COLL 4.1.4 Duty of Operator to Report Certain Breaches of Law—All QFC Schemes

(1) This rule applies if—
(a) the operator of a QFC scheme becomes aware that the operator, the independent entity or any other person has breached, or suspects on reasonable grounds that the operator, the independent entity or any other person may have breached or may be about to breach, in relation to the scheme any provision of these rules, any other Rules, any other law of the QFC or the law of any other jurisdiction; and

Note Rules is defined INAP. Breach and jurisdiction are defined in the glossary.
(b) the breach has had, or is likely to have, a material adverse effect on the scheme or the interests of unitholders.
(2) The operator must tell the Regulatory Authority about the breach immediately, but within 1 business day.

Examples—meaning of 'within 1 business day'
1 If, on a business day, the operator becomes aware of the breach, the operator must tell the authority about it immediately, but on that day.
2 If, on a day that is not a business day, the operator becomes aware of the breach, the operator must tell the authority about it immediately, but by no later than the next business day.

Note Business day is defined in the glossary.
(3) The operator must give the Regulatory Authority any information about the breach that the authority reasonably requires.

Note Under GENE, Rule 4.1.3, an authorised firm must also advise the Authority of certain significant events.
Amended by QFCRA RM/2019-5 (as from 1st July 2019).