48.—[F1(1)] An open-ended investment company [F2authorised before the day on which the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force (“the relevant date”)] may, if its instrument of incorporation so provides, issue shares (“bearer shares") evidenced by a share certificate, or by any other documentary evidence of title for which provision is made in its instrument of incorporation, which indicates—
(a)that the holder of the document is entitled to the shares specified in it; and
(b)that no entry will be made on the register of shareholders identifying the holder of those shares.
[F3(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).]
[F4(2) An open-ended investment company authorised on or after the relevant date may not issue any bearer shares under paragraph (1), and any provision in the instrument of incorporation of such an open-ended investment company purporting to authorise it to do so is void.
(3) Paragraph (2) does not apply to an open-ended investment company if—
(a)an application for an authorisation order was made in relation to that open-ended investment company before the relevant date; and
(b)that application was not determined until a date on or after the relevant date.]
Textual Amendments
F1Reg. 48 renumbered as reg. 48(1) (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 18(a) (with regs. 8, 15)
F2Words in reg. 48(1) inserted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 18(b) (with regs. 8, 15)