Article 238 Use and investment of superannuation funds' moneysI1

Regulation P6 of the Local Government Superannuation (Scotland) Regulations 1987 (use and investment of superannuation funds' moneys) is amended as follows.

In paragraph (7A)^f1 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.”.

In paragraph (10), for the definition of “investment manager”^f2 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;”.

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.”.