{
  "url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-amendment-regulations-1989/regulation-4",
  "json_url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-amendment-regulations-1989/regulation-4.json",
  "legislation": "uksi/1989/1437",
  "legislation_title": "The Authorised Unit Trust Scheme (Investment and Borrowing Powers) (Amendment) Regulations 1989",
  "legislation_url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-amendment-regulations-1989",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Restriction of investment powers exercisable in relation to authorised unit trust schemes",
  "text": "(1) Paragraph 9(2) of the Principal Regulations shall be deleted and the following substituted–\n“(2) Subject to the provisions of paragraph (4), units in a collective investment scheme which has the characteristics described in section 78(6) of the Act or which is treated as having those characteristics by virtue of that provision being in either case a collective investment scheme which is managed or operated by the manager or by a person in the same group as the manager or by a person who is a controller of the manager or of whom the manager is a controller may not be acquired for a scheme or disposed of out of the property of a scheme unless the manager is under a duty–\n(a) in any case in which the units are issued in consideration for a sum which includes a charge made by the issuer of the units, to pay into the property of the scheme before the close of business on the fourth business day next after the agreement to buy the units, the maximum amount of any preliminary charge which may be made by the issuer of the units or, if the manager knows the price at which the relevant units would have been created at the time at which they were acquired, the difference between that price and the price he paid for the units if the price he paid for the units is greater than the relevant creation price; and\n(b) to pay into the property of the scheme before the close of business on the fourth business day next after the agreement to sell the units the amount of any charge which is made by the issuer on redemption of the units.”.\n(2) Paragraph 9(4) of the Principal Regulations shall be deleted and the following substituted–\n“(4) Paragraph (2) shall have effect in relation to the acquisition or disposal of units included or to be included in the property of a money market fund or of any authorised securities scheme which is either a Government and other public securities fund or is a scheme more than 35% in value of the property of which consists of Government and other public securities as if the periods specified in paragraph (2)(a) and (b) were periods ending with the close of business on the business day next after the agreement to buy or, as the case may be, to sell the units in question.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/1437/regulation/4",
    "retrieved_at": "2026-10-29T15:38:44.275899+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}