COLL 8.3.1 Unitholder Register Requirements—All QFC Schemes

(1) The operator of a QFC scheme must ensure that the unitholder register includes—
(a) the name and address of each person (a relevant person) who is or has been a unitholder (for joint unitholders, no more than 4 persons need to be included); and
(b) the number or percentage of units (including fractions of a unit) in each class held by each relevant person; and
(c) the date each relevant person was registered for the units in the person's name and, if relevant, ceased to be registered for the units in the person's name; and
(d) the number or percentage of units in each class currently in issue.

Note 1 Unitholder register is defined in the glossary. Unitholder and unit are defined in r 1.2.5 and r 1.2.4 respectively.

Note 2 For the operator's obligation to keep the register, see r 4.1.6.
(2) The operator must not enter notice of any trust (whether express, implied or constructive) on the register.
(3) The operator and independent entity are not bound by notice of any trust.
(4) The operator and independent entity must rely on the unitholder register as conclusive evidence of the persons entitled to the units entered on it, unless the units are listed units.

Note Under rule 4.1.6 (3), the records (held in the QCSD or in the relevant exchange's registry or system) of transfers or titles to units in the scheme are taken to be the definitive unitholder register and a record in that registry or system is conclusive evidence of title to a listed unit.
(5) The operator must take all reasonable steps to ensure that the information on the register is at all times complete and up to date.
(6) Without limiting subrule (5), the operator must do the following in relation to the register:
(a) take reasonable steps to update the register on receiving written notice of a change of name or address of a unitholder;
(b) ensure that the register, or a copy of the register, is available for inspection in the QFC during ordinary business hours by or on behalf of any unitholder, the Regulatory Authority, the independent entity or the auditor of the scheme;
(c) on request by or on behalf of any unitholder, give the unitholder a copy of the register entries relating to the unitholder free of charge;
(d) after consultation with the independent entity, carry out the conversion of units allowed under rule 8.3.4 (Conversion of units—all QFC schemes).
(7) However, subrule (6) (b) does not prevent the operator from closing the register for periods of not longer than 30 business days in any year.

Note Business day and year are defined in the glossary.
(8) If the operator receives written notice of a change of name of a unitholder and a certificate has been issued for the unitholder's units, the operator must also either endorse the existing certificate or issue an updated one.
Amended by QFCRA RM/2016-1 (as from 19th September 2016)