- Latest available (Revised)
- Original (As made)
The Bearer Certificates (Collective Investment Schemes) Regulations 2020, Paragraph 10 is up to date with all changes known to be in force on or before 21 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
10.—(1) Subparagraphs (2) and (3) apply where, at a time in the surrender year, the person who is the bearer of an outstanding bearer unit delivers to the scheme—U.K.
(a)the instrument mentioned in section 241A relating to the unit,
(b)a request for the unit to be converted to a registered unit, and
(c)a statement of the person’s name and address.
(2) Delivery of the instrument to the scheme does not operate as a transfer of the unit.
(3) The operator of the scheme must—
(a)cancel the instrument,
(b)register the person as the holder of the unit, and
(c)prepare a certificate in respect of the unit as registered.
(4) Subparagraphs (2) and (3) do not apply in relation to outstanding bearer units of which the operator of the scheme is the bearer (but see paragraph 11).
(5) The operator of a scheme must exercise due diligence and take all reasonable steps to ensure that a certificate prepared in accordance with subparagraph (3)(c) is ready for delivery as soon as reasonably practicable.
Commencement Information
I1Sch. para. 10 in force at 1.1.2021, see reg. 1(2)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: