COLL 8.1.17 Issue and Redemption Generally—QFC Retail Schemes

(1) The operator of a QFC retail scheme must, at all times during a dealing day, be willing to issue units on behalf of the scheme to any person in accordance with any conditions stated in the constitutional document and the latest filed prospectus, unless the operator has reasonable grounds to refuse the issue.

Note Dealing day, issue and latest filed prospectus are defined in the glossary. Constitutional document is defined in r 3.1.1.
(2) Conditions mentioned in subrule (1) must be fair and reasonable as between all unitholders and potential unitholders.
(3) The operator of a QFC retail scheme must, at all times during a dealing day, be willing to redeem on behalf of the scheme units of a unitholder, unless the operator has reasonable grounds to refuse the redemption.

Note Redemption is defined in the glossary.
(4) Subject to rule 8.1.21 (Deferred redemption—QFC retail schemes), the operator of a QFC retail scheme must issue or redeem units at a price calculated at the next valuation point for dealing purposes after the operator receives instructions to issue or redeem the units.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)