The Authorised Unit Trust Scheme (Investment and Borrowing Powers) (Amendment) Regulations 1989
These Regulations amend the Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations 1988 (“the Principal Regulations”) in various respects. They amend the definitions of “approved market” and “approved securities” so as to deal more clearly with the position of the Official List of a member State and with the markets upon which shares admitted to the Official List are dealt in or traded. They make new provision as to circumstances in which the manager of a scheme must pay sums into the property of a scheme following an acquisition or disposal of units in another scheme. They make provision as to the ability of an authorised securities scheme or a money market fund to continue to hold investments convertible into other investments. They also make provision as to the ability of an authorised securities scheme which is not a Government and other public securities fund to invest in Government and other public securities. They add the markets specified in regulation 7(1) to the list of markets specified in Part I of Schedule 1 to the Principal Regulations, the markets specified in regulation 7(2) to the list of markets specified in Part II of that Schedule and the market specified in paragraph 7(3) to the list of markets specified in Schedule 2 to those Regulations.