COLL 7.1.4 Valuation for Ch 7—QFC Retail Schemes

(1) For this chapter, the value at any time of the scheme property of a QFC retail scheme is its net asset value at that time calculated in accordance with division 8.2.B (Valuation and pricing—QFC retail schemes).

Note Net asset value is defined in the glossary.
(2) In valuing the scheme property for this chapter, the following provisions apply:
(a) the time at which the valuation is conducted (the relevant time) must be treated as if it were a valuation point, but the valuation and the relevant time do not count as a valuation or a valuation point for division 8.2.B;
(b) initial outlay must be regarded as remaining part of the scheme property;

Note Initial outlay is defined in the glossary.
(c) if the operator, having taken reasonable care, decides that the scheme will become entitled to any unrealised profit that has been made for a transaction in derivatives—the prospective entitlement must be regarded as part of the scheme property.

Note Derivative is defined in the glossary.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)