• COLL Part 3.1 COLL Part 3.1 Constitutional Document—QFC Schemes

    • COLL 3.1.1 What is the Constitutional Document for a QFC Scheme?

      The constitutional document, for a QFC scheme, is—

      (a) for a CIC-the articles of association of the company; and
      (b) for a CIP-the partnership agreement of the partnership; and
      (c) for a CIT-the trust instrument of the trust; and
      (d) for another permitted form of QFC scheme-any instrument creating the legal form of the entity.

      Note CIC, CIP, CIT and another permitted form of QFC scheme are defined in div 1.3.B (Legal forms for QFC schemes). Articles of association, partnership agreement and trust instrument are defined in the glossary.

      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 3.1.2 Matters to be Included in Constitutional Document—All QFC Schemes

      The constitutional document of a QFC scheme must include the statements and provisions required by schedule 2 (Constitutional document content—QFC schemes) for the scheme.

      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 3.1.3 Relationship Between Constitutional Document and These Rules—All QFC Schemes

      (1) The constitutional document of a QFC scheme must not contain a provision—
      (a) that conflicts with any provision of these rules; or
      (b) that is unfairly prejudicial to the interest of unitholders generally or to the unitholders of any class of units.

      Note Class is defined in the glossary.
      (2) A provision of the constitutional document of a QFC scheme has no effect to the extent—
      (a) that it conflicts with any provision of these rules; or
      (b) that it is unfairly prejudicial to the interest of unitholders generally or to the unitholders of any class of units.
      (3) However, a provision of the constitutional document of a QFC scheme must not be taken to conflict with a provision of these rules to the extent it can operate concurrently with the provision of these rules.
      (4) Any power given by these rules to a QFC scheme, or to the operator or independent entity of a QFC scheme, is subject to any applicable condition, restriction or requirement in the scheme's constitutional document.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 3.1.4 Constitutional Document and Checklist to be Filed with Registration Application—All QFC Schemes

      The person who is to become the operator of a scheme under these rules must file with the application for registration of the scheme—

      (a) a copy of the scheme's constitutional document; and
      (b) a checklist prepared by the person listing all the statements and provisions required by these rules and indicating where they are in the constitutional document.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 3.1.5 Amendments of Constitutional Document—All QFC Schemes

      (1) This rule applies if the constitutional document of a QFC scheme is amended.
      (2) Not later than 21 days after the day the amendment is made, the operator must file with the Regulatory Authority—
      (a) a copy of the amendment and the constitutional document as amended; and
      (b) a written certificate by the operator stating that—
      (i) the amendment was made in accordance with these rules and the scheme's constitutional document; and
      (ii) the constitutional document as amended does not contain a provision that conflicts with any provision of these rules.

      Note See pt 5.4 (Unitholder approvals and notice—QFC schemes) for the unitholder approval or notice required for amendments of the constitutional document.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 3.1.6 Prohibited Amendments of Constitutional Document— QFC UCITS Type Schemes

      The constitutional document of a QFC UCITS type scheme must not be amended in such a way that it ceases to be a UCITS type scheme.

      Note UCITS type scheme is defined in r 1.3.5.

      Amended by QFCRA RM/2016-1 (as from 19th September 2016)