Regulation 6 Duties of manager and trustee in the event of inadvertent breach of investment limits

If the property of a scheme is, for reasons beyond the control of the manager or trustee, at any time invested in contravention of these Regulations, or, if the property of an authorised securities scheme is, by virtue of circumstances of the kind described in regulation 16(2) or 19, invested otherwise than in accordance with regulation 16(1) or, as the case may be, regulation 17 or 18, the manager shall take such steps as are necessary to ensure that sufficient of the property of the scheme is sold so that the property is invested in a manner which complies with these Regulations, or, as the case may be, with that regulation, as soon as is reasonably practicable having regard to the interests of participants in the scheme and, in any event, within the period of six months beginning with the date upon which the manager becomes aware that the property was invested in contravention of these Regulations or, as the case may be, otherwise than in accordance with regulation 16(1), 17 or 18.

Forthwith upon the trustee becoming aware that circumstances of a kind described in paragraph (1) have arisen, he shall take such steps as are necessary to ensure that the manager fulfils the duty imposed on him by that paragraph.