Cases where a participant's holding becomes substantialU.K.
63.—(1) This regulation applies if, on any date, a participant owns a substantial QIS holding in a qualified investor scheme otherwise than as a result of the acquisition of units in that scheme.
(2) If on the next reporting date and the reporting date following it (“the second reporting date”) the participant does not own a substantial QIS holding in the qualified investor scheme, the participant—
(a)is not required to value his own holding in that scheme at any time, and
(b)is not treated as owning a substantial QIS holding in the scheme on the second reporting date or at any earlier time.
(3) If on the second reporting date the participant owns a substantial QIS holding in the qualified investor scheme, the participant must value his own holding in that scheme as at the date mentioned in paragraph (1) and as at each subsequent measuring date.