COLL 4.2.10 Non-QFC Independent Entities—Annual Compliance Certificate

(1) This rule applies to the independent entity of a QFC scheme if the independent entity is not an authorised firm.
(2) Not later than 1 February in each year, the independent entity must give the operator a written certificate about its compliance with the following provisions in relation to the QFC scheme during the previous year (the reporting year):
•   rule 4.2.3 (Oversight functions of independent entity—all QFC schemes)
•   rule 4.2.6 (Property safeguarding functions of independent entity—all QFC schemes).
(3) The certificate must—
(a) name the QFC scheme; and
(b) state whether the independent entity complied fully with all relevant provisions in relation to its functions under rule 4.2.3 and rule 4.2.6 and, if it did not fully comply with all relevant provisions, the details of any material non-compliance.

Note Function is defined in the glossary.
(3A) If the QFC scheme is a property fund and the exception in rule 4.2.6 (6) (a) or (b) applies, the certificate must include a description of the immovable for which the independent entity is not responsible.
(4) In this rule:

relevant provisions means the provisions of—
(a) these rules; and
(b) any other law of the QFC applying in relation to the scheme; and
(c) the law of any other jurisdiction (if any) applying in relation to the scheme.

Note Jurisdiction is defined in the glossary.
Amended by QFCRA RM/2016-1 (as from 19th September 2016)