Trustee (Authorised Investments) Order, 1998

• Jurisdiction: Ireland

S.I. No. 28 of 1998.

TRUSTEE (AUTHORISED INVESTMENTS) ORDER, 1998.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by subsection (1) of section 2 (inserted by section 80 of the Central Bank Act, 1997 (No. 8 of 1997)) of the Trustee (Authorised Investments) Act, 1958 (No. 8 of 1958), and having complied with subsection (3) of the said section 2, hereby order as follows: 1. (1) This Order may be cited as the Trustee (Authorised Investments) Order, 1998.

(2) This Order shall come into operation on the 9th day of March, 1998. 2. (1) In this Order—

"authorised credit institution" means—

(a) a person who is the holder of a licence under section 9 of the Central Bank Act, 1971 (No. 24 of 1971),

(b) a person referred to in section 7 (4) (a) (ii) (inserted by section 30 of the Central Bank Act, 1989 (No. 16 of 1989)) of the Central Bank Act, 1971 ,

(c) a building society within the meaning of the Building Societies Act, 1989 (No. 17 of 1989), or

(d) a person who is the holder of an authorisation under the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 );

"authorised insurance undertaking" means the holder of an authorisation under the Insurance Acts and Regulations;

"the Bank" means the Central Bank of Ireland;

"the Life Assurance Regulations" means the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 );

"recognised credit-rating agency" means a credit-rating agency recognised by the Bank for the purposes of Council Directive 93/6/EEC of 15 March 19931;

"recognised exchange" means an exchange recognised by the Bank for the purposes of Council Directive 93/6/EEC of 15 March 1993;

"relevant collective investment scheme" means—

(a) a unit trust scheme authorised by the Bank under the Unit Trusts Act, 1990 (No. 37 of 1990),

(b) a designated investment company authorised by the Bank under Part XIII of the Companies Act, 1990 (No. 33 of 1990),

(c) a collective investment scheme authorised by the Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ),

(d) a collective investment scheme established in another Member State of the European Communities that has been authorised in accordance with Council Directive 85/611/EEC of 20 December 19852, or

1O.J. No. L 141/1 of 11.6.93

2O.J. No. L 375/3 of 31.12.85

(e) any other collective investment scheme established in another state and approved by the Bank for the purpose of its being marketed in the State,

but excluding a collective investment scheme that is marketed solely to professional or qualifying investors of such class or classes as may be determined by the Bank;

"relevant State body" means a public company (within the meaning of the Companies Act, 1963 (No. 33 of 1963)) the majority of whose shares are held by a Minister of the Government or a body established by or under an Act of the Oireachtas (other than the Companies Acts, 1963 to 1990).

(2) In this Order a reference to any Act of the Oireachtas or any instrument made under such an Act shall be construed as a reference to that Act or instrument as amended by or under any subsequent such Act or instrument. 3. The investments specified in section 1 (inserted by section 1 of the Trustee (Authorised Investments) Act, 1958 (No. 8 of 1958)) of the Trustee Act, 1893, are hereby varied by—

(a) the deletion of the investments specified in that section, and

(b) the insertion in that section of the...