The Authorised Unit Trust Scheme (Pricing of Units and Dealings by Trustee and Manager) Regulations 1988
These Regulations make provision as to the creation and cancellation by the trustee of units in an authorised unit trust scheme, as to the issue and redemption of units by the manager of such a scheme when acting as principal, and as to the sale and purchase of units by the manager as agent for the trustee. They include provision as to the way in which the property of a scheme is to be valued for the purpose of determining the prices at which units may be created, cancelled, issued or redeemed. They also include provision as to the circumstances in which the manager of a scheme may issue and redeem units at a price which is fixed by reference to a valuation which precedes the transaction and as to the circumstances in which he must issue and redeem units at a price which is fixed by reference to the valuation which next follows the transaction. The regulations make provision as to the circumstances in which the manager may, and as to the circumstances in which he must, give instructions to the trustee with respect to the creation and cancellation of units. They also make provision as to the period within which the trustee must settle with the manager and the manager must settle with the trustee and with participants for units which have been created, cancelled, issued or redeemed and as to the content of contract notes and the publication of unit prices. Provision is made for the suspension of dealings in units, for the conversion of units and for the cancellation of units by the trustee in exchange for property of the scheme.