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

SCHEDULE U.K. TRANSITIONAL PROVISION

PART 2 U.K. CONVERSION AND CANCELLATION OF EXISTING BEARER UNITS IN OTHER COLLECTIVE INVESTMENT SCHEMES ON OR BEFORE 1 JANUARY 2022

Cancellation of bearer units held by the operator of the scheme U.K.

11.  Where the bearer of any outstanding bearer units is the operator of the scheme— U.K.

(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).

Commencement Information

I1 Sch. para. 11 in force at 1.1.2021, see reg. 1(2)