http://www.legislation.gov.uk/uksi/2020/1346/schedule/paragraph/4
The Bearer Certificates (Collective Investment Schemes) Regulations 2020
en
FINANCIAL SERVICES AND MARKETS
Statute Law Database
2024-03-22
Expert Participation
2023-07-11
From 26 June 2017, regulation 48 of the Open-Ended Investment Companies Regulations 2001 (amended by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017), prohibited most business entities in the UK from issuing bearer certificates. These Regulations prohibit bearer certificates for all collective investment schemes based in the UK. Provision is made for the conversion or cancellation of existing bearer certificates within the year from the Regulations coming into force; the payment of dividends or other distributions during that year; and the giving of notice to those who hold bearer certificates.
The Bearer Certificates (Collective Investment Schemes) Regulations 2020
Regulations
Financial Services and Markets Act 2023
Sch. 1
Pt. 2
s. 1(4)
s. 86(3)
The Bearer Certificates (Collective Investment Schemes) Regulations 2020
SCHEDULETRANSITIONAL PROVISION
PART 1CONVERSION AND CANCELLATION OF EXISTING BEARER SHARES IN OPEN-ENDED INVESTMENT COMPANIES ON OR BEFORE 1 JANUARY 2022
Cancellation of bearer shares held by the designated person
I14
Where the bearer of any outstanding bearer shares is the designated person—
a
the designated person may not, after the start of the surrender year, transfer the shares to any person other than the company, and
b
the designated person must, as soon after the start of the surrender year as is reasonably practicable, transfer the shares to the company (so that the shares may be cancelled in accordance with paragraph 3).