• Division 1.2.B Division 1.2.B Legal Forms for Schemes

    • PRIV 1.2.11 Permitted Legal Forms for Schemes

      A scheme must take 1 of the following legal forms:

      (a) a collective investment company (or CIC);
      (b) a collective investment partnership (or CIP);
      (c) a collective investment trust (or CIT);
      (d) another permitted form of scheme.

      Note The permitted legal forms of schemes are defined in r 1.2.12 to r 1.2.15.

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

    • PRIV 1.2.12 What is a Collective Investment Company (or CIC)?

      (1) A collective investment company (or CIC) is a company incorporated under the Companies Regulations 2005 if its articles of association provide that the company is established for the sole purpose of constituting a collective investment scheme.

      Note Articles of association is defined in the glossary.
      (2) If the CIC is an open-ended scheme, it must be an open-ended company with variable share capital.

      Note Open-ended scheme is defined in r 1.2.7(1).
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 1.2.13 What is a Collective Investment Partnership (or CIP)?

      A collective investment partnership (or CIP) is a limited partnership registered under the Partnership Regulations 2007 if its partnership agreement provides that the partnership is established for the sole purpose of constituting a collective investment scheme.

      Note Partnership agreement is defined in the glossary.

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

    • PRIV 1.2.14 What is a Collective Investment Trust (or CIT)?

      A collective investment trust (or CIT) is an express trust created under the Trust Regulations 2007 if its trust instrument provides that the trust is established for the sole purpose of constituting a collective investment scheme.

      Note Trust instrument is defined in the glossary.

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

    • PRIV 1.2.15 What is Another Permitted Form of Scheme?

      Another permitted form of scheme is an entity (other than a CIC, CIP or CIT) if—

      (a) the legal form of the entity—
      (i) is permitted under regulations made under the QFC Law or rules made by the Regulatory Authority or QFC Authority; or
      (ii) otherwise permitted under an approval, authority, or licence, (however described) given by the QFC Authority under the QFC Law; and
      (b) an instrument creating the legal form of the entity provides that the entity is established for the sole purpose of constituting a collective investment scheme.

      Note Entity, QFC Law and instrument are defined in the glossary.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)