I think the light is my biggest misunderstanding. Are you saying I cant run it from the sub panel because the feeder for the sub panel is NM not in a raceway? Does the exception only apply the pump wiring?
680.23(F) Branch-Circuit Wiring.
(1) Wiring Methods. Branch-circuit wiring on the supply side of enclosures and junction boxes connected to conduits run to wet-niche and no-niche luminaires (fixtures), and the field wiring compartments of dry-niche luminaires (fixtures), shall be installed using rigid metal conduit, intermediate metal conduit, liquidtight flexible nonmetallic conduit, or rigid nonmetallic conduit. Where installed on buildings, electrical metallic tubing shall be permitted, and where installed within buildings, electrical nonmetallic tubing, Type MC cable, or electrical metallic tubing shall be permitted.
Exception: Where connecting to transformers for pool lights, liquidtight flexible metal conduit or liquidtight flexible nonmetallic conduit shall be permitted. The length shall not exceed 1.8 m (6 ft) for any one length or exceed 3.0 m (10 ft) in total length used. Liquidtight flexible nonmetallic conduit, Type B (LFNC-B), shall be permitted in lengths longer than 1.8 m (6 ft).
(2) Equipment Grounding. Through-wall lighting assemblies, wet-niche, dry-niche, or no-niche luminaires (lighting fixtures) shall be connected to an insulated copper equipment grounding conductor installed with the circuit conductors. The equipment grounding conductor shall be installed without joint or splice except as permitted in (F)(2)(a) and (F)(2)(b). The equipment grounding conductor shall be sized in accordance with Table 250.122 but shall not be smaller than 12 AWG.
Exception: An equipment grounding conductor between the wiring chamber of the secondary winding of a transformer and a junction box shall be sized in accordance with the overcurrent device in this circuit.
(a) If more than one underwater luminaire (lighting fixture) is supplied by the same branch circuit, the equipment grounding conductor, installed between the junction boxes, transformer enclosures, or other enclosures in the supply circuit to wet-niche luminaires (fixtures), or between the field-wiring compartments of dry-niche luminaires (fixtures), shall be permitted to be terminated on grounding terminals.
(b) If the underwater luminaire (lighting fixture) is supplied from a transformer, ground-fault circuit interrupter, clock-operated switch, or a manual snap switch that is located between the panelboard and a junction box connected to the conduit that extends directly to the underwater luminaire (lighting fixture), the equipment grounding conductor shall be permitted to terminate on grounding terminals on the transformer, ground-fault circuit interrupter, clock-operated switch enclosure, or an outlet box used to enclose a snap switch.
From the "sub-panel" to the junction box for the light the equipment grounding conductor is required to be at least a #12 insulated copper conductor that is installed in a raceway.
The exception in 680.25 the exception will allow the "sub-panel" to be wired with an equipment grounding conductor that is not insulated.
Exception: An existing feeder between an existing remote panelboard and service equipment shall be permitted to run in flexible metal conduit or an approved cable assembly that includes an equipment grounding conductor within its outer sheath. The equipment grounding conductor shall comply with 250.24(A)(5).
This exception is for existing panels only.
I personally recommond that the equipment grounding conductor for a pool light to be continuous from the junction box at the pool all the way to the service disconnect. The less places that the equipment grounding is likely to fail the better. This light which uses electricity to fuction is in the same water you are going to be so it is important to ensure that it doesn't fail.
I would like to see all lights including fiber optic outlawed for pools.