definition –

““transferable security” means any investment which is treated as a security for the purposes of any relevant order under section 22 of the 2000 Act (regulated activities), other than an investment which either cannot be transferred or can be transferred only with the consent of a third party.”.