• Part 1.1 Part 1.1 Introductory

    • PRIV 1.1.1 Name of Rules

      These rules are the Private Placement Schemes Rules 2010 (or PRIV).

      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 1.1.2 Commencement

      These rules commence on 1 January 2011.

      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 1.1.3 Application of PRIV

      (1) These rules apply only to private placement schemes.

      Note A collective investment scheme that is established in the QFC may be registered under these rules as a private placement scheme or under COLL as a qualified investor scheme or retail scheme. COLL also deals with the marketing and sale in or from the QFC of units in schemes that are not established in the QFC, including schemes that are similar or equivalent to private placement schemes established in the QFC.
      (2) To remove any doubt, a reference in these rules to a collective investment scheme or scheme is a reference to a private placement scheme unless the contrary intention appears.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 1.1.4 What is a Private Placement Scheme?

      (1) A collective investment scheme (or scheme) is a private placement scheme if—
      (a) it is established in the QFC; and
      (b) it is registered under these rules as a private placement scheme; and
      (c) the number of unitholders does not at any time exceed 100.

      Note 1 Collective investment scheme (or scheme) is defined in r 1.2.1.

      Note 2 Unitholder is defined in r 1.2.5.
      (2) For this rule and the constitutional document of a scheme, in working out the number of unitholders that the scheme has at any time—
      (a) joint holders of a unit count as a single unitholder; and
      (b) a unit held on trust for a beneficiary is taken to be held by the beneficiary (rather than the trustee) if—
      (i) the beneficiary is presently entitled to a share of—
      (A) the trust estate; or
      (B) the income of the trust estate; or
      (ii) the beneficiary is, whether separately or together with other beneficiaries, in a position to control the trustee.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 1.1.5 Glossary

      The glossary at the end of these rules is part of these rules.

      Note 1 There are also relevant definitions in the INAP glossary. To assist the reader, the application of a definition in that glossary would usually be indicated by the word(s) being in italics (other than bold italics).

      Note 2 By contrast, the application of a definition in the glossary in these rules is not indicated by the word(s) being in italics.

      Note 3 For the application of definitions, see INAP, r 2.1.8 (Application of definitions).

      Note 4 A note in or to these rules is explanatory and is not part of the rules (see INAP, r 2.1.6 (1) and r 2.1.7).

      Note 5 However, examples and guidance are part of these rules (see INAP, r 2.1.4 (1) (b) and (2)).

      Note 6 An example is not exhaustive, and may extend, but does not limit the meaning of these rules or the particular provision of these rules to which it relates (see INAP, r 2.1.5).

      Note 7 For the effect of guidance, see the Financial Services Regulations, art 17 (4).

      Derived from QFCRA RM/2010-06 (as from 1st January 2011)