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The Child Trust Funds Regulations 2004

Changes over time for: Section 11

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General investment rulesU.K.

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11.—(1) All transactions by way of purchase by an account provider of investments under an account shall be made—

(a)in the case of an authorised fund which is a dual priced unit trust, at the [F1maximum sale price of a unit of the relevant class at the relevant valuation point] within the meaning of, and complying with the requirements of, [F2[F3paragraphs] 6.3.5 and 6.3.5B] of the [F4COLL];

(b)in the case of an authorised fund which is a single priced unit trust or an open-ended investment company, at the price of a unit [F5of the relevant class at the relevant valuation point] within the meaning of, and complying with the requirements of, [F6[F7paragraphs] 6.3.5 and 6.3.5A] of the [F8COLL]; and

(c)in the case of all other account investments, at the price for which those investments might reasonably be expected to be purchased in the open market.

(2) In paragraph (1)—

“a dual priced unit trust” means an authorised unit trust in respect of which the manager gives different prices for buying and selling units at the same time;

“a single priced unit trust” means an authorised unit trust in respect of which the manager gives the same price for buying and selling units at the same time.

(3) All other transactions by way of sale or otherwise by an account provider in investments under an account shall be made at the price for which those investments might reasonably be expected to be sold or otherwise transacted, as the case may be, in the open market.

(4) Investments, or rights in respect of investments, may not at any time—

(a)be purchased or made otherwise than out of cash which an account provider holds under an account at that time; or

(b)be purchased from—

(i)the named child, or

(ii)the spouse [F9or civil partner] of the named child,

so as to become account investments under the account.

(5) Subject to paragraph (6), contributions, subscriptions and any other cash held by an account provider under an account shall be held only in sterling and be deposited in an account with a deposit-taker [F10(including for this purpose a credit union)], or a deposit account or a share account with a building society, which is designated as a CTF account for the purposes of these Regulations only.

(6) An account provider who is a European institution, a relevant authorised person or an assurance undertaking may hold an account investor’s cash subscription and other cash held under an account in the currency of the EEA State in which he has his principal place of business and may deposit such cash in an account, which is designated as mentioned in paragraph (5), with any person authorised under the law of that State to accept deposits.

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