The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018

• Citation: S.I. 2018/1386
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 and come into force on exit day.

Section 2 Amendment of the Council Tax (Discount Disregards) Order 1992

(1) The Council Tax (Discount Disregards) Order 1992 is amended as follows.

(2) In Schedule 2 (prescribed educational establishments)—

(a) in paragraphs 1 and 2 for “member State” in each place where the words occur substitute “relevant territory”;

(b) in paragraph 2—

(i) in the definition of “further education” for “that State” substitute “that territory”;

(ii) in the definition of “relevant authority” for “that State” substitute “that territory”;

(iii) at the end add—

and

“relevant territory” means England, Wales, Scotland, Northern Ireland or a member State.

Section 3 Amendment of the Local Authorities (Funds) (England) Regulations 1992

The Local Authorities (Funds) (England) Regulations 1992 are amended as follows—

(a) in regulation 13(1)(b) and (2)(b) (holdings and investments) omit the words “in a prescribed investment”;

(b) for regulation 13(3) substitute—

(3) In carrying out its function of investment pursuant to paragraphs (1)(b) or (2)(b), a billing authority shall have regard to the code of practice contained in the document entitled “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes” (2017 Edition) published by the Chartered Institute of Public Finance and Accountancy.

(c) omit Schedule 3 (prescribed investments).

Section 4 Amendment of the Local Authorities (Contracting Out of Investment Functions) Order 1996

(1) The Local Authorities (Contracting Out of Investment Functions) Order 1996 is amended as follows.

(2) In article 9 (qualification of contractors) omit paragraph (b) and the word “or” which immediately precedes it.

Section 5 Amendment of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003

(1) The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 are amended as follows.

(2) In regulation 1(5) (interpretation) for the definition of “money market fund” substitute—

“money market fund” means a collective investment undertaking which is—

an authorised unit trust scheme authorised under section 243A of the Financial Services and Markets Act 2000 ;

an authorised contractual scheme authorised under section 261EA of that Act;

an open-ended investment company authorised under regulation 14(1A) of the Open-ended Investment Companies Regulations 2001 ; or

an authorised AIF which is a MMF within the meaning of regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013 .