• Part 3.1 Part 3.1 Constitutional Document

    • PRIV 3.1.1 What is the Constitutional Document for a Scheme?

      The constitutional document, for a scheme, is—

      (a) for a CIC — the articles of association of the company; and
      (b) for a CIP — the partnership agreement of the partnership; and
      (c) for a CIT — the trust instrument of the trust; and
      (d) for another permitted form of scheme — any instrument creating the legal form of the entity.

      Note CIC, CIP, CIT and another permitted form of scheme are defined in div 1.2.B (Legal forms for schemes). Articles of association, partnership agreement and trust instrument are defined in the glossary.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 3.1.2 Matters to be Included in Constitutional Document

      The constitutional document of a scheme must include the statements and provisions required by schedule 1 (Constitutional document content) for the scheme.

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

    • PRIV 3.1.3 Relationship Between Constitutional Document and These Rules

      (1) The constitutional document of a scheme must not contain a provision—
      (a) that conflicts with any provision of these rules; or
      (b) that is unfairly prejudicial to the interest of unitholders generally or to the unitholders of any class of units.

      Note Class is defined in the glossary.
      (2) A provision of the constitutional document of a scheme has no effect to the extent—
      (a) that it conflicts with any provision of these rules; or
      (b) that it is unfairly prejudicial to the interest of unitholders generally or to the unitholders of any class of units.
      (3) However, a provision of the constitutional document of a scheme must not be taken to conflict with a provision of these rules to the extent it can operate concurrently with the provision of these rules.
      (4) Any power given by these rules to a scheme, or to the operator of a scheme, is subject to any applicable condition, restriction or requirement in the scheme's constitutional document.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 3.1.4 Constitutional Document and Checklist to be Filed with Registration Application

      The person who is to become the operator of a scheme under these rules must file with the application for registration of the scheme—

      (a) a copy of the scheme's constitutional document; and
      (b) a checklist prepared by the person listing all the statements and provisions required by these rules and indicating where they are in the constitutional document.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)

    • PRIV 3.1.5 Amendments of Constitutional Document

      (1) This rule applies if the constitutional document of a scheme is amended.
      (2) Not later than 21 days after the day the amendment is made, the operator must file with the Regulatory Authority—
      (a) a copy of the amendment and the constitutional document as amended; and
      (b) a written certificate by the operator stating that—
      (i) the amendment was made in accordance with these rules and the scheme's constitutional document; and
      (ii) the constitutional document as amended does not contain a provision that conflicts with any provision of these rules.
      Derived from QFCRA RM/2010-06 (as from 1st January 2011)