COLL 1.2.9 Who is the Independent Entity?

(1) The independent entity of a collective investment scheme (or scheme) is the person (however described) responsible, under rule 4.2.6, for safeguarding 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 'independent entity'. For a non-QFC scheme, this person may, for example, be described as the scheme's 'depository' or 'trustee'.
(2) The law of the jurisdiction where the scheme is established is applied in deciding who is the person responsible for safeguarding the scheme property.

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 independent entity may also have other functions under the law of the jurisdiction where the scheme is established.

Note For a QFC scheme, see eg r 4.2.3 (Oversight functions of independent entity—all QFC schemes).
Amended by QFCRA RM/2016-1 (as from 19th September 2016)