COLL 8.3.2 Transfer of Units by Act of Parties—All QFC Schemes

(1) Every unitholder of a QFC scheme is entitled to transfer units entered in the unitholder register in the unitholder's name by an instrument of transfer in any form that the operator approves, but the operator is under no duty to accept the transfer unless it is permitted by the constitutional document and the latest filed prospectus.

Note Constitutional document is defined in r 3.1.1. Latest filed prospectus is defined in the glossary.
(2) However, the operator of a QFC qualified investor scheme must not accept the transfer of units entered in the unitholder register unless the transferee is a qualified investor for the scheme.

Note Qualified investor, for a QFC scheme, is defined in r 1.2.12 (2).
(3) Every instrument of transfer of units in a QFC scheme must be signed by, or on behalf of, the unitholder transferring the units (or, if the unitholder is a corporation, may be signed by 2 members of its governing body on behalf of the corporation).

Note Corporation and governing body are defined in the glossary.
(4) The transferor must be treated as the unitholder until the transferee's name is entered in the unitholder register.
(5) Every instrument of transfer must be left for registration with the operator accompanied by—
(a) any document required by the law applying in the QFC; and
(b) any other evidence reasonably required by the operator.
(6) The operator must keep an instrument of transfer for at least 6 years after the day it is registered.
(7) On registration of an instrument of transfer, a record of the transferor, the transferee and the date of transfer must be made in the unitholder register.
(8) Despite anything in this rule, the transfer of a listed unit may be made electronically or in any other way permitted by the rules of the exchange where it is listed (or by the regulator of that exchange). A transfer made in such a way is sufficient to transfer title to the unit.
Amended by QFCRA RM/2016-1 (as from 19th September 2016)