Regulation 29 Amendment of the Occupational Pension Schemes (Investment) Regulations 2005

(1)

The Occupational Pension Schemes (Investment) Regulations 2005^f1 are amended as follows.

(2)

In regulation 1(2)—

(a)

in the definition of “qualifying insurance policy”, omit paragraph (b) and the “or” before it;

(b)

omit the definition of “scheme undertaking cross-border activities”.

(3)

In regulation 4—

(a)

in paragraph (5), for “regulated markets” substitute “UK regulated markets”;

(b)

in paragraph (11)—

(i)

in the definition of “derivative instrument”, for the words from “of Section C” to “financial instruments” substitute “of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001^f2”;

(ii)

for the definition of “regulated market” substitute the following—

““regulated market” means a multilateral system operated or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or systems;”;

(iii)

after the definition of “technical provisions” insert—

““UK regulated market” means a regulated market which is a recognised investment exchange under section 285^f3 of the FSM Act, but not an overseas investment exchange within the meaning of section 313(1)^f4 of that Act.”.

(4)

In regulation 15A, omit paragraph (2)(b) but not the final “or”.

(5)

Omit regulation 17.

Annotations

Footnotes

f1: S.I. 2005/3378; amended by S.I. 2009/615, 2015/575, 2017/701; there are other amending instruments but none is relevant.
f2: S.I. 2001/544; amended by S.I. 2006/3384, 2017/488.
f3: Section 285 was amended by S.I. 2017/1064; there are other amending instruments but none is relevant.
f4: There are amendments to subsection (1) which are not relevant to these Regulations.