COLL 8.1.14 Issue and Redemption of Units in Multiple Classes—QFC Retail Schemes

(1) This rule applies to a QFC retail scheme if the scheme has 2 or more classes of units in issue.

Note Class is defined in the glossary.
(2) The operator may treat all, or any 2 or more, of the classes (the relevant classes) as a single class in deciding how many units are to be issued or redeemed by reference to a particular valuation point if—
(a) either—
(i) the relevant classes have the same entitlement to participate in the scheme property, and the same liability for charges, expenses, and other payments, that may be recovered from the scheme property; or
(ii) the relevant classes differ only as to whether income is distributed or accumulated by periodic credit to capital, and the price of the units in each class is calculated by reference to undivided shares in the scheme property; and
(b) the independent entity gives its prior agreement.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)