# The Local Government Superannuation (Scotland) Amendment Regulations 1993, Regulation 30: Use and investment of superannuation funds' moneys


Regulation P6 of the principal Regulations is amended–
(a) by adding after paragraph (2)(b) the following sub-paragraph:–
“(c) any contract the effecting of which constitutes the carrying on of insurance business being long term business within class VII in Schedule 1 to the Insurance Companies Act 1982 with a person who is permitted under that Act to carry on such business or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of a corresponding class.”;
(b) in paragraph (4)(b)–
(i) by inserting after the words “single holding” the words “except where paragraph (4A) applies”;
(ii) by substituting for the words “5%” and “20%” the words “10%” and “25%” respectively;
(c) by adding after paragraph (4)(d) the following sub-paragraph:–
“or
(e) make any contract falling within paragraph (2)(c) whereby the total amount so contracted exceeds 25% of the value at the time of all investments of fund moneys.”;
(d) by adding after paragraph (4) the following paragraph:–
“(4A) An administering authority may make an investment so as to result in more than 10% of the value at the time of all investments of fund moneys being represented by a single holding where–
(a) the investment is made by an investment manager appointed under paragraph (5A); and
(b) the single holding is comprised of investments in units or other shares of the investments subject to the trusts of any one unit trust scheme.”; and
(e) by inserting in paragraph (10)–
(i) after the definition of “companies” the following definition–
““European institution” and “home-regulated investment business” have the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992;”; and
(ii) in the definition of “investment manager”–
(a) after the words ““investment manager” means” the word “(1)” and
(b) at the end the following sub-paragraph:–
“or
(2) an institution which is a European institution carrying on home-regulated investment business in the United Kingdom and which is reasonably believed by the administering authority to be suitably qualified to make investment decisions on their behalf.”.

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Source: https://www.legislation.gov.uk/uksi/1993/1593/regulation/30 (the official version)
Page: https://openlegislation.uk/local-government-superannuation-scotland-amendment-regulations-1993/regulation-30
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.