COLL 5.1.4 Transactions with Affected Persons—Transactions Involving 5% or More of QFC Scheme's Net Asset Value

(1) Subject to subrule (4), this rule applies to a proposed transaction by the operator of a QFC scheme in relation to the scheme property if—
(a) the transaction is with an affected person; and
(b) the total consideration for, or value of, the transaction (or the transaction and all earlier such transactions within the last 12 months) is 5% or more of the latest net asset value of the scheme, as disclosed in the scheme's latest audited accounts.

Note Net asset value is defined in the glossary.
(2) The operator must not enter into the transaction unless the unitholders have given prior approval to the transaction at a general meeting in accordance with the constitutional document. If the scheme is a property fund, the approval may be by ordinary resolution of the unitholders.
(3) For subrule (2), the operator must give notice to unitholders of the results of the voting in relation to the approval. The notice must be given as soon as practicable after the general meeting.
(4) This rule does not apply to a REIT if the transaction is for the acquisition or sale of an immovable in Qatar and all of the conditions in rule 12.6.10 are satisfied.
Amended by QFCRA RM/2016-1 (as from 19th September 2016)