(1) No bearer units in a collective investment scheme may be issued, converted or cancelled after 1 January 2021.
(2) Subsection (1) applies in relation to a collective investment scheme even if the arrangements constituting the scheme purport to authorise the issue, conversion or cancellation of bearer units in the scheme.
(3) In this section "bearer units", in relation to a collective investment scheme, means units in the scheme evidenced by a certificate, or any other documentary evidence of title, which indicates -
(a) that the holder of the document is entitled to the units specified in it; and
(b) that no entry identifying the holder of those units will be made in any register, or other record, of participants in the scheme.
(4) Subsection (1) does not apply to a collective investment scheme constituted by an open-ended investment company, but regulation 48 of the Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228) makes corresponding provision.