COLL 4.1.1 Requirements for Operator—All QFC schemes

(1) The operator of a QFC scheme must be an authorised firm that—
(a) is a corporation; and

Note Corporation is defined in the glossary.
(b) has an authorisation for each of the following regulated activities:
(i) operating collective investment schemes;
(ii) dealing in investments;
(iii) managing investments; and

Note Authorisation, regulated activity and the regulated activities mentioned in this paragraph are defined in the glossary.
(c) is permitted under the scope of its authorisation to be the operator of the scheme, QFC schemes of that kind or any scheme registered in the QFC; and
(d) is a different person from the independent entity; and
(e) for a CIC or CIP—is a different person from the scheme; and

Note CIC and CIP are defined in r 1.3.7 and r 1.3.8 respectively.
(f) is independent of—
(i) the independent entity; and
(ii) if the scheme is a CIC or CIP—the scheme; and
(iii) a member (however described) of the governing body of the independent entity or, for a CIC or CIP, the scheme.

Note Governing body is defined in the glossary.
(2) Without limiting subrule (1) (f), the operator is not independent of another person if—
(a) the operator has at any time during the last 2 years been involved in material business dealings with the person (otherwise than in the exercise of their respective functions as the holders of positions in relation to any scheme); or
(b) the person has a material interest in the operator or the operator has a material interest in the person.

Note Function is defined in the glossary.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)