COLL 5.6.13 Operator's Reports—QFC Retail Schemes

A report of the operator of a QFC retail scheme must include the following:

(a) the names and addresses of the following:
(i) the operator;
(ii) the independent entity;
(iii) any investment adviser;
(iv) the auditor;
(b) for a CIC—the names of the directors of the CIC;
(c) for a CIP—the name of the general partner of the CIP;
(d) a statement that the scheme is registered under these rules;
(e) a statement that the unitholders are not liable for—
(i) the debts or other liabilities of the scheme; or
(ii) acts or omissions of the operator or independent entity;
(f) the scheme's investment objectives, strategies and policy;
(g) a review of the investment activities during the period to which the report relates;
(h) particulars of any change or event in relation to the scheme during the period that is a fundamental change under rule 5.4.2 (Fundamental changes requiring prior approval by unitholder meeting—QFC retail schemes);
(i) particulars of any change or event in relation to the scheme during the period that is a significant change under rule 5.4.3 (Significant changes requiring pre-event notification—QFC retail schemes), if the change or event affects the unitholders' ability to make an informed judgment on the activities of the scheme (or subscheme);
(j) for a scheme that invests a substantial part of the scheme property in other schemes—a statement of the maximum proportion of management fees charged to the scheme itself and to other schemes in which it invests;
(k) any other information that would enable unitholders to make an informed judgment on the development of the scheme's activities during the period and the results of the schemes activities as at the end of that period;
(l) for a report on an umbrella scheme prepared in accordance with rule 5.6.11 (2) (Contents of annual long reports—QFC retail schemes) or rule 5.6.12 (2) (Contents of half-yearly long reports—QFC retail schemes)—
(i) for a CIC—a statement to the effect that, as a subscheme is not a legal entity, if the assets attributable to any subscheme were insufficient to meet the liabilities attributable to it, the shortfall might have to be met out of the assets attributable to 1 or more other subschemes of the CIC; and
(ii) for each subscheme—the information mentioned in paragraphs (a) to (j) if it would differ from the information given for the umbrella scheme as a whole;
(m) for a report on an individual subscheme of an umbrella scheme prepared in accordance with rule 5.6.11 (3) or rule 5.6.12 (3)—
(i) for a CIC—a statement corresponding to that required by paragraph (l) (i) making it clear that, if the liability relates to another subscheme of the umbrella scheme, the shortfall (or any part of it) might have to be met out of the assets of the subscheme to which the report relates; and
(ii) a statement that the latest long report prepared for the scheme as a whole is available on request.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)