• COLL Schedule 3 COLL Schedule 3 Prospectus Content—QFC Qualified Investor Schemes

    (see r 5.2.3)

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

    • COLL S3.1 Document Status

      A statement that the document is the prospectus of the QFC qualified investor scheme as at a particular date.

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

    • COLL S3.2 Description of Scheme Etc

      The following information and statements:

      (a) the name of the scheme;
      (b) that the scheme is registered as a qualified investor scheme under the Collective Investment Schemes Rules 2010;
      (c) the registration number given to the scheme by the Regulatory Authority;
      (d) the legal form of the scheme and that it is an open-ended scheme;
      (e) if the scheme (or a subscheme) is an Islamic fund—that the scheme (or subscheme) is an Islamic fund;
      (f) if the scheme (or a subscheme) is a money-market fund— that the scheme (or subscheme) is a money-market fund;
      (g) that the unitholders are not liable for—
      (i) the debts and other liabilities of the scheme; or
      (ii) acts or omissions of the operator; or
      (iii) acts or omissions of the independent entity;
      (h) if the scheme has not started to operate—when the scheme is expected to start to operate;
      (i) whether it is a listed scheme or intended to become a listed scheme;
      (j) if the duration of the scheme is limited—a statement to that effect, an indication of the duration of the scheme and, if appropriate, of any conditions for extending the duration of the scheme;
      (k) the base currency of the scheme;
      (l) if the scheme is a CIC—its capital structure, including the maximum and minimum sizes of its capital;
      (m) if applicable, any minimum initial investment in the scheme;
      (n) that any notice or other document may be served on the operator or independent entity at its registered address in the QFC or, if the independent entity is not an authorised firm, at its address for service;
      (o) the circumstances in which the scheme may be wound up and a summary of the procedure for, and the rights of the unitholders under, a winding-up;
      (p) the governing law for the scheme.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.3 Islamic Funds

      If the scheme (or a subscheme) is an Islamic fund, the following information:

      (a) that all operations of the scheme (or subscheme) must be conducted in accordance with Shari'a;
      (b) the names of the members of the Shari'a Supervisory Board and their qualifications and education;
      (c) the manner and frequency of Shari'a reviews;
      (d) the disclosure required by AAOIFI FAS 14.

      Note Shari'a Supervisory Board and AAOIFI are defined in the glossary.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.4 Investment Objectives and Policy Etc

      (1) Sufficient information to enable a unitholder to ascertain the following:
      (a) the scheme's investment objectives (including its financial objectives) and, in particular—
      (i) the types of investments in which it (and, if applicable, each subscheme) may invest; and
      (ii) the scheme's investment strategies, including its approach to borrowing and gearing;
      (b) the scheme's policy for achieving its investment objectives, including—
      (i) the general nature of the portfolio and any intended specialisation; and
      (ii) any policy for the spreading of risk in the scheme property; and
      (iii) its policy in relation to the exercise of borrowing powers;
      (c) a description of any restrictions in the assets in which investments may be made;
      (d) the extent (if any) to which the investment policy does not envisage the scheme property remaining fully invested at all times;
      (e) the scheme's policy for managing any risks posed by borrowings of the scheme.

      Note Rule 5.2.3 (1) (General information requirements for prospectus— all QFC schemes) requires the prospectus to contain information in relation to—
      (a) the merits and risks of participating in the scheme; and
      (b) the extent and characteristics of the risks accepted by participating in the scheme.
      (2) Details of all borrowing restrictions applying to the scheme, including the scheme's permitted percentage under rule 6.4.1 (Borrowing—QFC qualified investor schemes).
      (3) For investments in immovables, the following information:
      (a) the jurisdictions where immovables in which the scheme may invest are located;
      (b) the scheme's policy in relation to insurance of immovables forming part of the scheme property;
      (c) the scheme's policy in relation to granting options over immovables in the scheme property and the purchase of options on immovables;
      (d) if investment in a non-Qatari immovable has been, or is to be, made through an intermediate holding vehicle or a series of intermediate holding vehicles—a statement disclosing the existence of the intermediate holding vehicle or series of intermediate holding vehicles and confirming that the purpose of the vehicle, or each of the vehicles, is to enable the scheme to hold immovables located outside Qatar.
      (4) If intended, a statement that the scheme property may consist of units in a scheme (the second scheme) that is managed or operated by the operator or a person in the same group as the operator, and a statement about—
      (a) the basis of the maximum amount of the charges in relation to transactions in the second scheme; and
      (b) the extent to which the charges must be reimbursed to the scheme.
      (5) If intended, a statement that stock lending arrangements or repo agreements may be entered into for the scheme, the procedures that must be applied in relation to them and the collateral that must be required.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.5 Distributions, Accounting Dates Etc

      (1) Relevant details of accounting and distribution dates (including the accounting reference date), and a description of the procedures—
      (a) for calculating and applying income and capital (including how any distributable income and capital is to be paid); and
      (b) relating to unclaimed distributions.
      (2) Details of the main taxes levied on the scheme's income and capital, including tax (if any) deducted on distributions to unitholders.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.6 Characteristics of Units in the Scheme

      Information about the following:

      (a) if there are 2 or more classes of units in issue or available for issue—the name of each class and the rights attached to each class so far as they differ from the rights attached to other classes;
      (b) how unitholders may exercise their voting rights and what these are;
      (c) if mandatory redemption or conversion of units from one class to another may be required—in what circumstances that may be required;
      (d) for a CIT—the fact that the nature of the right represented by units is that of a beneficial interest under a trust;
      (e) if applicable, the circumstances where conversion from one class of units to another is not permitted;
      (f) if applicable, the terms on which a unit in one class may be converted to a unit in another class.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.7 Operator

      The following information about the operator:

      (a) its name;
      (b) the nature of its legal status;
      (c) the date and place of its incorporation;
      (d) the address of its registered office in the QFC;
      (e) if it is a subsidiary—the name of its ultimate parent entity and the jurisdiction where the parent entity is incorporated;
      (f) if the duration of its legal status is limited—when its legal status will or may cease;
      (g) if it has share capital—the amount of its issued share capital and how much is paid up;
      (h) a summary of its functions under these rules in relation to the scheme;
      (i) a summary of the material provisions of the contracts to which it is a party in relation to the scheme that may be relevant to unitholders, including provisions (if any) relating to remuneration, remuneration sharing, termination, compensation on termination, and indemnity;
      (j) a summary of any outsourcings entered into by it under these rules in relation to the scheme;
      (k) the operator's policy in relation to the operator holding units in the scheme.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.8 Independent Entity

      (1) The following information about the independent entity:
      (a) its name;
      (b) the nature of its legal status;
      (c) the date and place of its incorporation;
      (d) whether it is an authorised firm;
      (e) if it is an authorised firm—the address of its registered office in the QFC;
      (f) if it is not an authorised firm—the following:
      (i) its contact details and address for service;
      (ii) the regulatory regimes and legal systems (including insolvency laws) to which it is subject;
      (iii) the regulatory authorisations (however described) held by it;
      (iv) its arrangements for safeguarding the scheme property and its use of agents and service providers;
      (v) the obligations applying to it, and the recourse available against it by the operator, the Regulatory Authority and unitholders, under those regulatory regimes and legal systems in relation to anything done or not done by it in relation to the scheme;
      (vi) whether it has submitted to the jurisdiction of the Regulatory Authority, the QFC Court or both;
      (g) if it is a subsidiary—the name of its ultimate parent entity and the jurisdiction where that parent entity is incorporated;
      (h) if the duration of its legal status is limited—when its legal status will or may cease;
      (i) if it has share capital—the amount of its issued share capital and the amount paid up;
      (j) a summary of its functions under these rules in relation to the scheme;
      (k) a summary of the material provisions of the contracts to which it is a party in relation to the scheme that may be relevant to unitholders, including provisions (if any) relating to remuneration, remuneration sharing, termination, compensation on termination, and indemnity;
      (l) a description of its main business activity;
      (m) a summary of any outsourcings entered into by it under these rules in relation to the scheme.
      (2) If the independent entity is not an authorised firm, a statement that the scheme property may be held in a jurisdiction outside the QFC and that the market practices, insolvency law and legal system applying in that jurisdiction may differ from those applying in the QFC.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.9 Investment Adviser and Standing Independent Valuer

      (1) If an investment adviser is retained in relation to the business of the scheme—
      (a) its name; and
      (b) whether it is an authorised firm; and
      (c) if it conducts a significant activity other than providing services to the scheme as an investment adviser—what the significant activity is; and
      (d) a summary of the material provisions of the contracts to which it is a party in relation to the scheme that may be relevant to unitholders, including provisions (if any) relating to remuneration, remuneration sharing, termination, compensation on termination, and indemnity.
      (2) If the scheme has a standing independent valuer—
      (a) its name; and
      (b) a summary of the material provisions of the contracts to which it is a party in relation to the scheme that may be relevant to unitholders, including provisions (if any) relating to remuneration, remuneration sharing, termination, compensation on termination, and indemnity.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.10 Auditor

      The name and address of the auditor of the scheme.

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

    • COLL S3.11 Register of Unitholders

      (1) The address in the QFC where the unitholder register, or a copy of the register, is available for inspection by unitholders and when it can be inspected.
      (2) For a QFC scheme that is listed in the Qatar Stock Exchange or in any other regulated exchange, how and when unitholders can obtain information about their holdings of the listed units and substantial holders of such units.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL S3.12 Payments Out of Scheme Property

      (1) The payments that may be made out of the scheme property to any person, whether by way of remuneration or charges for services, or reimbursement of expenses.
      (2) For each category of remuneration, charges or expenses, the following information:
      (a) the current rates or amounts of the remuneration, charges or expenses;
      (b) how the remuneration, charges or expenses must be calculated and accrue and when they must be paid;
      (c) if notice has been given to unitholders of the operator's intention to—
      (i) introduce a new category of remuneration for its services; or
      (ii) increase the basis of any current charge; or
      (iii) change the basis of the treatment of a payment from the capital property;

      particulars of that introduction, increase or change and when it will take place;
      (d) the types of any other charges and expenses that may be taken out of the scheme property;
      (e) if all or part of the remuneration or expenses is to be treated as a charge to capital—
      (i) that fact; and
      (ii) the basis of the charge that may be treated as a capital charge.
      (3) A table substantially in the form of table S3.12 illustrating the effect of charges and expenses, together with the notes and statements following the table.

      Table S3.12 Charges and expenses for the scheme

      One-off charges taken before or after you invest
      Entry charge [insert percentage]%1
      Exit charge [insert percentage]%1
      This is the maximum that might be taken out of your money [insert as applicable before
      it is invested or before the proceeds of your investment are paid out].
       
      Charges taken from the fund over a year
      Ongoing charges [insert percentage]%2
       
      Charges taken from the fund under certain specific conditions
      Performance fees [insert percentage]% a year of any returns the
      fund achieves above the [insert name of benchmark].
       


      Note 1 The percentages shown in the entry and exit charges are the maximum figures. In some cases you might pay less.

      Note 2 The percentage for the ongoing charges is based on expenses for the year ending [insert year]. This figure may vary from year to year. Ongoing charges excludes—
      •   performance fees
      •   portfolio transaction costs, other than entry and exit charges incurred when buying or selling units in another collective investment scheme.

      Statements about charges and expenses

      The charges you pay are used to pay the costs of running the scheme, including the costs of marketing and distributing it. These charges reduce the potential growth, and rate of return, of your investment.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.13 Dealing

      (1) Details of the following:
      (a) the dealing days, and times on a dealing day, when the operator must receive instructions to issue or redeem units;
      (b) the procedures for—
      (i) the issue and redemption of units; and
      (ii) the settlement of transactions;
      (c) the initial offer period and how it ends;
      (d) the steps that must be taken by a unitholder in redeeming units before the unitholder can receive the proceeds in the redemption, including any relevant notice periods and the circumstances in which, and periods for which, payment may be deferred;
      (e) the circumstances in which the redemption of units may be deferred, limited or suspended and how unitholders must be notified if this happens;
      (f) how unitholders must be notified when the redemption of units is no longer deferred, limited or suspended;
      (g) details of the minimum number, percentage or value of each class of unit in the scheme that—
      (i) any single person may hold; and
      (ii) may be the subject of any single transaction of issue or redemption;
      (h) if relevant, the circumstances in which the operator may arrange for, and the procedure for, the issue or redemption of units otherwise than in cash;
      (i) the circumstances in which the issue of units in any class may be limited and the procedures relating to this, including the conditions to be met for the issue of units in the class;
      (j) if the scheme is operating limited issue arrangements or limited redemption arrangements—details of the arrangements.

      Note Limited issue arrangements and limited redemption arrangements are defined in the glossary.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.14 Valuation and Pricing

      (1) A provision stating that there must be only a single forward price for any unit calculated from time to time by reference to a particular valuation point.
      (2) Details about the following:
      (a) how frequently, and at what times of the day, the scheme property must be regularly valued to calculate the price at which units in the scheme may be issued or redeemed, and a description of any circumstances in which the scheme property may be specially valued;
      (b) how the value of the scheme property must be calculated in relation to each purpose for which it must be valued;
      (c) how the price of units in each class must be calculated.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.15 Issue and Redemption Charges

      If the operator makes any charges on the issue and redemption of units, details of the charging structure and how notice must be provided to unitholders of any increase.

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

    • COLL S3.16 General Information

      Details of the following:

      (a) when annual and half-yearly reports must be published;
      (b) the scheme's accounting standard;
      (c) the address in the QFC where copies of the constitutional document, any amending or supplemental instruments, and the most recent annual and half-yearly reports, may be inspected and copies may be obtained.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.17 Mandatory Statement About Prospectus

      The following statement prominently displayed on the first page (not including any cover page) of the prospectus:

      'This prospectus relates to a collective investment scheme established in the Qatar Financial Centre and registered by the Qatar Financial Centre Regulatory Authority (the Regulatory Authority) as a qualified investor scheme.

      The Regulatory Authority is not responsible for reviewing or verifying this prospectus or any related documents. The Regulatory Authority has not approved this prospectus or any related documents nor has the Regulatory Authority taken any steps to verify the statements, information or provisions in the prospectus or any related documents. The Regulatory Authority takes no responsibility for the accuracy of statements, information or provisions in this prospectus or any related documents.

      The units to which this prospectus relates may be difficult, and take some time, to sell. Payments of redemption proceeds may also be delayed.

      Returns from units can go down as well as up and you may also lose all or part of your investment.

      Past performance of units is not a reliable indication of the future performance.

      Prospective purchasers of the units offered should conduct their own due diligence and consider seeking independent legal and financial advice before deciding to invest in the scheme.

      This prospectus is intended for distribution only to a limited type of investor (a 'qualified investor' as defined in the Regulatory Authority's Collective Investment Schemes Rules 2010) and must not be given to, or relied on, by anyone else'.

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

    • COLL S3.18 Additional Information for Feeder Funds

      For a feeder fund, the following information:

      (a) a prominent risk warning to participants to the fact that they may be subject to higher fees arising from the layered investment structure;
      (b) details of the fees arising at the level of the feeder fund itself and the scheme (or subscheme) to which its investments are dedicated.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.19 Additional Information for Fund of Funds

      For a fund of funds, the following information:

      (a) a prominent risk warning to participants to the fact that they may be subject to higher fees arising from the layered investment structure;
      (b) details of the fees arising at the level of the fund of funds itself and, to the extent known, the schemes (and subschemes of umbrella schemes) to which its investments are dedicated.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.20 Additional Statements and Information for Property Funds

      For a property fund, the following statements and information:

      (a) the nature of the commitment that participants will enter into;
      (b) a prominent risk warning that refers to the particular circumstances in property markets that can cause difficulties in meeting redemptions;
      (c) details of transactions or agreements entered into, or proposed to be entered into, with affected persons;
      (d) full particulars of the nature and extent of the interest (if any) of affected persons in the immovables owned, or proposed to be acquired, by the scheme;
      (e) details of significant participants and the number or percentage of units held, or proposed to be held, by each of them;
      (f) a statement to explain the standards according to which property valuations are conducted for the scheme;
      (g) the maximum percentage of the scheme's net asset value at any time that may consist of property-related assets that are not traded or dealt in on markets provided for in the constitutional document;
      (h) the maximum percentage of the scheme's net asset value at any time that may be invested in any single immovable and, if applicable, the conditions under which the scheme may depart from this restriction;
      (i) the maximum percentage of the scheme's net asset value at any time that may consist of immovables that are unoccupied and non-income producing or in the course of substantial development, redevelopment or refurbishment;
      (j) the maximum percentage of the scheme's net asset value at any time that may be invested in immovables that are subject to a security interest held otherwise than by the independent entity or its nominee or delegate.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.21 Information on Umbrella Schemes

      For an umbrella scheme, the following information:

      (a) that a unitholder may exchange units in a subscheme for units in any other subscheme (other than a subscheme that has limited the issue of units);
      (b) that an exchange of units in a subscheme for units in another subscheme is treated as a redemption and issue;
      (c) that a unitholder who exchanges units in a subscheme for units in any other subscheme does not have the right to withdraw from or cancel the transaction;
      (d) the operator's policy for allocating between subschemes any assets of, or costs, charges and expenses payable out of, scheme property that are not attributable to any particular subscheme;
      (e) what charges (if any) may be made on exchanging units in a subscheme for units in another subscheme;
      (f) for each subscheme—the currency in which the scheme property attributed to it must be valued, and the price of units calculated and payments made, if this currency is not the base currency of the umbrella scheme;
      (g) for an umbrella scheme constituted by a CIC—that the subschemes are not 'ring-fenced' and, if the umbrella scheme cannot meet liabilities attributable to any particular subscheme out of the assets attributable to that subscheme, the remaining liabilities may have to be met out of the assets attributable to other subschemes.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S3.22 Application of Prospectus Contents to Umbrella Scheme

      For an umbrella scheme, information, statements and provisions required must be provided—

      (a) for each subscheme if the information, statements or provisions for any subscheme differ from those for any other; and
      (b) for the umbrella scheme as a whole, but only if the information, statements or provisions are relevant to the umbrella scheme as a whole.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)