Article 478 Interpretation of the Trust Deed and Superannuation SchemeI1

The Industry-Wide Coal Staff Superannuation Scheme Regulations 1994 are amended as follows.

In clause 15 of the Schedule (terms of Trust Deed) for sub-clause (2)(b) substitute—

“(b)

“securities” means—

(i)

shares,

(ii)

instruments creating or acknowledging indebtedness,

(iii)

instruments giving entitlement to investments,

(iv)

certificates representing securities.”.

After sub-clause (2) of that clause, insert—

“(3)

The definition of “securities” in sub-clause (2)(b) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that Schedule; and

(c)

Schedule 2 to that Act.”.

In rule 1.1 of the Overriding Appendix (GMP Model Rules) for the definition of “insurer” substitute—

• ““insurer” means—

  1. (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, or

  2. (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(1) of that Schedule) to effect or carry out contracts of long-term insurance;”.

After rule 1.1 of that Appendix insert—

“1.1A

The definition of “insurer” in rule 1.1 must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.