COLL S5.2 Description of scheme etc

The following information and statements:

(a) the name of the REIT;
(b) that the REIT is a real estate investment trust and is registered as a REIT under the Collective Investment Schemes Rules 2010;
(c) the registration number given to the REIT by the Regulatory Authority;
(d) whether the REIT is a collective investment company or a collective investment trust;
(e) the exchange where the REIT is listed;
(f) the nature of the commitment that participants will enter into;
(g) details of any transactions entered into, or proposed to be entered into, with affected persons;

Note For the meaning of affected person, see rule 5.1.1.
(h) full particulars of the nature and extent of the interest (if any) of affected persons in the immovables owned, or proposed to be acquired, by the REIT;
(i) details of significant participants and the number or percentage of units held, or proposed to be held, by each of them;
(j) a statement to explain the standards according to which property valuations are made;
(k) the insurance arrangement for the REIT;
(l) a statement of any material policy regarding immovables;
(m) the percentage (at least 80%) of its audited annual net income (adjusted to exclude any fair value capital gains) that the REIT intends to distribute to unitholders;
(n) the maximum percentage of the REIT's gross asset value at any time that may consist of property-related assets that are not traded or dealt in on the markets specified in the constitutional document;
(o) the maximum percentage of the REIT's gross asset value at any time that may consist of immovables that are unoccupied and non-income-producing, or are in the course of substantial development, redevelopment or refurbishment;
(p) the maximum percentage of the REIT's gross asset value at any time that may be invested in immovables that are subject to a security interest held otherwise than by the independent entity or its nominee or delegate;
(q) if the REIT is an Islamic fund—that the REIT is an Islamic fund;
(r) that the unitholders are not liable for:
(i) the debts and other liabilities of the REIT; or
(ii) acts or omissions of the operator or independent entity;
(s) if the REIT has not started to operate—when it is expected to start to operate;
(t) if the duration of the REIT is limited—a statement to that effect, an indication of the duration and, if appropriate, of any conditions for extending the duration;
(u) the base currency of the REIT;
(v) if the REIT is a CIC—its capital structure, including the maximum and minimum sizes of its capital;
(w) if applicable, any minimum initial investment;
(x) that any notice or other document may be served on the operator or independent entity at its registered address in the QFC or, if the independent entity is not an authorised firm, at its address for service;
(y) the circumstances in which the REIT may be wound up, and a summary of the procedure for, and the rights of the unitholders under, a winding-up;
(z) the governing law for the REIT.
Inserted by QFCRA RM/2016-1 (as from 19th September 2016)