• COLL Schedule 4 COLL Schedule 4 Prospectus Content—QFC Retail Schemes

    (see r 5.2.3)

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

    • COLL S4.1 Document Status

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

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

    • COLL S4.2 Description of Scheme Etc

      The following information and statements:

      (a) the name of the scheme;
      (b) that the scheme is registered as a retail 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;
      (e) whether the scheme is a UCITS type scheme or a property fund;
      (ea) if the scheme (or a subscheme) is a property fund—whether the scheme (or subscheme) is closed-ended or open-ended;
      (f) if the scheme (or a subscheme) is an Islamic fund—that the scheme (or subscheme) is an Islamic fund;
      (g) if the scheme (or subscheme) is a money-market fund— that the scheme (or subscheme) is a money-market fund;
      (h) 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 independent entity;
      (i) if the scheme has not started to operate—when the scheme is expected to start to operate;
      (j) whether it is a listed scheme or intended to become a listed scheme;
      (k) 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;
      (l) the base currency of the scheme;
      (m) if the scheme is a CIC—its capital structure, including the maximum and minimum sizes of its capital;
      (n) if applicable, any minimum initial investment;
      (o) 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;
      (p) 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;
      (q) the governing law for the scheme.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL S4.2A Additional information—QFC retail property funds

      If the scheme is a QFC retail property fund, the following information and statements:

      (a) the nature of the commitment that participants will enter into;
      (b) details of any transactions entered into, or proposed to be entered into, with affected persons;
      (c) 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 fund;
      (d) details of significant participants and the number or percentage of units held, or proposed to be held, by each of them;
      (e) a statement to explain the standards according to which property valuations are made;
      (f) the insurance arrangement for the fund;
      (g) a statement of any material policy regarding immovables;
      (h) any other matter that the Regulatory Authority directs the operator to include in the prospectus.
      Inserted by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL S4.3 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 FSA 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 S4.4 Investment Objectives and Policy Etc

      The following information in relation to the scheme's investment objectives, strategies and policy:

      (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) the policy for the spreading of risk in the scheme property; and
      (iii) the policy in relation to the exercise of borrowing powers;
      (c) an indication of any limits on the investment policy;
      (d) the types of assets that the capital property may consist of;
      (e) the proportion of the capital property that may consist of an asset of any description;
      (ea) if the scheme is a QFC retail property fund:
      (i) a list of the jurisdictions where immovables in which the fund may invest are located; and
      (ii) if investment in an immovable has been, or is to be, made through an intermediate holding vehicle or vehicles—a statement disclosing the existence of the intermediate holding vehicle or vehicles and confirming that the purpose of each vehicle is to enable the fund to hold immovables;
      (f) the kind of transactions that may be effected for the scheme and an indication of any techniques and instruments or borrowing powers that may be used in the scheme's management;
      (g) for rule 7.1.7 (1) (b) (What is an eligible market?), a list of the markets through which the scheme may invest or deal in investments in accordance with these rules;
      (h) any restrictions in the assets in which scheme property may be invested, including restrictions in the extent to which the scheme may invest in any type of asset and an indication of whether the restrictions are more onerous than those otherwise applying under these rules;
      (i) the borrowing restrictions applying to the scheme;
      (j) if the scheme may invest in other schemes—the extent to which the scheme property may be invested in units in schemes that are managed by the operator or any associate of the operator;
      (k) if the scheme is a feeder fund that (in relation to investment in units in schemes) is dedicated to units in a single scheme—details of the master scheme and the minimum (and, if relevant, maximum) investment that the feeder fund may make in it;
      (l) if the scheme invests mainly in units in schemes, deposits or derivatives, or replicates an index—a prominent statement about this investment policy;
      (m) if derivatives transactions may be used in the scheme—a prominent statement about whether the transactions are for the purpose of efficient portfolio management (including hedging) or meeting the investment objectives (or both), and the possible outcome of the use of derivatives on the scheme's risk profile;
      (n) the profile of the typical investor for whom the scheme is designed;
      (o) the historical performance (if any) of the scheme;
      (p) if the scheme invests a substantial part of the scheme property in other schemes—a statement of the maximum level of management fees that may be charged to the scheme and to the schemes in which it invests;
      (q) if the scheme's net asset value is likely to have high volatility because of its portfolio composition or the portfolio management techniques that may be used—a prominent statement to that effect;
      (r) if the scheme may invest substantially in deposits or money-market instruments—a risk warning drawing attention to the difference between the nature of a deposit and the nature of an investment in the scheme, with particular reference to the risk that the principal invested in the scheme may fluctuate;
      (s) a statement that any unitholder may obtain on request the information listed in COLL, rule 5.2.2 (2) (Prospectus etc to be made available).
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL S4.5 Distributions, Accounting and Reporting Dates Etc

      (1) Information about reporting, accounting and distribution, including the following:
      (a) the accounting and distribution dates;
      (b) a description of procedures—
      (i) for calculating and applying income (including how any distributable income must be paid); and
      (ii) relating to unclaimed distributions; and
      (iii) if relevant, for calculating, paying and accounting for income equalisation;
      (c) the accounting reference date and when annual and half-yearly long reports must be published;
      (d) when annual and half-yearly short reports must be sent to unitholders.
      (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 S4.6 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 a class to another class may be required—in what circumstances that may be required;
      (d) for CIT—the fact that the nature of the right represented by units is that of a beneficial interest under a trust;
      (e) documents evidencing title to units.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.7 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 the amount 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 S4.8 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 the parent company 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 S4.9 Investment adviser and independent valuer

      (1) If an investment adviser is retained in relation to the business of the scheme:
      (a) the adviser's name;
      (b) whether the adviser is an authorised firm;
      (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 the adviser 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) the valuer's name; and
      (b) a summary of the material provisions of the contracts to which the valuer 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.
      Amended by QFCRA RM/2016-1 (as from 19th September 2016)

    • COLL S4.10 Auditor

      The name and address of the auditor of the scheme.

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

    • COLL S4.11 Relationships with Other Parties

      The relevant details of the following:

      (a) the names of each member (however described) of the governing body of the operator, the independent entity or, for a CIC or CIP, the CIC or CIP;
      (b) the business activities of each person named under paragraph (a) if these activities are of significance to the scheme's business;
      (c) if any person named under paragraph (a) is a corporation in a group of which any other corporation member (however described) of the governing body is a member—that fact;
      (d) if an investment adviser retained in relation to the business of the scheme is a corporation in a group of which any corporation member (however described) of the governing body of the operator, the independent entity or, for a CIC or CIP, the CIC or CIP is also a member—that fact;
      (e) if an investment adviser retained in relation to the business of the scheme has the operator's authority to make decisions for the operator—that fact and a description of the matters in relation to which it has authority;
      (f) what functions (if any) the operator or independent entity has outsourced and to whom;
      (g) in what capacity (if any) the operator acts in relation to any other schemes and the name of each of those schemes.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.12 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 S4.13 Payments Out of Scheme Property

      (1) In relation to each type of payment from the scheme property, details of the following:
      (a) who the payment is made to;
      (b) what the payment is for;
      (c) if available, the rate or amount;
      (d) if the rate or amount is not available—how it must be calculated and accrued;
      (e) when must it be paid;
      (f) if a performance fee is taken—a plain English statement of the maximum amount or percentage of the scheme property that the performance fee might represent in an annual accounting period together with examples of the operation of the performance fee.
      (2) How notice must be given to unitholders of the operator's intention to do any of the following:
      (a) introduce a new category of remuneration for its services;
      (b) increase the basis of any current charge;
      (c) change the basis of the treatment of a payment from the capital property.
      (3) A table substantially in the form of table S4.13 illustrating the effect of charges and expenses, together with the notes and statements following the table.

      Table S4.13 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 [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 S4.14 Allocation of Payments

      If, in accordance with these rules, any income expense payments may be treated as a capital expense—

      (a) that fact; and
      (b) the operator's policy for treating any income expense as a capital expense; and
      (c) a statement that this policy may result in capital erosion or constrain capital growth.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.15 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 of 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;
      (d) where, and at what frequency, the most recent prices must be published.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.16 Dealing

      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) for a prospectus available during the initial offer period—
      (i) the initial offer period; and
      (ii) the initial price of a unit (in the base currency); and
      (iii) the arrangements for issuing units during the initial offer period, including the operator's intentions on investing the subscriptions received during the initial offer period; and
      (iv) the circumstances when the initial offer must end; and
      (v) whether units may be issued in a currency other than the base currency; and
      (vi) any other relevant details of the initial offer;
      (d) the steps that must to be taken by a unitholder in redeeming units before the unitholder can receive the proceeds of the redemption, including any relevant notice periods and the circumstances in which, and periods for which, a payment may be deferred;
      (e) the circumstances in which the redemption of units may be deferred 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 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 sale;
      (h) whether certificates may be issued in relation to registered units;
      (i) if relevant, the circumstances in which the operator may arrange for, and the procedure for, the issue or redemption of units otherwise than for cash;
      (j) the investment exchanges (if any) on which units in the scheme are or will be listed or dealt.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.17 Dilution

      Details of what is meant by dilution, including—

      (a) a statement explaining—
      (i) that is not possible to predict accurately whether dilution is likely to happen; and
      (ii) that a dilution adjustment is required to reduce the effect of dilution; and
      (iii) the operator's policy in relation to requiring a dilution levy together with an explanation of how this policy may affect the future growth of the scheme; and
      (b) a statement of the following:
      (i) the operator's policy in deciding when to require a dilution levy, including the operator's policy on large deals;
      (ii) the estimated rate or amount of any dilution levy or dilution adjustment based either on historical data or future projections;
      (iii) the likelihood that the operator may require a dilution levy or make a dilution adjustment and the basis (historical or projected) on which the statement is made.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.18 Issue Charges

      If relevant, a statement authorising the operator to make an issue charge and specifying the basis for, and current amount or rate of, the charge.

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

    • COLL S4.19 Redemption Charges

      If relevant—

      (a) a statement authorising the operator to deduct a redemption charge out of the proceeds of redemption; and
      (b) if the operator makes a redemption charge—
      (i) the current amount of the charge or, if it is variable, the rate or method of calculating it; and
      (ii) if the amount, rate or method has been changed—that details of any previous amount, rate or method may be obtained from the operator on request; and
      (iii) the order in which the units acquired at different times by a unitholder are taken to be redeemed for the imposition of the redemption charge.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.20 Meeting of Unitholders

      Details of the following:

      (a) the procedures for calling meetings of unitholders;
      (b) resolutions and voting at meetings of unitholders;
      (c) voting rights of unitholders;
      (d) the matters that require the approval of unitholders;
      (e) for a CIC—whether annual general meetings must be held.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.21 General Information

      Details of the following:

      (a) the scheme's accounting standard;
      (b) the address in the QFC where copies of the constitutional document, any amending or supplemental instrument, and the most recent annual and half-yearly reports, may be inspected and copies may be obtained;
      (c) how any notice or other document must or may be served on unitholders;
      (d) the extent to which and the circumstances in which—
      (i) the scheme is liable to pay or incur tax on any appreciation in the value of the scheme property or on the income derived from the scheme property; and
      (ii) deductions by way of withholding tax may be made from distributions of income to unitholders and payments made to unitholders on the redemption of units;
      (e) any possible fees or expenses not otherwise mentioned in this schedule, distinguishing between those to be paid by a unitholder and those to be paid out of the scheme property;
      (f) if applicable, the names and addresses of any banker, lawyer, registrar, and any other person, conducting any significant activities in relation to the scheme.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)

    • COLL S4.22 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 retail 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.

      Returns from units 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 indicator of 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.'

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

    • COLL S4.23 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 S4.24 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 S4.25 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;
      (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 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 allocated 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 S4.26 Application of Prospectus Contents to Umbrella Scheme

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

      (a) in relation to 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)

    • COLL S4.27 Additional Information

      The following information:

      (a) if there is any arrangement intended to result in a particular capital or income return from a holding of units in the scheme or any investment objective of giving protection to the capital value of, or income return from, such a holding—
      (i) details of the arrangement or protection; and
      (ii) for any related guarantee—sufficient details of the guarantor and the guarantee to enable a fair assessment of the value of the guarantee; and
      (iii) a description of the risks that could affect achieving the return or protection; and
      (iv) details of the arrangements by which the operator must give the unitholders notice of any action required by the unitholders to obtain the benefit of any related guarantee;
      (b) whether notice has been given to unitholders of the operator's intention to propose a change to the scheme and, if so, particulars of the notice.
      Derived from QFCRA RM/2010-05 (as from 1st January 2011)