COLL 7.7.1 Cash and Near cash—QFC Retail Schemes

(1) Cash and near cash must not be retained in the scheme property of a QFC retail scheme except to the extent that its retention may reasonably be regarded as necessary to enable any of the following:
(a) the pursuit of scheme's investment objectives, strategies and policy;
(b) the redemption of units;
(c) the efficient management of the scheme in accordance with its investment objectives, strategies and policy;
(d) other purposes that may reasonably be regarded as ancillary to the scheme's investment objectives, strategies and policy.

Note Near cash and redemption are defined the glossary.
(2) However, during the period of the initial offer, the scheme property may consist of cash and near cash without any limit.

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