COLL 4.1.3 Functions of Operator Generally—All QFC Schemes

(1) The operator of a QFC scheme is responsible for managing the scheme, including all the scheme property.

Note Scheme property is defined in r 1.2.3.
(2) Without limiting subrule (1), the operator of a QFC scheme must—
(a) ensure that decisions about investments and borrowings by the scheme are made in accordance with the scheme's investment objectives, strategies and policy as stated in the constitutional document and latest filed prospectus; and

Note Borrowing and latest filed prospectus are defined in the glossary. Constitutional document is defined in r 3.1.1
(b) value the scheme property in accordance with these rules; and
(c) calculate the scheme's net asset value, net asset value per unit, and the price of units for issue and redemption, in accordance with these rules; and

Note Net asset value and net asset value per unit are defined in the glossary.
(d) ensure the scheme property is—
(i) clearly identified as scheme property; and
(ii) held separately from the operator's own property, and the property of any other scheme; and
(e) give the independent entity instructions about the exercise of rights in relation to the scheme property; and
(f) not acquire or dispose of immovables without first giving the independent entity written notice of the acquisition or disposal.

Note The operator also has functions in relation to the scheme under a number of other provisions of these rules eg see pt 8.2 (Valuation and pricing—QFC schemes).
Amended by QFCRA RM/2016-1 (as from 19th September 2016)