The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
20 Directions by the Secretary of State - asset management
(1) Paragraph (2) applies where the Secretary of State is satisfied that an asset pool company, without good reason, is failing, or has failed, to comply with any guidance issued under regulation 19. (2) Where this paragraph applies, the Secretary of State may make a direction to that asset pool company under this paragraph requiring it to comply with that guidance. (3) Any direction made under paragraph (2) must specify— (a) the date of issue, and the contents, of the guidance with which the asset pool company is required to comply, and (b) the grounds upon which, and the evidence in relation to which, the Secretary of State is satisfied of the matters specified in paragraph (1). (4) Where paragraph (5) applies to an asset pool company, the Secretary of State may make a direction to that company under this paragraph, requiring it to carry out any investment management activities specified in the direction in the manner specified in the direction. (5) This paragraph applies where the Secretary of State is satisfied that an asset pool company is managing funds or assets of the Scheme for which an authority is responsible in a manner that is detrimental to— (a) any authority already participating in that asset pool company, or (b) the Scheme as a whole. (6) Before making any direction under this regulation, the Secretary of State must consult— (a) any asset pool company that the Secretary of State intends to specify in the direction, (b) any authority participating in an asset pool company falling within sub-paragraph (a), (c) the Financial Conduct Authority, and (d) any other person whom the Secretary of State considers that it would be appropriate to consult. (7) Where the Secretary of State considers that additional information is required in order to decide whether to make a direction under this regulation, or what the direction should require, the Secretary of State may carry out such enquiries as the Secretary of State considers appropriate to obtain that information. (8) An asset pool company must comply with any request from the Secretary of State intended to facilitate the obtaining of information under paragraph (7).
20 Directions by the Secretary of State - asset management
(1) Paragraph (2) applies where the Secretary of State is satisfied that an asset pool company, without good reason, is failing, or has failed, to comply with any guidance issued under regulation 19. (2) Where this paragraph applies, the Secretary of State may make a direction to that asset pool company under this paragraph requiring it to comply with that guidance. (3) Any direction made under paragraph (2) must specify— (a) the date of issue, and the contents, of the guidance with which the asset pool company is required to comply, and (b) the grounds upon which, and the evidence in relation to which, the Secretary of State is satisfied of the matters specified in paragraph (1). (4) Where paragraph (5) applies to an asset pool company, the Secretary of State may make a direction to that company under this paragraph, requiring it to carry out any investment management activities specified in the direction in the manner specified in the direction. (5) This paragraph applies where the Secretary of State is satisfied that an asset pool company is managing funds or assets of the Scheme for which an authority is responsible in a manner that is detrimental to— (a) any authority already participating in that asset pool company, or (b) the Scheme as a whole. (6) Before making any direction under this regulation, the Secretary of State must consult— (a) any asset pool company that the Secretary of State intends to specify in the direction, (b) any authority participating in an asset pool company falling within sub-paragraph (a), (c) the Financial Conduct Authority, and (d) any other person whom the Secretary of State considers that it would be appropriate to consult. (7) Where the Secretary of State considers that additional information is required in order to decide whether to make a direction under this regulation, or what the direction should require, the Secretary of State may carry out such enquiries as the Secretary of State considers appropriate to obtain that information. (8) An asset pool company must comply with any request from the Secretary of State intended to facilitate the obtaining of information under paragraph (7).
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