COLL 5.1.2 Transactions with Affected Persons—General Rule for All QFC Schemes

(1) This rule applies to a transaction by the operator of a QFC scheme in relation to the scheme property if the transaction is with an affected person.
(2) The operator must ensure that the transaction—
(a) is on terms at least as favourable to the scheme as any comparable transaction on normal commercial terms negotiated at arm's length with an independent third party; and
(b) does not breach any other provision of this part; and
(c) is not prohibited by the constitutional document or the latest filed prospectus.

Note Constitutional document is defined in r 3.1.1. Breach and latest filed prospectus are defined in the glossary.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)