COLL 4.2.12 Non-QFC Independent Entities—Removal by Operators

(1) This rule applies in relation to the independent entity of a QFC scheme if—
(a) the independent entity is not an authorised firm; and
(b) the operator considers that the independent entity is not, or is no longer, an appropriate person to be the independent entity of the scheme.
(2) In making a decision for subrule (1) (b), the operator must consider the matters mentioned in rule 4.2.1 (2) (a) to (h) (Requirements for independent entity—all QFC schemes).
(3) Subrule (2) does not limit the matters the operator may consider.
(4) If this rule applies, the operator must—
(a) by written notice given to the independent entity, remove the independent entity; and
(b) appoint another person as the independent entity of the scheme.
(5) The person appointed must be eligible to be the independent entity of the scheme under rule 4.2.1.
(6) If the independent entity is removed under this rule, the operator must tell the Regulatory Authority about the removal immediately, but within 1 business day after the day the independent entity is removed.
(7) If another person is appointed as the independent entity under this rule, the operator must tell the Regulatory Authority about the appointment immediately, but within 1 business day after the day the appointment is made.

Examples for r (6) and r (7)

See examples to rule 4.1.4 (2) on the meaning of 'within 1 business day'.
(8) This rule is additional to, and does not limit, part 8.4 (Operator and independent entity appointment and removal—QFC schemes).
Derived from QFCRA RM/2010-05 (as from 1st January 2011)