COLL 1.2.8 Who is the Operator?

(1) The operator of a collective investment scheme (or scheme) is the person (however described) responsible for managing the scheme, including all of the scheme property.

Note 1 Scheme property is defined in r 1.2.3.

Note 2 For a QFC scheme, this person is described in these rules as the scheme's 'operator' (see r 4.1.3 (Functions of operator generally — all QFC schemes)). For a non-QFC scheme, this person may, for example, be described as the scheme's 'manager'.

Note 3 The operator of a QFC scheme may outsource the management of all or a part of the scheme property (see pt 8.5).
(2) The law of the jurisdiction where the scheme is established is applied in deciding who is the person responsible for managing the scheme.

Note 1 Jurisdiction is defined in the glossary.

Note 2 For a QFC scheme, see pt 8.4 (Operator and independent entity appointment and removal — QFC schemes).
(3) The operator may also have other functions under the law of the jurisdiction where the scheme is established.

Note For a QFC scheme, see eg r 4.1.3 (Functions of operator generally — all QFC schemes).
Derived from QFCRA RM/2010-05 (as from 1st January 2011)