COLL 12.5.1 Investment committee—QFC retail property funds

(1) This rule applies to a QFC retail property fund that is not a CIT.

Note Rule 12.5.1 does not apply to a REIT (see table 12.6.4A).
(2) The fund must have an investment committee of at least 3 members. The operator must make arrangements for the unitholders to elect the members of the committee after the fund starts operations, and thereafter:
(a) at least once every 5 years; and
(b) each time there is a vacancy.
(3) A person is not eligible for election as a member unless the operator and independent entity are satisfied that the person has the skills, experience and qualifications to review investment opportunities for the fund.
(4) The members of the committee must be independent of the operator and must not be involved in the fund's day to day management. No person may be a member for more than 5 continuous years.
Inserted by QFCRA RM/2016-1 (as from 19th September 2016)