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The Savings Certificates (Amendment) Regulations 1994
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- UK Statutory Instruments
- 1994 No. 343
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Savings Certificates Regulations 1991. Until now, certificates were issued only for an amount equivalent to a unit or multiple of a unit, the unit being the minimum amount which could be purchased. The Regulations facilitate the introduction of a series which may be structured to enable certificates to be purchased for other amounts in the range between any applicable minimum and maximum limits. Certificates of any such series are called in the Regulations “money value certificates”. In relation to such a series, the prohibition of holdings above the maximum specified in the relevant prospectus is modified to reflect this change (regulation 4), and where a certificate is purchased in contravention of such a limit only the amount of the excess will be liable to forfeiture (regulation 6). The partial repayment of money value certificates is also provided for (regulation 5).
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