CIS 6.5 Plan registers

This rule (CIS 6.5.1 R) and CIS 6.5.3 G apply to ICVCs and their directors and to managers and trustees.

The sub-paragraphs of CIS 6.5.4 R apply in accordance with CIS 6.5.2 R (Table of application)

For an ICVC, the directors must not arrange for the ICVC to establish a plan register unless the conditions in (4) have been satisfied.

For an AUT, the trustee, at the request of the manager, may, subject to (3), establish and maintain a plan register provided that the conditions in (4) have been satisfied.

The trustee must not establish a plan register without the prior sanction of an extraordinary resolution of the Unitholders unless:

1. (a)

   paragraph (4)(b) applies; or

2. (b)

   for the year to 5 April 1999 (or, if shorter, for the period from the initial issue of units in the AUT to 5 April 1999) the AUT was managed with the intention that units in the AUT should be qualifying investments for the purposes of the Personal Equity Plan Regulations 1989.

The conditions referred to in (1) and (2) are that:

1. (a)

   not less than 90 days before the establishment of the plan register:

   1. (i)

      notice in writing has been given by the authorised fund manager to holders of the proposal to establish it; and

   2. (ii)

      a revised prospectus reflecting that proposal has become available; or

2. (b)

   the original prospectus of the authorised fund referred, in accordance with CIS 3.5.2 R(12) or CIS 3.5.2 R(13), to the payments that may be paid out of the scheme property for the establishment and maintenance of the plan register.

Paragraphs (6) to (19) apply for so long as a plan register is maintained.

The plan register must be maintained in a readable form or in a manner capable of being reproduced in a readable form.

The plan register must contain:

1. (a)

   the name and address of each plan investor for whom units in the authorised fund are held by a plan manager or a nominee under a group plan;

2. (b)

   the number of those units of each class so held for each such person;

3. (c)

   the date on which the plan investor was registered in the plan register in respect of those units or any earlier date on which the plan investor was registered as a subscriber to a group plan in respect of those units on a register or other record from which the plan register was extracted; and

4. (d)

   sufficient information to identify the group plan under which the units are held and the plan investor entered on the register of holders as their holder.

The ACD or, in the case of an AUT, the manager and the trustee, must:

1. (a)

   take all reasonable steps; and

2. (b)

   exercise all due diligence;

to ensure that the information contained in the plan register is at all times complete and up to date.

In particular, for the purpose of (8) the authorised fund manager must ensure that:

1. (a)

   any necessary steps are taken to obtain and supply information from or concerning any new plan investor to enable the entry in the plan register to be made; and

2. (b)

   in the case of a plan register of an AUT, the trustee is immediately notified of any information which the manager or the plan manager or a nominee of the plan manager receives relating to the accuracy of, or any change to, any entry in the plan register.

The ACD or the trustee must make the plan register available for inspection in the United Kingdom by or on behalf of:

1. (a)

   a plan investor, for the entries relating to him; and

2. (b)

   a plan manager, for the entries relating to a group plan managed by it; and

3. (c)

   for an AUT, the manager;

free of charge at all times during ordinary office hours, except that the plan register may be closed when the register is closed.

The ACD or the trustee must supply to the plan manager, and (in the case of a plan register of an AUT) to the manager, on request, a copy of the plan register or any part of it on payment, if the trustee or the ACD so decides, of a reasonable fee.

In the following rules a reference to a shareholder, Unitholder or holder must be treated as including a plan investor in respect of group plan units held for that plan investor:

1. (a)

   CIS 3.4.2 R (4) (b), (d) and (e) (Notice of certain changes to a prospectus);1

2. (b)

   CIS 8.2.6 R (Notice of an increase: ICVCs and single-priced AUTs);

3. (c)

   CIS 8.5.1 R (5) (Managers periodic charge);

4. (d)

   CIS 10.3.6 R (1) (Short form accounts in reports); and

5. (e)

   CIS 10.5.2 R (3) (Publication of reports (umbrella schemes)).

In CIS 10.5.2 R (2) (Publication of reports) the reference to each holder (or the first named of joint holders) entered or entitled to be entered in the register must be considered to include each plan investor (or the first named of joint plan investors) entered in or entitled to be entered in the plan register.

In CIS 11.2.3 R (Notice of meetings - for ICVCs) and CIS 11.3.6 R (Notice of meetings - for AUTs) the references to holders must be considered to include the persons who were plan investors:

1. (a)

   on the date seven days before the notices under these rules are sent out; or

2. (b)

   if the plan investors'plan units are participating securities, at the close of business on a day to be determined by the authorised fund manager in accordance with CIS 11.2.2 R (2)(a) (Special meaning of shareholder) and CIS 11.3.2 R (2)(a) (Special meaning of Unitholder).

Where in this CIS sourcebook there is a reference to persons who ought reasonably to be known to an authorised fund manager to have made arrangements for the purchase of units at regular intervals, the reference is treated as including all plan investors with similar arrangements for plan units.

1. (a)

   The authorised fund manager must ensure that at no cost to the plan investor or the scheme property:

   1. (i)

      each notice of a meeting of holders given to a plan investor includes, or is accompanied by, a statement that the plan investor may require the plan manager to arrange for the plan investor to be able to attend that meeting or to vote on any resolution put to that meeting or both; and

   2. (ii)

      the notice is accompanied by an appropriate form of instruction to the plan manager for use by the plan investor.

2. (b)

   The authorised fund manager must procure that the plan manager, at no cost to the plan investor or the scheme property, acts in accordance with any duly completed form of instruction received by it at least four business days (excluding the day of receipt and the day of the meeting) before the day of the meeting or at such later time as the plan manager may agree.

The authorised fund manager must give notice to the plan investor of any adjourned meeting of holders at the same time as notice of that meeting is given to holders.

Any notice or document required to be served upon a plan investor will be treated as duly given if it is sent by post to or left at his address as appearing in the plan register, and the provisions of CIS 11.6 (Service of notices and other documents) apply.

For a plan register of an ICVC, information received by the ICVC for the purpose of the establishment or maintenance of the plan register under this rule does not amount to notice to the ICVC of any trust, whether express, implied or constructive.