Textual Amendments
F1Pt. XVII Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)
(1)The participants in a contractual scheme must be entitled to have their units redeemed in accordance with the scheme at a price—
(a)related to the net value of the property to which the units relate; and
(b)determined in accordance with the scheme.
(2)The scheme must not allow units in the scheme to be issued to anyone other than—
(a)a professional investor;
(b)a large investor; or
(c)a person who already holds units in the scheme.
(3)The scheme must require the operator, if it becomes aware that units have become vested in a person to whom as a result of subsection (2) the units could not have been issued, to redeem the units as soon as practicable.
(4)In subsection (2)—
“professional investor” means a person who falls within one of the categories (1) to (4) of Section I of Annex II to the markets in financial instruments directive (professional clients for the purpose of that directive); and
“large investor” means a person who, in exchange for units in the scheme, makes a payment of, or contributes property with a value of, not less than £1,000,000.]