COLL 8.1.16 Payment for Issued Units—QFC Retail Schemes

(1) The operator of a QFC retail scheme must not issue units in the scheme to a person unless the person has paid the independent entity the price of the units and any payments required under rule 8.2.16 (Dilution—QFC retail schemes).

Note Issue and price are defined in the glossary.
(2) Any payment made to the independent entity under this rule must be in cash or cleared funds unless rule 8.1.20 (Issue or redemption otherwise than for cash—QFC retail schemes) applies.
(3) If the operator breaches this rule, the operator must reimburse the scheme for any lost interest unless the amount involved is not, in the independent entity's opinion, material to the scheme.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)