COLL 12.6.13 When additional approval required from independent entity—REITs

(1) This rule applies to a transaction between a REIT and an affected person if:
(a) the transaction is in relation to:
(i) services provided in the ordinary course of estate management of an immovable of the fund (for example, renovation and maintenance work); or
(ii) engaging a property agent to provide services to the fund (for example, advisory services in transactions involving immovables); and
(b) the value of the transaction is 5% or more of the fund's gross asset value, as disclosed in its latest audited accounts.
(2) The operator must ensure that such a transaction is entered into only with the approval of the fund's independent entity.
Inserted by QFCRA RM/2016-1 (as from 19th September 2016)