• COLL 2 COLL 2 Registration of Schemes in QFC

    • COLL 2.1.1 Schemes Established in QFC Must be Registered

      (1) A person must not operate a scheme that is established in the QFC unless it is registered under these rules or PRIV.

      Note PRIV relates to private placement schemes.
      (2) In this rule:

      operate a scheme includes being responsible for managing the scheme or any of the scheme property.

      Note Scheme is defined in r 1.2.1. Scheme property is defined in r 1.2.3.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 2.1.2 Application for Registration of Scheme Established in QFC

      (1) The person who is to become the initial operator of a scheme established in the QFC may apply to the Regulatory Authority for registration of the scheme under these rules as either—
      (a) a qualified investor scheme; or
      (b) a retail scheme.

      Note 1 Operator is defined in r 1.2.8.

      Note 2 See the following provisions:
      •   r 3.1.4 (Constitutional document and checklist to be filed with registration application-all QFC schemes)
      •   r 5.2.5 (Prospectus, checklist and any translations to be filed with registration application-all QFC schemes).
      (2) The Regulatory Authority may, in writing, require the applicant to give the authority additional information or documents that the authority reasonably needs to decide the application.
      (3) If the applicant does not comply with the requirement, the Regulatory Authority may refuse to consider the application.
      (4) The applicant may withdraw the application by notice given to the Regulatory Authority at any time before the application is decided.
      (5) If, at any time between the making of the application and the application being withdrawn or decided, the applicant becomes aware of a material change that is reasonably likely to be relevant to the Regulatory Authority's consideration of the application, the applicant must tell the authority about the change immediately, but by no later than the next business day.

      Note Business day is defined in the glossary.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 2.1.3 Decision on Application for Registration of Scheme Established in QFC

      (1) On an application under rule 2.1.2 for registration of a scheme, the Regulatory Authority must—
      (a) register the scheme under these rules as either—
      (i) a qualified investor scheme; or
      (ii) a retail scheme; or
      (b) refuse to register the scheme under these rules.
      (2) The Regulatory Authority must register the scheme unless it considers that—
      (a) the constitutional document does not comply with rule 3.1.2 (Matters to be included in constitutional document-all QFC schemes) or contains a provision that conflicts with any provision of these rules; or
      (b) the name of the scheme, any subscheme of the scheme, or a class of units—
      (i) is substantially similar to the name of—
      (A) a scheme registered under PRIV or these rules; or
      (B) a subscheme of an umbrella scheme registered under PRIV or these rules; or
      (C) a class of units for a scheme registered under PRIV or these rules; or
      (ii) is otherwise undesirable or misleading; or

      Note Umbrella scheme and subscheme are defined in r 1.2.11. Class is defined in the glossary.

      Guidance on names of CIC

      A CIC must not include in its name the following words, abbreviations of the following words or similar words or abbreviations:
      (a) limited;
      (b) unlimited;
      (c) public limited company.
      (c) the person named in the application as the person who is to become the initial operator of the scheme is not eligible, on the scheme's registration, to be the operator of the scheme under rule 4.1.1 (Requirements for operator-all QFC schemes); or

      Note Operator is defined in r 1.2.8.
      (d) the person appointed by the operator, and named in the application, as the person who is to become the initial independent entity of the scheme is not—
      (i) an authorised firm that is eligible, on the scheme's registration, to be the independent entity of the scheme under rule 4.2.1 (Requirements for independent entity- all QFC schemes); or
      (ii) otherwise an appropriate person to be the independent entity of the scheme; or

      Note 1 Constitutional document is defined in r 3.1.1. Independent entity is defined in r 1.2.9.

      Note 2 For para (d) (ii), see r 4.2.9 (Non-QFC independent entities- criteria for Regulatory Authority action).
      (e) the person named in the application as the person who is to become the initial auditor of the scheme is not eligible to be the auditor of the scheme under GENE, section 9.7 (Auditors) as applied by rule 5.6.2 (7) (Appointment and removal of auditors etc-all QFC schemes); or
      (f) the prospectus drawn up for the scheme does not comply with these rules; or

      Note Prospectus is defined in the glossary.
      (g) the scheme does not otherwise comply with these rules; or
      (h) it is otherwise inappropriate for the scheme to be registered under these rules.

      Note The Regulatory Authority has power under the Financial Services Regulations, art 105 to give certain directions in relation to collective investment funds, including a direction to cease the issue or redemption of units in the fund and to wind up the fund.
      (3) The Regulatory Authority may register the scheme either—
      (a) without conditions, restrictions or requirements; or
      (b) with the conditions, restrictions or requirements it considers appropriate.
      (4) The Regulatory Authority must give the applicant written notice of its decision on the application.
      (5) If the Regulatory Authority refuses to register the scheme or registers the scheme with conditions, restrictions or requirements not agreed to by the applicant, the notice must—
      (a) give reasons for the decision; and
      (b) tell the applicant that the applicant may appeal to the Regulatory Tribunal against the decision.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)