What the official record says
This Act is the Securities (Local Authority Exemption) Amendment Act . This Act comes into force on the day after the date on which it receives the Royal assent. This Act amends the Securities Act 1978. Section 2(1) is amended by inserting the following definition in its appropriate alphabetical order: has the meaning set out in section 5(1) of the Local Government Act 2002 Section 5 is amended by inserting the following subsection after subsection (3): Nothing in sections 37, 37A(1)(c) and (d) and (1A), and 39 to 44 applies in respect of a debt security the issuer of which is a local authority. The exemption in is subject to the conditions that— the investment statement relating to the debt securities refers to the most recent audited financial statements, and audited consolidated financi