{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-254",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-254.json",
  "legislation": "uksi/2001/3649",
  "legislation_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001",
  "path": "article/254",
  "kind": "article",
  "number": "254",
  "heading": "Definition of terms",
  "text": "(1) Schedule 1 to the Local Government Pension Scheme (Scotland) Regulations 1998 (interpretation) is amended as follows.\n(2) In the definition of “AVC insurance company”—\n(a) for paragraphs (a) and (b) substitute—\n“(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;\n(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance; or”\n(b) for the words after the end of paragraph (c) substitute—\n“and paragraphs (a) and (b) of this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.\n(3) In the definition of “the Reference banks”—\n(a) for the words from “seven largest institutions” to the end of the definition substitute—\n“seven largest persons for the time being who—\n(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;\n(b) are incorporated in and carrying on in the United Kingdom a regulated activity of accepting deposits; and\n(c) quote a base rate in sterling,\nand in this definition—\nthe size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time; and\nthe reference to accepting deposits must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.\n(4) In the definition of “open ended investment company” for the words “section 75(8) of the Financial Services Act 1986” substitute “section 236 of the Financial Services and Markets Act 2000”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Art. 254 in force at 1.12.2001, see art. 1"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "The definition of “open ended investment company” was substituted by S.S.I. 2000/74, regulation 6(2)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/3649/article/254",
    "retrieved_at": "2026-10-29T07:23:30.014012+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}