PRIV 1.1.4 What is a Private Placement Scheme?

(1) A collective investment scheme (or scheme) is a private placement scheme if—
(a) it is established in the QFC; and
(b) it is registered under these rules as a private placement scheme; and
(c) the number of unitholders does not at any time exceed 100.

Note 1 Collective investment scheme (or scheme) is defined in r 1.2.1.

Note 2 Unitholder is defined in r 1.2.5.
(2) For this rule and the constitutional document of a scheme, in working out the number of unitholders that the scheme has at any time—
(a) joint holders of a unit count as a single unitholder; and
(b) a unit held on trust for a beneficiary is taken to be held by the beneficiary (rather than the trustee) if—
(i) the beneficiary is presently entitled to a share of—
(A) the trust estate; or
(B) the income of the trust estate; or
(ii) the beneficiary is, whether separately or together with other beneficiaries, in a position to control the trustee.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)