COLL 6.1.1 General Duties of Operator in Relation to Investment and Borrowing—QFC Qualified Investor Schemes

(1) The operator of a QFC qualified investor scheme must ensure that the scheme property is not invested or used in breach of this chapter.

Note Breach is defined in the glossary.
(2) If the operator becomes aware of a breach of this chapter, the operator must take action to rectify the breach at its own expense.
(3) The operator must take action under subrule (2) immediately unless subrule (4) applies.
(4) If the operator believes on reasonable grounds that taking action under subrule (2) immediately would not be in the best interests of the unitholders, the operator must take the action as soon as it is in the interests of unitholders to do so.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)