UK Statutory Instrument 1988 United Kingdom

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

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At a glance

What's here

18 compliance obligations

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Any Person 16
  • Trader 2

Other Acts binding the same actors

For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.

Any Person also bound by 2337 other Acts (top 5 shown)
Traders also bound by 826 other Acts (top 5 shown)

What this Act requires

Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.

Schedules

Browse 3 other Schedules — structural / supplementary
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...

s.003

Periodic valuations

  • Carry out regular valuations of the unit trust scheme's property Any Person
s.006

Creation of units by trustee

  • Manager must pay trustee for new units within 4 business days Trader
s.009

Creation of units: initial offer or unitisation

  • Instruct trustee to create units or pay receipts; no instruction for unitisation Any Person
s.010

Compulsory termination of initial offer

  • 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

  • Fulfil unit creation obligations within two hours after each valuation point Any Person
s.012

Creation and cancellation of units where the scheme is valued at intervals of not more than two hours

  • Create enough units to meet outstanding unit-issue obligations between valuation points Any Person
s.015

Manager as agent

  • Price units correctly when acting as agent for the trustee Any Person
s.016

Prices at which units may be issued and redeemed

  • Comply with unit pricing rules when issuing and redeeming units Any Person
s.018

Cases in which manager may not deal at an historic price

  • Comply with forward pricing and historic pricing restrictions Any Person
s.019

Manager’s duty where he knows, or has reason to believe, that value of property has materially changed

  • Switch to forward pricing or revalue when property value materially changes Any Person
s.020

Manager’s duty to notify trustee of creation and cancellation prices and of dealing spread

  • Notify trustee of creation/cancellation prices, dealing spread, and unit holdings Any Person
s.021

Manager’s duty to notify trustee of additional valuation and change in pricing basis

  • Notify trustee of additional valuation or cessation of historic pricing Any Person
s.022

Income equalisation

  • Pay income equalisation to trustee on issued redeemed units Any Person
s.023

Publication of issue and redemption prices

  • Publish unit prices and charges in national newspapers Any Person
s.025

Conversion of units

  • Convert units when a participant requests it Any Person
s.026

Manager’s obligation to issue and redeem units

  • Redeem and issue units upon written request Any Person
s.027

Transfer or sale of property in lieu of payment of redemption price

  • Comply with investor’s request for property transfer or sale on large redemptions Any Person
s.028

Suspension and resumption of redemption of units

  • Manager may suspend redemption of units with trustee agreement Any Person
Browse 15 other sections — procedural / definitional / commencement
s.001

Citation and commencement

s.002

(1) In these Regulations, unless the context otherwise requires, the...

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

Read the full Act on legislation.gov.uk (opens in a new tab)

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