SCHEDULETRANSITIONAL PROVISION
PART 2CONVERSION AND CANCELLATION OF EXISTING BEARER UNITS IN OTHER COLLECTIVE INVESTMENT SCHEMES ON OR BEFORE 1 JANUARY 2022
Right to convert bearer unit to registered unit
I110
1
Subparagraphs (2) and (3) apply where, at a time in the surrender year, the person who is the bearer of an outstanding bearer unit delivers to the scheme—
a
the instrument mentioned in section 241A relating to the unit,
b
a request for the unit to be converted to a registered unit, and
c
a statement of the person’s name and address.
2
Delivery of the instrument to the scheme does not operate as a transfer of the unit.
3
The operator of the scheme must—
a
cancel the instrument,
b
register the person as the holder of the unit, and
c
prepare a certificate in respect of the unit as registered.
4
Subparagraphs (2) and (3) do not apply in relation to outstanding bearer units of which the operator of the scheme is the bearer (but see paragraph 11).
5
The operator of a scheme must exercise due diligence and take all reasonable steps to ensure that a certificate prepared in accordance with subparagraph (3)(c) is ready for delivery as soon as reasonably practicable.