• COLL Division 3.2.A COLL Division 3.2.A Units—All QFC schemes

    • COLL 3.2.1 Fractions of Units—All QFC Schemes

      The constitutional document of a QFC scheme may authorise the scheme to issue fractions of units.

      Note Constitutional document is defined in r 3.1.1.

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

    • COLL 3.2.2 Smaller and Larger Denomination Shares etc—CICs

      (1) The constitutional document of a CIC may provide that the rights attached to shares of any class are to be expressed in 2 denominations; one of which (the smaller denomination) is to be such proportion of the other (the larger denomination) as is fixed by the constitutional document.

      Note CIC is defined in r 1.3.7. Constitutional document is defined in r 3.1.1.
      (2) For any class of shares of a CIC to which subrule (1) applies, any share with rights expressed in the smaller denomination is a smaller denomination share, and any share with rights expressed in the larger denomination is a larger denomination share.
      (3) For any class of shares of a CIC that is not expressed in 2 denominations, the rights that attach to a share of the class are equal to the rights that attach to every other share of that class.
      (4) For any class of shares of a CIC that is expressed in 2 denominations—
      (a) the rights that attach to a share of the class are equal to the rights that attach to every other share of that class of the same denomination; and
      (b) the rights that attach to a smaller denomination share of the class are the relevant proportion of the rights that attach to a larger denomination share of that class.
      (5) For subrule (4) (b):

      relevant proportion means the proportion fixed by the constitutional document (as mentioned in subrule (1)).
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL 3.2.3 Bearer Certificates Must not be Issued—All QFC Schemes

      (1) Bearer certificates must not be issued for units in a QFC scheme.
      (2) In this rule:

      bearer certificate means a certificate or other document evidencing title that indicates that the bearer is entitled to the units in the QFC scheme stated in it.

      Note Document evidencing title is defined in the glossary.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)