• COLL Part 8.3 COLL Part 8.3 Title and Register—QFC Schemes

    • COLL 8.3.1 Unitholder Register Requirements—All QFC Schemes

      (1) The operator of a QFC scheme must ensure that the unitholder register includes—
      (a) the name and address of each person (a relevant person) who is or has been a unitholder (for joint unitholders, no more than 4 persons need to be included); and
      (b) the number or percentage of units (including fractions of a unit) in each class held by each relevant person; and
      (c) the date each relevant person was registered for the units in the person's name and, if relevant, ceased to be registered for the units in the person's name; and
      (d) the number or percentage of units in each class currently in issue.

      Note 1 Unitholder register is defined in the glossary. Unitholder and unit are defined in r 1.2.5 and r 1.2.4 respectively.

      Note 2 For the operator's obligation to keep the register, see r 4.1.6.
      (2) The operator must not enter notice of any trust (whether express, implied or constructive) on the register.
      (3) The operator and independent entity are not bound by notice of any trust.
      (4) The operator and independent entity must rely on the unitholder register as conclusive evidence of the persons entitled to the units entered on it, unless the units are listed units.

      Note Under rule 4.1.6 (3), the records (held in the QCSD or in the relevant exchange's registry or system) of transfers or titles to units in the scheme are taken to be the definitive unitholder register and a record in that registry or system is conclusive evidence of title to a listed unit.
      (5) The operator must take all reasonable steps to ensure that the information on the register is at all times complete and up to date.
      (6) Without limiting subrule (5), the operator must do the following in relation to the register:
      (a) take reasonable steps to update the register on receiving written notice of a change of name or address of a unitholder;
      (b) ensure that the register, or a copy of the register, is available for inspection in the QFC during ordinary business hours by or on behalf of any unitholder, the Regulatory Authority, the independent entity or the auditor of the scheme;
      (c) on request by or on behalf of any unitholder, give the unitholder a copy of the register entries relating to the unitholder free of charge;
      (d) after consultation with the independent entity, carry out the conversion of units allowed under rule 8.3.4 (Conversion of units—all QFC schemes).
      (7) However, subrule (6) (b) does not prevent the operator from closing the register for periods of not longer than 30 business days in any year.

      Note Business day and year are defined in the glossary.
      (8) If the operator receives written notice of a change of name of a unitholder and a certificate has been issued for the unitholder's units, the operator must also either endorse the existing certificate or issue an updated one.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL 8.3.2 Transfer of Units by Act of Parties—All QFC Schemes

      (1) Every unitholder of a QFC scheme is entitled to transfer units entered in the unitholder register in the unitholder's name by an instrument of transfer in any form that the operator approves, but the operator is under no duty to accept the transfer unless it is permitted by the constitutional document and the latest filed prospectus.

      Note Constitutional document is defined in r 3.1.1. Latest filed prospectus is defined in the glossary.
      (2) However, the operator of a QFC qualified investor scheme must not accept the transfer of units entered in the unitholder register unless the transferee is a qualified investor for the scheme.

      Note Qualified investor, for a QFC scheme, is defined in r 1.2.12 (2).
      (3) Every instrument of transfer of units in a QFC scheme must be signed by, or on behalf of, the unitholder transferring the units (or, if the unitholder is a corporation, may be signed by 2 members of its governing body on behalf of the corporation).

      Note Corporation and governing body are defined in the glossary.
      (4) The transferor must be treated as the unitholder until the transferee's name is entered in the unitholder register.
      (5) Every instrument of transfer must be left for registration with the operator accompanied by—
      (a) any document required by the law applying in the QFC; and
      (b) any other evidence reasonably required by the operator.
      (6) The operator must keep an instrument of transfer for at least 6 years after the day it is registered.
      (7) On registration of an instrument of transfer, a record of the transferor, the transferee and the date of transfer must be made in the unitholder register.
      (8) Despite anything in this rule, the transfer of a listed unit may be made electronically or in any other way permitted by the rules of the exchange where it is listed (or by the regulator of that exchange). A transfer made in such a way is sufficient to transfer title to the unit.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL 8.3.3 Certificates for Units—All QFC Schemes

      (1) If units in a QFC scheme are issued or rule 8.3.2 (Transfer of units by act of parties—all QFC schemes) is complied with in relation to the transfer of units in a QFC scheme, the operator may issue a document evidencing title to the units in accordance with the constitutional document.

      Note Document evidencing title is defined in the glossary. Constitutional document is defined in r 3.1.1.
      (2) However, the operator must issue a document evidencing title as soon as practicable if the procedures for redeeming units require unitholders to surrender the document evidencing title.
      (3) For a QFC scheme that is listed in the Qatar Stock Exchange or in any other regulated exchange, a record (held in the QCSD's, or relevant exchange's, registry or system) of a transfer or title to a unit is taken to be a document evidencing title to the unit.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL 8.3.4 Conversion of Units—All QFC Schemes

      (1) This rule applies to a QFC scheme if there are 2 or more classes of units offered for issue.

      Note Class and issue are defined in the glossary.
      (2) A unitholder has the right to convert the units from a class to another class if converting the units does not breach the latest filed prospectus.

      Note Latest filed prospectus and breach are defined in the glossary.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)