COLL 7.7.4 Restrictions on Lending Money—QFC Retail Schemes

(1) None of the money in the scheme property of a QFC retail scheme may be lent.

Note Money is defined in the glossary.
(2) For subrule (1), money is lent by the scheme if it is paid to a person on the basis that it must be repaid, whether or not by that person.
(3) However, for subrule (1), the following are not lending:
(a) acquiring a debt instrument;
(b) placing money on deposit or in a current account.

Note Debt instrument is defined in the glossary.
(4) This rule does not prevent a QFC retail scheme that is a CIC or CIP from—
(a) providing an officer of the scheme with funds to meet expenditure to be incurred by the officer for the purposes of—
(i) the scheme; or
(ii) to perform duties as an officer of the scheme; or
(b) doing anything to enable an officer of the scheme to avoid expenditure mentioned in paragraph (a).

Note CIC and CIP are defined in r 1.3.7 and r 1.3.8 respectively.
(5) In this rule:

officer, of a CIC or CIP, means—
(a) a member of the governing body of the CIC or CIP; or
(b) the chief executive, manager, secretary, or other similar officer, of the CIC or CIP.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)