COLL 4.2.5 Particular Duties of Independent Entity—All QFC Schemes

The independent entity of a QFC scheme must—

(a) act honestly; and
(b) exercise the degree of care and diligence that a reasonable person would exercise in the independent entity's position; and
(c) be independent of the operator; and
(d) act as independent entity solely in the interests of the unitholders; and
(e) treat unitholders who hold units in the same class equally and unitholders who hold units in different classes fairly; and

Note Class is defined in the glossary.
(f) not make improper use of information acquired as a result of being the independent entity—
(i) to gain, directly or indirectly, a personal advantage or an advantage for another person; or
(ii) to cause detriment to the unitholders; and
(g) not make improper use of the position of independent entity—
(i) to gain, directly or indirectly, a personal advantage or an advantage for another person; or
(ii) to cause detriment to the unitholders.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)