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The Bearer Certificates (Collective Investment Schemes) Regulations 2020
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11. Where the bearer of any outstanding bearer units is the operator of the scheme—
(a)the operator may not, after the start of the surrender year, transfer the shares to any person other than the scheme, and
(b)the operator must, as soon after the start of the surrender year as is reasonably practicable, transfer the shares to the scheme (so that the shares may be cancelled in accordance with paragraph 10).
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