Bearer shares, and other bearer units, in collective investment schemesU.K.
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3. In the Open-Ended Investment Companies Regulations 2001, in regulation 48 (OEIC authorised before 26 June 2017 may issue bearer shares if its instrument of incorporation so provides), after paragraph (1)(1) insert—
“(1A) An open-ended investment company authorised before the relevant date may not issue, convert or cancel bearer shares after 1 January 2021 (irrespective of whether its instrument of incorporation purports to authorise it to do so).”
(1)
S.I. 2001/1228. Paragraph (1) of regulation 48 was numbered as such by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), regulation 109 and Schedule 7, Part 2, paragraph 18(a).