PRIV 10.1.1 Existing Registered Private Placement Funds

(1) This rule applies if, immediately before its commencement, an entity was registered under the Collective Investment Funds Rulebook as a qualified investor fund and was a private placement fund.
(2) The entity is taken, on the commencement of this rule, to be registered under these rules as a private placement scheme.
(3) However, if—
(a) immediately before the commencement of this rule, the entity's constitutional document and latest filed prospectus complied with the Collective Investment Funds Rulebook, after taking into account any waiver or modification in force under the Financial Services Regulations in relation to the entity; but

Note Constitutional document is defined in r 3.1.1. Latest filed prospectus is defined in the glossary
(b) after the commencement the constitutional document or latest filed prospectus (or both) do not comply with a provision of these rules;
then—
(c) the constitutional document and latest filed prospectus need not comply with the provision until 31 December 2011; and
(d) until the constitutional document and latest filed prospectus are amended, as required, to comply with the provision, the provision has effect subject to the constitutional document and latest filed prospectus.
(4) Any waiver or modification in force in relation to the entity under the Financial Services Regulations continues to apply in relation to the entity in accordance with its terms until the earlier of the following:
(a) the waiver or modification is revoked;
(b) 31 December 2011.
(5) Subrules (3) and (4) and this subrule expire on 31 December 2011.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)