The Bearer Certificates (Collective Investment Schemes) Regulations 2020 No. 1346

SCHEDULE TRANSITIONAL PROVISION

PART 1 CONVERSION 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

4.  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).