UK Statutory Instrument SI 1988/280 United Kingdom

The Authorised Unit Trust Scheme (Pricing of Units and Dealings by Trustee and Manager) Regulations 1988

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person16 Trader2

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.003 Periodic valuations Regulated
  • Carry out regular valuations of the unit trust scheme's propertyAny Person
s.006 Creation of units by trustee Regulated
  • Manager must pay trustee for new units within 4 business daysTrader
s.009 Creation of units: initial offer or unitisation Regulated
  • Instruct trustee to create units or pay receipts; no instruction for unitisationAny Person
s.010 Compulsory termination of initial offer Regulated
  • End initial unit offer and revalue scheme when price drifts by 2%Trader
s.011 Creation and cancellation of units where the scheme is valued at intervals of more than two hours Regulated
  • Fulfil unit creation obligations within two hours after each valuation pointAny Person
s.012 Creation and cancellation of units where the scheme is valued at intervals of not more than two hours Regulated
  • Create enough units to meet outstanding unit-issue obligations between valuation pointsAny Person
s.015 Manager as agent Regulated
  • Price units correctly when acting as agent for the trusteeAny Person
s.016 Prices at which units may be issued and redeemed Regulated
  • Comply with unit pricing rules when issuing and redeeming unitsAny Person
s.018 Cases in which manager may not deal at an historic price Regulated
  • Comply with forward pricing and historic pricing restrictionsAny Person
s.019 Manager’s duty where he knows, or has reason to believe, that value of property has materially changed Regulated
  • Switch to forward pricing or revalue when property value materially changesAny Person
s.020 Manager’s duty to notify trustee of creation and cancellation prices and of dealing spread Regulated
  • Notify trustee of creation/cancellation prices, dealing spread, and unit holdingsAny Person
s.021 Manager’s duty to notify trustee of additional valuation and change in pricing basis Regulated
  • Notify trustee of additional valuation or cessation of historic pricingAny Person
s.022 Income equalisation Regulated
  • Pay income equalisation to trustee on issued redeemed unitsAny Person
s.023 Publication of issue and redemption prices Regulated
  • Publish unit prices and charges in national newspapersAny Person
s.025 Conversion of units Regulated
  • Convert units when a participant requests itAny Person
s.026 Manager’s obligation to issue and redeem units Regulated
  • Redeem and issue units upon written requestAny Person
s.027 Transfer or sale of property in lieu of payment of redemption price Regulated
  • Comply with investor’s request for property transfer or sale on large redemptionsAny Person
s.028 Suspension and resumption of redemption of units Regulated
  • Manager may suspend redemption of units with trustee agreementAny Person
15 other provisions — procedural and definitional
s.001 Citation and commencement
s.001 Any Stock Exchange in Austria, Japan, New Zealand, Norway, Sweden... (opens in a new tab)
s.002 (1) In these Regulations, unless the context otherwise requires, the...
s.002 The Helsinki Stock Exchange, the Johannesburg Stock Exchange, the Kuala... (opens in a new tab)
s.003 Any Stock Exchange prescribed for the purposes of the Canadian... (opens in a new tab)
s.004 Property to be included and assumptions to be made in a periodic valuation
s.005 Bases of valuation
s.007 Cancellation of units by trustee
s.008 Refusal to create or cancel units: trustee’s powers and duties
s.013 Creation price
s.014 Cancellation price
s.017 Manager’s discretion in case of large deal
s.024 Contract notes
s.029 Manager may deal in units without accounting for profits
s.030 Transitional provision
Schedules

Schedules

0 of 3 shown
3 other schedules
s.sch001 Any Stock Exchange in Hong Kong which is recognised under...
s.sch001 Any exchange registered with the Securities and Exchange Commission of...
s.sch001 The Over-the-Counter Market in the United States of America regulated...

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.