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The Bearer Certificates (Collective Investment Schemes) Regulations 2020
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- 2020 No. 1346
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Changes over time for: The Bearer Certificates (Collective Investment Schemes) Regulations 2020 (without Schedules)
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The Bearer Certificates (Collective Investment Schemes) Regulations 2020 is up to date with all changes known to be in force on or before 02 June 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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Citation, commencement and extentU.K.
1.—(1) These Regulations may be cited as the Bearer Certificates (Collective Investment Schemes) Regulations 2020.
(2) These Regulations come into force on 1st January 2021.
(3) These Regulations extend to the whole of the United Kingdom.
Bearer shares, and other bearer units, in collective investment schemesU.K.
2. In the Financial Services and Markets Act 2000, in Part 17 (collective investment schemes), after section 241 insert—
“CHAPTER 2AU.K.PROHIBITION ON ISSUE OF BEARER UNITS
Bearer units no longer to be issued
241A.—(1) No bearer units in a collective investment scheme may be issued, converted or cancelled after 1 January 2021.
(2) Subsection (1) applies in relation to a collective investment scheme even if the arrangements constituting the scheme purport to authorise the issue, conversion or cancellation of bearer units in the scheme.
(3) In this section “bearer units”, in relation to a collective investment scheme, means units in the scheme evidenced by a certificate, or any other documentary evidence of title, which indicates—
(a)that the holder of the document is entitled to the units specified in it; and
(b)that no entry identifying the holder of those units will be made in any register, or other record, of participants in the scheme.
(4) Subsection (1) does not apply to a collective investment scheme constituted by an open-ended investment company, but regulation 48 of the Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228) makes corresponding provision.”
3. In the Open-Ended Investment Companies Regulations 2001, in regulation 48 (OEIC authorised before 26 June 2017 may issue bearer shares if its instrument of incorporation so provides), after paragraph (1)(1) insert—
“(1A) An open-ended investment company authorised before the relevant date may not issue, convert or cancel bearer shares after 1 January 2021 (irrespective of whether its instrument of incorporation purports to authorise it to do so).”
Transitional provisionU.K.
4. The Schedule makes transitional provision enabling the conversion and cancellation on or before 1 January 2022 of bearer shares in open-ended investment companies and bearer units in other collective investment schemes held at the end of the day on which these Regulations take effect.
Maggie Throup
David Rutley
Two of the Lords Commissioners of Her Majesty’s Treasury
24th November 2020
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