Regulation 6 Amendments to the principal Regulations

Regulation 5^f1 shall be amended as follows.

For paragraph (1) there shall be substituted the following paragraphs—

“5

(1)

All transactions by way of purchase by a plan manager of investments under a plan shall be made—

(a)

in the case of units in authorised unit trusts and parts of umbrella schemes, at the price for issue of units, within the meaning, and complying with the requirements, of regulation 4.16 of the Financial Services (Regulated Schemes) Regulations 1991^f2;

(b)

in the case of shares in an open-ended investment company, at the price of a share within the meaning of regulation 4.08 of the Financial Services (Open-Ended Investment Companies) Regulations 1997^f3; and

(c)

in the case of all other plan investments, at the price for which those investments might reasonably be expected to be purchased in the open market.

(1A)

All other transactions by way of sale or otherwise by a plan manager in investments under a plan shall be made at the price for which those investments might reasonably be expected to be sold or otherwise transacted, as the case may be, in the open market.”

In paragraph (3) the words from “general” to “company” shall be omitted.

For paragraphs (4) to (6) there shall be substituted the following paragraph—

“(4)

Cash by way of dividends, interest, distributions, and other rights or proceeds in respect of plan investments may be invested only in qualifying investments for plans, or by way of cash deposit in accordance with paragraphs (3) and (3A).”