COLL 10.1.1 Declaration of Non-QFC Retail Customer Schemes

(1) The Regulatory Authority may, by written notice published on an approved website, declare that a non-QFC scheme established in a stated jurisdiction that is of a stated type is a retail customer scheme.

Note Approved website is defined in INAP.
(2) The Regulatory Authority must not specify a type of scheme under subrule (1) unless satisfied that—
(a) all schemes of that type are—
(i) required to be registered, approved or licensed (however described) under the law of the jurisdiction in which they are established; and
(ii) subject to appropriate regulation by a regulatory or governmental entity of that jurisdiction for the purpose of consumer protection; and
(b) the operators of all schemes of that type are—
(i) required to be authorised or licensed (however described) under the law of that jurisdiction; and
(ii) subject to appropriate regulation by a regulatory or governmental entity of that jurisdiction for the purpose of consumer protection.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)