# The Bearer Certificates (Collective Investment Schemes) Regulations 2020, Regulation 3: Bearer shares, and other bearer units, in collective investment schemes


In the Open-Ended Investment Companies Regulations 2001, in regulation 48 (OEIC authorised before 26 June 2017 may issue bearer shares if its instrument of incorporation so provides), after paragraph (1) insert—
“(1A) An open-ended investment company authorised before the relevant date may not issue, convert or cancel bearer shares after 1 January 2021 (irrespective of whether its instrument of incorporation purports to authorise it to do so).”

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348212471/regulation/3 (the official version)
Page: https://openlegislation.uk/draft-bearer-certificates-collective-investment-schemes-regulations-2020/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.