Statutory Instrument 2001 No. 3649

The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

STATUTORY INSTRUMENTS

2001 No. 3649

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

ARRANGEMENT OF ORDER

PART 1

introductory

The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366)

The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (S.I. 1998/2888)(S.168)

The Local Government Pension Scheme Regulations 1997 (S.I. 1997/1612)

The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (S.I. 1998/1831)

The Local Government (Early Termination of Employment) (Discretionary Compensation) (England and Wales) Regulations 2000 (S.I. 2000/1410)

The Treasury in exercise of their powers under sections 426 and 427 of the Financial Services and Markets Act 2000 hereby make the following Order: - 

PART 1

INTRODUCTORY

Citation, commencement and transitional provisions
     1. This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 and comes into force on 1st December 2001.

Interpretation
     2. In this Order "the Act" means the Financial Services and Markets Act 2000.

The principal repeals and revocations
     3.  - (1) The following enactments are repealed - 

(a) the Policyholders Protection Act 1975[2];

(b) the Insurance Companies Act 1982[3];

(c) the Financial Services Act 1986[4];

(d) the Banking Act 1987[5];

(e) the Insurance Companies (Reserves) Act 1995[6]; and

(f) the Policyholders Protection Act 1997[7].

    (2) The following instruments are revoked - 

(a) the Banking Co-ordination (Second Council Directive) Regulations 1992[8];

(b) the Insurance Companies (Third Insurance Directives) Regulations 1994[9]; and

(c) the Investment Services Regulations 1995[10].

The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366)

Meaning of "authorised insurer" and "relevant institution"
     251.  - (1) Regulation 4(16)[172] of the Local Government Pension Scheme (Scotland) Regulations 1998 (agreements to enable employees of non-Scheme employers to be members ("admission agreements") is amended as follows.

    (2) For sub-paragraph (a) substitute - 

" (a) "authorised insurer" means - 

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of general insurance; or

(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 general insurance,

     and the expressions used in 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.".

    (3) For sub-paragraph (e) substitute - 

" (e) "relevant institution" means - 

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 accept deposits;

(ii) a person who is exempt from the general prohibition in respect of accepting deposits as a result of an exemption order made under section 38(1) of that Act;

(iii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule,

and the expressions used in 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.".

Actionable loss arising from pensions mis-selling
     252. In regulation 6(9) of the Local Government Pension Scheme (Scotland) Regulations 1998 (joining the Scheme), after the words "section 62 of the Financial Services Act 1986" add "or section 150 of the Financial Services and Markets Act 2000".

Appropriate annuity contracts etc.
     253.  - (1) Regulation 145[173] of the Local Government Pension Scheme (Scotland) Regulations 1998 (qualifying arrangements) is amended as follows.

    (2) In paragraph (2), for sub-paragraph (a) substitute - 

" (a) effects or carries out contracts of long-term insurance in the United Kingdom or any other member State; and".

    (3) For paragraph (3) substitute - 

    " (3) Paragraph (2)(a) must be read with - 

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order made under that section; and

(c) Schedule 2 to that Act.".

Definition of terms
     254.  - (1) Schedule 1 to the Local Government Pension Scheme (Scotland) Regulations 1998 (interpretation) is amended as follows.

    (2) In the definition of "AVC insurance company" - 

(a) for paragraphs (a) and (b) substitute - 

" (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;

(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"

(b) for the words after the end of paragraph (c) substitute - 

" 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.".

    (3) In the definition of "the Reference banks" - 

(a) for the words from "seven largest institutions" to the end of the definition substitute - 

" seven largest persons for the time being who - 

(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(b) are incorporated in and carrying on in the United Kingdom a regulated activity of accepting deposits; and

(c) quote a base rate in sterling,

and in this definition - 

      - the 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      - the 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;".

    (4) In the definition of "open ended investment company"[174] for the words "section 75(8) of the Financial Services Act 1986" substitute "section 236 of the Financial Services and Markets Act 2000".

The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (S.I. 1998/2888) (S.168))

Definitions of terms
     256.  - (1) In regulation 2 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (general definitions)[175] - 

(a) the existing provision becomes paragraph (1);

(b) the definitions of "European authorised institution" and "European institution" are revoked;

(c) the definition of "home-regulated investment business" is revoked;

(d) for the definition of "relevant institution" substitute - 

" "relevant institution" means - 

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(b) an EEA firm of the kind mentioned in paragraph 5(b) 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 accept deposits; or

(c) a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;";

(e) after paragraph (1) insert - 

    " (2) The definition of "relevant institution" in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 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.".

Meaning of "investment"
     257.  - (1) In regulation 3 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (definition of "investment"), for paragraphs (5) and (6) substitute - 

    " (5) A contract of insurance is an investment if and only if it is a contract of a relevant class, and is entered into with a person within paragraph (6) for whom entering into the contract constitutes the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000).

    (6) The persons within this paragraph are - 

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;

(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 insurance of a relevant class; or

(c) a person who does not fall within sub-paragraph (a) or (b) and who, because he has his head office in an EEA State (within the meaning of that Act) other than the United Kingdom, is permitted by the law of that State to effect or carry out contracts of insurance of a relevant class.

    (6A) A contract of insurance is of a relevant class for the purposes of paragraphs (5) and (6) if it is - 

(a) a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or

(b) a contract to manage the investments of pension funds, whether or not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.".

    (2) For paragraphs (7) and (8) substitute - 

    " (7) A stock lending arrangement is an investment if, and only if, in respect of it, the conditions in rules 5.14.4R and 5.14.6R in the Collective Investment Scheme Sourcebook are complied with.

    (8) For the purposes of paragraph (7) - 

(a) the references in rules 5.14.4R and 5.14.6R to the trustee must be read as if they were references to the administering authority; and

(b) the "Collective Investment Scheme Sourcebook" means the Collective Investment Scheme Sourcebook made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.".

Meaning of "investment manager"
     258.  - (1) Regulation 4 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (definition of "investment manager"), for paragraphs (2) to (4) substitute - 

    " (2) A person is an investment manager if - 

(a) he has permission under Part 4 of the Financial Services and Markets Act 2000 to manage the assets of occupational pension schemes;

(b) he is an EEA firm of the kind mentioned in paragraph 5(a) or (b) 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 manage the assets of occupational pension schemes; or

(c) he is a person - 

(i) who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;

(ii) whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom;

(iii) who is recognised by the law of that EEA State as a national of that or another EEA State;

(iv) who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and

(v) who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.".

Limits on investments and other definitions
     259.  - (1) Schedule 1 to the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (limits on investments) is amended as follows.

    (2) For paragraph 4 of Part I of that Schedule (limits on investments) substitute - 

     " 4. All deposits with - 

(a) any local authority, or

(b) any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute,

which is an exempt person (within the meaning of the Financial Services and Markets Act 2000) in respect of accepting deposits as a result of an order made under section 38(1) of that Act, and all loans (but see paragraph 12).".

    (3) In paragraph 15 - 

(a) in the definition of "collective investment scheme" for the words "section 75 of the Financial Services Act 1986" substitute "section 235 of the Financial Services and Markets Act 2000"; and

(b) in the definition of "open-ended investment company" for the words "Open-ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996" substitute "Open-Ended Investment Companies Regulations 2001".

The Local Government Pension Scheme Regulations 1997 (S.I. 1997/1612)

Interpretation of the 1997 Regulations
     555.  - (1) In regulation 2 of the Local Government Pension Scheme Regulations 1997 (interpretation)[350], after paragraph (2) insert - 

    " (3) The definitions of "AVC insurance company" and "Reference banks" in Schedule 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.".

    (2) In Schedule 1 to those Regulations (interpretation)[351] - 

(a) for the definition of "AVC insurance company" substitute - 

" "AVC insurance company" means - 

(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

(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;";

(b) for the definition of "Reference banks" substitute - 

" "Reference banks" means the seven largest persons for the time being who - 

(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(c) quote a base rate in sterling;

and for the purpose of this definition the 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;".

Interpretation of regulations 5 and 6 of, and Schedule 2A to, the 1997 Regulations
     556.  - (1) Regulation 5[352] of the Local Government Pension Scheme Regulations 1997 (Agreements to enable employees of non-Scheme employers to be members ("admission agreements")) is amended as follows.

    (2) In paragraph (17) of that regulation, for sub-paragraph (a)[353] substitute - 

" (a) "authorised insurer" means - 

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of general insurance, or

(ii) 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 and carry out contracts of general insurance;".

    (3) In paragraph (17), for sub-paragraph (f) substitute - 

" (f) "relevant institution" means - 

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii) an EEA firm of the kind mentioned in paragraph 5(b) 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 accept deposits, or

(iii) a person who does not require permission under that Act to accept deposits, by way of business, in the United Kingdom;".

    (4) After paragraph (17) insert - 

    " (18) In paragraph (17), the definitions of "authorised insurer" and "relevant institution" must be read with - 

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section;

(c) Schedule 2 to that Act.".

Revenue restrictions
     557. In paragraph 1(1) of Schedule 4 to the Local Government Pension Scheme Regulations 1997 (Revenue restrictions), in sub-paragraph (e) of the definition of "continuity conditions"[354], after "section 62 of the Financial Services Act 1986" insert "or section 71 or 150 of the Financial Services and Markets Act 2000".

Prescribed persons to whom information may be provided
     558. Paragraph 1 of Schedule 5A[355] (mis-sold pensions) to the Local Government Pension Scheme Regulations 1997 is amended as follows - 

(a) in sub-paragraph (a) - 

(i) after "a person who is" insert "an authorised person within the meaning of the Financial Services and Markets Act 2000 ("the 2000 Act"),",

(ii) before "has been an authorised person" insert "who", and

(iii) the words "("the 1986 Act")" are revoked;

(b) in sub-paragraph (b) for "section 44 of the 1986 Act" substitute "section 39 of the 2000 Act";

(c) sub-paragraph (c) is revoked;

(d) for sub-paragraph (d) substitute - 

" (d) a designated professional body within the meaning of section 326 of the 2000 Act;"

(e) for sub-paragraph (e) substitute - 

" (e) the Financial Services Authority;", and

(f) for sub-paragraph (f) substitute - 

" (f) the scheme manager (within the meaning of section 212(1) of the 2000 Act);".

The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (S.I. 1998/1831)

Interpretation of the 1998 Regulations: general
     574. In regulation 2 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (general definitions)[360] - 

(a) the existing provision becomes paragraph (1);

(b) the definitions of "European authorised institution" and "European institution" are revoked;

(c) the definition of "home-regulated investment business" is revoked;

(d) for the definition of "relevant institution" substitute - 

" "relevant institution" means - 

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(b) an EEA firm of the kind mentioned in paragraph 5(b) 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 accept deposits; or

(c) a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;";

(e) after paragraph (1) insert - 

    " (2) The definition of "relevant institution" in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 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.".

Definition of "investment"
     575.  - (1) Regulation 3 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (definition of "investment")[361] is amended as follows.

    (2) For paragraphs (5) and (6) substitute - 

    " (5) A contract of insurance is an investment if and only if it is a contract of a relevant class, and is entered into with a person within paragraph (6) for whom entering into the contract constitutes the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000).

    (6) The persons within this paragraph are - 

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;

(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 insurance of a relevant class; or

(c) a person who does not fall within sub-paragraph (a) or (b) and who, because he has his head office in an EEA State (within the meaning of that Act) other than the United Kingdom, is permitted by the law of that State to effect or carry out contracts of insurance of a relevant class.

    (6A) A contract of insurance is of a relevant class for the purposes of paragraphs (5) and (6) if it is - 

(a) a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or

(b) a contract to manage the investments of pension funds, whether or not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.".

    (3) For paragraphs (7) and (8) substitute - 

    " (7) A stock lending arrangement is an investment if and only if, in respect of it, the conditions in rules 5.14.4R and 5.14.6R in the Collective Investment Scheme Sourcebook are complied with.

    (8) For the purposes of paragraph (7) - 

(a) references in rules 5.14.4R and 5.14.6R to the trustee must be read as if they were references to the administering authority, and

(b) the "Collective Investment Scheme Sourcebook" means the Collective Investment Scheme Sourcebook made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.".

Definition of "investment manager"
     576. In regulation 4 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (definition of "investment manager"), for paragraphs (2) to (4) substitute - 

    " (2) A person is an investment manager if - 

(a) he has permission under Part 4 of the Financial Services and Markets Act 2000 to manage investments and may lawfully manage the assets of occupational pension schemes;

(b) he is an EEA firm of the kind mentioned in sub-paragraph (a), (b) or (c) of paragraph 5 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 manage investments and may lawfully manage the assets of occupational pension schemes; or

(c) he is a person - 

(i) who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;

(ii) whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom;

(iii) who is recognised by the law of that EEA State as a national of that or another EEA State;

(iv) who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and

(v) who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.".

Limits on investments
     577. For paragraph 4 of Part I of Schedule 1 to the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (limits on investments)[362] substitute - 

     " 4. All deposits with - 

(a) any local authority, or

(b) any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute,

which is an exempt person (within the meaning of the Financial Services and Markets Act 2000) in respect of accepting deposits as a result of an order made under section 38(1) of that Act, and all loans (but see paragraph 12).".

Definition of "open-ended investment company"
     578. In Part III of the Schedule to the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (Interpretation), in the definition of "open-ended investment company"[363] for "section 78(5) of the Financial Services Act 1986" substitute "section 236 of the Financial Services and Markets Act 2000".

The Local Government (Early Termination of Employment) (Discretionary Compensation) (England and Wales) Regulations 2000 (S.I. 2000/1410)

Interpretation of the 2000 Regulations: "reference banks"
     598.  - (1) In Schedule 1 to the Local Government (Early Termination of Employment) (Discretionary Compensation) (England and Wales) Regulations 2000 (interpretation), in paragraph 1 for the definition of "reference banks" substitute - 

" "reference banks" means the seven largest persons for the time being who - 

(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and

(c) quote a base rate in sterling;

and for the purpose of this definition the 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.".

    (2) After paragraph 1 of that Schedule insert - 

     " 2. The definition of "the reference banks" in paragraph 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.".

Notes:

 

[2] 1975 c. 75.back

[3] 1982 c. 50.back

[4] 1986 c. 60.back

[5] 1987 c. 22.back

[6] 1995 c. 29.back

[7] 1997 c. 18.back

[8] S.I. 1992/3218; amended by the Bank of England Act 1998 (c. 11), Schedule 5 and by S.I. 1993/3225; S.I. 1995/1217; S.I. 1995/1442; S.I. 1996/1669; S.I. 1999/2094 and S.I. 2000/2952.back

[9] S.I. 1994/1696.back

[10] S.I. 1995/3275; amended by the Bank of England Act 1998 (c. 11), Schedule 5 and by S.I. 1996/1669 and S.I. 2000/2952.back

 [172] Regulation 4 was substituted by S.I. 2000/199, regulation 9.back

[173] Regulation 145 was inserted by S.S.I 2001/23, regulation 4.back

[174] The definition of "open ended investment company" was substituted by S.S.I. 2000/74, regulation 6(2).back

[175] Amended by S.I. 1999/3259.back

[350] Amended by S.I. 2000/3025.back

[351] Relevant amendment made (to the definition of "Reference banks") by S.I. 1998/1129.back

[352] Regulation 5 was substituted by S.I. 1999/3438, regulations 2 and 3.back

[353] Sub-paragraph (a) was amended by S.I. 2000/1005, regulation 1(1).back

[354] The definition was amended by S.I. 1997/954 and S.I. 1997/1613.back

[355] Schedule 5A was inserted by S.I. 1997/954, regulation 6 (as amended by S.I. 1997/1613, regulations 2(1), 27, Schedule 3, paragraph 62(1), (6)).back

 [360] Amended by S.I. 1999/3259.back

[361] Amended by S.I. 2000/2552.back

[362] Amended by S.I. 1999/3259.back

[363] The definition of "open-ended investment company" was substituted by S.I. 1999/3259.back