Article 10 - Objects of an Investment Club
(1) Subject to the terms of its licence, the Investment Club shall:
a. pool contributions of Members to invest and manage portfolios of Assets and Securities;
b. monitor the performance of the Assets and Securities of the Investment Club;
c. review the performance of the Assets and Securities of the Investment Club and make recommendations at the Review Meetings about the portfolio of Assets and Securities;
d. ensure that it has systems and controls to safeguard the Assets and Securities of the Investment Club; and
e. undertake such additional functions as may be approved by the QFC Authority from time to time.
(2) An Investment Club must not carry out its activities "by way of business" (as the term is defined in Article 25 of the Financial Services Regulations) unless it is authorised by the Regulatory Authority.
(3) The Investment Club shall not carry out an activity which falls within paragraphs 1 to 9 of Schedule 3 of the QFC Law "by way of business" (as that term is defined in Article 25 of the Financial Services Regulations) including but not limited to holding itself out as carrying on any of those activities either by advertising its services or providing investment advice.
(4) The Investment Club must, before it being licensed, undertake to the QFC Authority that it will not carry on its permitted activities "by way of business", as that term is defined in Article 25 of the Financial Services Regulations.
|Derived (as from 20th December 2016).|