COLL 12.3.3 Information about joint ownership arrangements—QFC retail property funds

The operator of a QFC retail property fund that has entered into a joint ownership arrangement in an immovable must include in the next operator's report under rule 5.6.13:

(a) the ownership structure of the fund's interest and the material terms of the arrangements, including:
(i) restrictions on the fund disposing of its interest; and
(ii) the effect of the restrictions on the value of the interest;
(b) the identity, background and ownership of the other legal and beneficial owners of the immovable;
(c) any previous transactions by the other owners with the fund in relation to the immovable;
(d) agreements for remuneration, fee-sharing and other financial matters that have been, or will be, entered into between the fund and the other owners or their associates;
(e) a summary of the legal opinion required by rule 12.3.2 (2) (d) in relation to the immovable;
(f) if there are any restrictions on foreign ownership of the immovable subject to the arrangement:
(i) the nature and duration of the restrictions;
(ii) the effect of the restrictions on the operations and financial position of the fund as a whole; and
(iii) the standing independent valuer's opinion and evaluation of the effect of the restrictions on the value of the immovable; and
(g) any other information that the unitholders may reasonably require to make an informed judgment about the arrangements.
Inserted by QFCRA RM/2016-1 (as from 19th September 2016)