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The Bearer Certificates (Collective Investment Schemes) Regulations 2020
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- UK Statutory Instruments
- 2020 No. 1346
- SCHEDULE
- PART 2
- Right to convert bearer...
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Point in time view as at 01/01/2021.
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The Bearer Certificates (Collective Investment Schemes) Regulations 2020, Cross Heading: Right to convert bearer unit to registered unit is up to date with all changes known to be in force on or before 30 July 2025. 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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Right to convert bearer unit to registered unitU.K.
10.—(1) Subparagraphs (2) and (3) apply where, at a time in the surrender year, the person who is the bearer of an outstanding bearer unit delivers to the scheme—U.K.
(a)the instrument mentioned in section 241A relating to the unit,
(b)a request for the unit to be converted to a registered unit, and
(c)a statement of the person’s name and address.
(2) Delivery of the instrument to the scheme does not operate as a transfer of the unit.
(3) The operator of the scheme must—
(a)cancel the instrument,
(b)register the person as the holder of the unit, and
(c)prepare a certificate in respect of the unit as registered.
(4) Subparagraphs (2) and (3) do not apply in relation to outstanding bearer units of which the operator of the scheme is the bearer (but see paragraph 11).
(5) The operator of a scheme must exercise due diligence and take all reasonable steps to ensure that a certificate prepared in accordance with subparagraph (3)(c) is ready for delivery as soon as reasonably practicable.
Commencement Information
I1Sch. para. 10 in force at 1.1.2021, see reg. 1(2)
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