COLL 8.1.3 How Units are Issued and Redeemed Etc—QFC Qualified Investor Schemes

(1) Units in a QFC qualified investor scheme are issued or redeemed on behalf of the scheme by the operator making a record of—
(a) the issue or redemption; and
(b) the number or percentage of the units in each class that are issued or redeemed.

Note Issue, redemption and class are defined in the glossary.
(2) Units in a QFC qualified investor scheme cannot be issued or redeemed in any other way.
(3) The time of an issue or redemption under subrule (1) is the time the record is made.
(4) The operator of a QFC qualified investor scheme may arrange for the independent entity to issue or redeem units on behalf of the scheme if the operator would otherwise be obliged to issue or redeem the units on behalf of the scheme.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)