The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989

Register of participants

33.—(1) The terms of a scheme must provide for a register of participants to be established and maintained in a legible form or in a manner capable of being reproduced in a legible form.

(2) In the case of a corporate based scheme, the terms of the scheme must ensure that the register is or will be kept by the operator and, in the case of a trust based scheme, they must ensure that the register is or will be kept by the operator or by some other person (who may be the trustee) acting under the supervision of the operator.

(3) Subject to the provisions of paragraph (4), the terms of a scheme must require that there be entered in the register of participants–

(a) the name and address of each participant in the scheme;

(b) the number of units held by each participant; and

(c) the date on which each participant was registered in the register in respect of the units standing in his name.

(4) The terms of a scheme may provide that, in a case in which a unit is held jointly by more than four persons, no entry need be made on the register with respect to more than four of the joint participants.

(5) The terms of a scheme shall prohibit, or shall have the effect that there will be a prohibition on–

(a) notice of any express, implied or constructive trust being entered in the register of participants; and

(b) the trustee or operator, in the case of a trust based scheme, or the operator, in the case of a corporate based scheme, taking notice of any equities or other interests affecting the title of any participant to units.