{
  "url": "https://openlegislation.uk/insurance-companies-amendment-regulations-1996/regulation-7",
  "json_url": "https://openlegislation.uk/insurance-companies-amendment-regulations-1996/regulation-7.json",
  "legislation": "uksi/1996/942",
  "legislation_title": "The Insurance Companies (Amendment) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/insurance-companies-amendment-regulations-1996",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Beneficial interests in collective investment schemes",
  "text": "(1) Regulation 52 of the 1994 Regulations (beneficial interests in collective investment schemes) shall be amended as follows.\n(2) Renumber regulation 52, “52(1)”.\n(3) In the renumbered regulation 52(1), for the words “The value of any holding of units, or other beneficial interest, in a collective investment scheme shall be, in the case of”, substitute—\n“Subject to paragraph (3) below, this regulation applies to holdings of units or other beneficial interests in.”\n(4) In the renumbered regulation 52(1), replace “; and” at the end of sub-paragraph (c)(iii) by a full stop and omit sub-paragraph (c)(iv) and the words from “the price at which” to the end of the paragraph.\n(5) After paragraph (1) insert—\n“(2) The value of units or other beneficial interests in a collective investment scheme to which this regulation applies shall be—\n(a) where the issuer can be required to purchase the units or other beneficial interests from the holder upon the holder giving notice of one month or less, the price at which the issuer would have purchased the units or other beneficial interests on the relevant date or the most recent date before the relevant date on which it could have been required to make such a purchase; and\n(b) where the issuer cannot be required to purchase the units or other beneficial interests as set out in sub-paragraph (a) above, a value determined in accordance with regulation 51 above.\n(3) Other than as provided in regulation 56(4) below, this regulation shall not apply to units or other beneficial interests in a collective investment scheme which has the effect of a derivative contract.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation 52 was substituted by S.I. 1995/3248, reg. 8."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/942/regulation/7",
    "retrieved_at": "2026-10-29T12:46:27.554569+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."
}