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The Bearer Certificates (Collective Investment Schemes) Regulations 2020, Cross Heading: Payment of dividends and other distributions during the surrender year is up to date with all changes known to be in force on or before 23 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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12.—(1) A dividend or other distribution paid in the surrender year in respect of an outstanding bearer unit must be paid by the operator into the account opened by the scheme in accordance with subparagraph (3).U.K.
(2) Where a unit is converted under paragraph 10, the person registered under paragraph 10(3) in respect of the unit is entitled to—
(a)any amounts paid into that account in respect of the unit under subparagraph (1), and
(b)any interest accrued on those amounts while held in that account.
(3) Where any payments are to be made under subparagraph (1) or paragraph 13 in respect of units of a particular scheme, the operator of the scheme must open a separate bank account for the purpose of receiving the payments, and must do so before the first of any such payments is to be made.
(4) The terms of the account must be such that its balance—
(a)bears interest at an appropriate rate, and
(b)can be withdrawn during banking hours without having to give prior notice.
Commencement Information
I1Sch. para. 12 in force at 1.1.2021, see reg. 1(2)
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