COLL 8 Operating Duties and Responsibilities—QFC Schemes
Notes for ch 8
1 This chapter provides the operating framework within which a QFC scheme must be operated on a day-to-day basis to ensure that persons are treated fairly when they become, while they remain, or as they cease to be, unitholders.
2 The operator operates the scheme on a day-to-day basis. Its operation is governed particularly by the provisions of this chapter.
3 The operator does not necessarily have to carry out all the activities it is responsible for and may outsource functions to others. This chapter sets out the parameters of any outsourcing.
4 The independent entity's duty is, generally speaking, to safeguard the scheme property and to oversee certain functions of the operator (most notably the dealing, valuation, pricing and investment functions).
|Derived from QFCRA RM/2010-05 (as from 1st January 2011)|