• COLL 11 COLL 11 Other Provisions

    • COLL Part 11.1 COLL Part 11.1 General

      • COLL 11.1.1 Restitution Orders for Breach of Relevant Requirements—All Schemes

        (1) A private person may apply to the QFC Court for a restitution order if the person suffers loss or damage as a result of a breach of a relevant requirement in relation to a scheme.

        Note 1 This rule is made under Financial Services Regulations, art 65.

        Note 2 Person, QFC Court, breach and relevant requirement are defined in the glossary.
        (2) In this rule:

        private person means—
        (a) an individual, except when acting in the course of conducting any regulated activity; or
        (b) any other person, except when acting in the course of conducting business of any kind.

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

      • COLL 11.1.2 Service of Notices and Other Documents on Unitholders—All QFC Schemes

        (1) If a provision of these rules authorises or requires any notice or other document to be served on a unitholder of a QFC scheme (whether the word 'serve', 'give', 'notify', 'send' or 'tell', or some other word, is used), the notice or other document may be served—
        (a) by sending it by prepaid post to the unitholder's postal address shown in the unitholder register; or
        (b) by leaving it at the unitholder's business or residential address shown in the unitholder register; or
        (c) by sending it to the unitholder using an electronic medium in accordance with rule 11.1.3 (Notices and other documents to be in legible form etc—all schemes).

        Note Unitholder is defined in r 1.2.5. Document and unitholder register are defined in the glossary.
        (2) Any notice or other document served by post under this rule is taken to have been served when it would have been received in the ordinary course of post.
        (3) For subrule (2), it is presumed (unless evidence sufficient to raise doubt about the presumption is presented) that a postal article sent by prepaid post is received on the 5th business day after the day it is posted.

        Note Business day is defined in the glossary.
        (4) Any document left at an address, or served otherwise than by post, under this rule is taken to have been served on that day.
        Derived from QFCRA RM/2010-05 (as from 1st January 2011)

      • COLL 11.1.3 Notices and Other Documents to be in Legible Form Etc—All Schemes

        (1) If a provision of these rules authorises or requires any notice or other document to be served on, or information to be given to any person (other than the Regulatory Authority), (whether the word 'serve', 'give', 'notify', 'send' or 'tell', or some other word, is used), the document or information must be served or given in a legible form.

        Note Document is defined in the glossary.
        (2) For subrule (1), any form is a legible form if the form—
        (a) is consistent with the knowledge that the person serving the document, or giving the information, has about how the recipient of the document or information wishes or expects to receive it; and
        (b) can be provided in a durable medium by the person serving the document or giving the information; and
        (c) enables the recipient to know or record the time of receipt; and
        (d) is reasonable in the context.
        (3) In these rules, any requirement that a document be signed may be satisfied by an electronic signature or electronic evidence of assent.
        Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL Part 11.2 COLL Part 11.2 Fees—QFC Schemes

      • COLL 11.2.1 Application Fees—All QFC Schemes

        (1) An applicant under these rules for registration of a scheme established in the QFC must pay the Regulatory Authority an application fee of the relevant amount.
        (2) The fee must be paid when the application is filed with the Regulatory Authority.
        (3) The Regulatory Authority may also, by written notice given to the applicant, require the applicant to pay a supplementary fee to the authority not later than the time stated in the notice if it expects to incur substantial costs in dealing with the application.
        (4) If subrule (2), or a notice under subrule (3), is not complied with, the application is taken not to have been made until the fee is paid.
        (5) The fee is non-refundable, whether or not the application is successful.
        (6) In this rule:

        relevant amount, for a scheme, means—
        (a) if the scheme is not an umbrella scheme or is an umbrella scheme with only 1 subscheme—US$ 2 000; or
        (b) if the scheme is an umbrella scheme with 2 or more subschemes—whichever is the lesser of the following:
        (i) US$ 1 000 x number of subschemes;
        (ii) US$ 10 000.
        Derived from QFCRA RM/2010-05 (as from 1st January 2011)

      • COLL 11.2.2 Annual Fees—All QFC Schemes

        (1) The operator of a QFC scheme must pay the Regulatory Authority an annual fee for each year that the scheme is registered.

        Note Year is defined in the glossary.
        (2) The annual fee for the first year of registration is the amount calculated as follows:

        relevant amount x whole months in year after registration day

        12

        Note Month is defined in the glossary.
        (3) The annual fee for the first year of registration must be paid within 21 days after the day the scheme is registered.
        (4) The annual fee for a subsequent year of registration is the relevant amount.
        (5) The annual fee for a subsequent year of registration must be paid on or before 1 January in the year.
        (6) If an annual fee is not paid in accordance with this rule, the amount of the fee is increased by 1% for each month, or part of a month, that it remains unpaid after the date it became payable.
        (7) Subrule (6) does not limit any action that the Regulatory Authority may take if an annual fee is not paid in accordance with this rule.
        (8) In this rule:

        relevant amount, for a QFC scheme, means—
        (a) if the scheme is not an umbrella scheme or is an umbrella scheme with only 1 subscheme—US$ 2 000; or
        (b) if the scheme is an umbrella scheme with 2 or more subschemes—whichever is the lesser of the following:
        (i) US$ 1 000 x number of subschemes;
        (ii) US$ 10 000.
        Derived from QFCRA RM/2010-05 (as from 1st January 2011)

      • COLL 11.2.3 Waiver Etc of Fees—All QFC Schemes

        The Regulatory Authority may, if it considers it equitable to do so, reduce, waive or refund all or part of a fee payable under this part.

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

    • COLL Part 11.3 COLL Part 11.3 Providing Scheme Administration—Non-QFC Schemes

      • COLL 11.3.1 Client Money and Assets—All Non-QFC Schemes

        (1) An authorised firm that is providing scheme administration for a non-QFC scheme must not hold or control money or assets belonging to third parties in relation to providing scheme administration for the scheme.

        Note Providing scheme administration and money are defined in the glossary.
        (2) However, subrule (1) does not apply to the holding of a cheque to the order of the non-QFC scheme's bank account if the cheque is securely held for a maximum of 3 business days before being deposited into the bank account or returned to the drawer of the cheque.
        Derived from QFCRA RM/2010-05 (as from 1st January 2011)