Draft Order laid before Parliament under section 9(4) of the Electronic Communications Act 2000, for approval by resolution of each House of Parliament.
2008 No.
The Unit Trusts (Electronic Communications) Order 2008
Made
Coming into force
A draft of this Order has been laid before Parliament in accordance with section 9(4) of the Electronic Communications Act 20001 and approved by resolution of each House of Parliament;
The Treasury, considering that the authorisation of the use of electronic communications by this Order for any purpose is such that the extent (if any) to which records of things done for that purpose will be available will be no less satisfactory in cases where use is made of electronic communications than in other cases, make the following Order in exercise of the powers conferred on them by sections 8 and 9 of the Electronic Communications Act 2000:
Citation and commencement1
This Order may be cited as the Unit Trusts (Electronic Communications) Order 2008 and comes into force on [ ] 2008.
Interpretation2
In this Order—
“the 2001 instrument” means the General Provisions and Glossary Instrument 2001 (2001/7)2 made by the Authority under the Act on 21st June 2001;
“the Act” means the Financial Services and Markets Act 20003;
“authorised unit trust scheme” has the meaning given in section 237(3) of the Act;
“the Authority” means the Financial Services Authority;
“manager” has the meaning given in that part of its definition in the Glossary contained in the 2001 instrument which relates to an authorised unit trust scheme;
“register” has the meaning given in that part of its definition in the Glossary contained in the 2001 instrument4 which relates to unitholders of an authorised unit trust scheme;
“trust deed” has the meaning given in that part of its definition in the Glossary contained in the 2001 instrument5 which relates to an authorised unit trust scheme;
“trustee” has the meaning given in section 237(2) of the Act;
“unit” has the meaning given in that part of its definition in the Glossary contained in the 2001 instrument which relates to an authorised unit trust scheme; and
“unitholder” has the meaning given in that part of its definition in the Glossary contained in the 2001 instrument6.
Dispositions of units in authorised unit trust schemes by electronic communication3
1
This article extends to England and Wales only.
2
Subject to paragraph (4), section 53(1)(c) of the Law of Property Act 19257 (which imposes requirements for certain dispositions to be in writing) shall not apply (if it would otherwise do so) to any disposition of units in an authorised unit trust scheme where—
a
the disposition is by means of electronic communication;
b
the electronic communication is made by the person disposing of the units or by his agent authorised in writing or by will; and
c
such evidence (if any) as the trustee or manager of the scheme, being the person responsible for the register of unitholders in accordance with the trust deed, may require to prove the right of the person referred to in sub-paragraph (b) to dispose of the units is provided to the trustee or manager.
3
The trustee or manager mentioned in paragraph (2)(c) may refuse to register a transfer of units by means of electronic communication.
4
This article shall be of no effect in a particular case if the trustee or manager mentioned in paragraph (2)(c) refuses to register the transfer of units which would, apart from paragraph (3), be made by the disposition in that case.
Gratuitous unilateral obligations relating to units in authorised unit trust schemes4
1
This article extends to Scotland only.
2
Subject to paragraph (5), section 1(2)(a)(ii) of the Requirements of Writing (Scotland) Act 19958 (which requires certain gratuitous unilateral obligations to be in writing) shall not apply (if it would otherwise do so) to any gratuitous unilateral obligation relating to units in an authorised unit trust scheme where—
a
the obligation is created by means of electronic communication;
b
the electronic communication is made by the debtor in the obligation; and
c
such evidence (if any) as the trustee or manager of the scheme, being the person responsible for the register of unitholders in accordance with the trust deed, may require to prove the right of the person referred to in sub-paragraph (b) to create the obligation is provided to the trustee or manager.
3
Where section 1(2)(a)(ii) of that Act does not apply by virtue of paragraph (2), the obligation shall not be considered an obligation mentioned in subsection (2)(a) of that section for the purposes of subsection (3).
4
The trustee or manager mentioned in paragraph (2)(c) may refuse to register a transfer of units by means of electronic communication.
5
This article shall be of no effect in a particular case if the trustee or manager mentioned in paragraph (2)(c) refuses to register the transfer of units which would, apart from paragraph (4), be made by the creation of the obligation in that case.
Grants or assignments of any trust or confidence5
1
This article extends to Northern Ireland only.
2
Subject to paragraph (4), section 6 of the Statute of Frauds (Ireland) 16959 (which requires all grants and assignments of any trust or confidence to be in writing) shall not apply (if it would otherwise do so) to any grant or assignment of units in an authorised unit trust scheme where—
a
the grant or assignment is by means of electronic communication;
b
the electronic communication is made by the person granting or assigning the units; and
c
such evidence (if any) as the trustee or manager of the scheme, being the person responsible for the register of unitholders in accordance with the trust deed, may require to prove the right of the person referred to in sub-paragraph (b) to grant or assign the units is provided to the trustee or manager.
3
The trustee or manager mentioned in paragraph (2)(c) may refuse to register a transfer of units by means of electronic communication.
4
This article shall be of no effect in a particular case if the trustee or manager mentioned in paragraph (2)(c) refuses to register the transfer of units which would, apart from paragraph (3), be made by the grant or assignment in that case.
(This note is not part of the Order)