(1) The proceeds of the sale by the management company under a unit trust scheme of any units of the scheme and any income in respect of the assets of the scheme that is not distributed to the unit-holders in the scheme shall be assets of the scheme and be subject to and be dealt with by the management company in accordance with the trusts created under the scheme.
(1A) The assets of a unit trust scheme shall be entrusted to a trustee for safe-keeping in accordance with the conditions imposed by the Bank under section 5 and, subject to such transitional arrangements as may be specified by the Bank, in accordance with the provisions of Regulation 22(8) of the European Union (Alternative Investment Fund Managers) Regulations 2013.
(2) Subsection (1) shall not apply to the sale by a management company of units of a unit trust scheme purchased by it on its own account to the extent that the Bank may specify in a condition imposed by it under section 5.
(3) A management company which contra
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