(This note is not part of the Regulations)
These Regulations amend the Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228) ("the principal Regulations") to make transfers of shares in open-ended investment companies ("OEICs") possible by electronic communication.
Regulation 2(4) inserts paragraphs 4A to 4C into, and makes other consequential amendments to, Schedule 4 to the principal Regulations. New paragraph 4A(1) applies section 136 of the Law of Property Act 1925 (c.20) to an assignment of shares by electronic communication, with modifications. That section provides that an absolute assignment by writing signed by the assignor of a debt or other legal thing in action is effectual in law to transfer the legal right to that debt or thing in action, provided the debtor, trustee or other person from whom the assignor would have been entitled to claim the debt or thing in action is given express notice in writing. A share in an open-ended investment company is a legal thin
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