PRIV 4.1.1 Requirements for Operator

(1) The operator of a scheme must be an authorised firm that—
(a) is a corporation; and

Note Corporation is defined in the glossary.
(b) has an authorisation for each of the following regulated activities:
(i) operating collective investment schemes;
(ii) dealing in investments;
(iii) managing investments;
(iv) providing custody services; and

Note Authorisation, regulated activity and the regulated activities mentioned in this paragraph are defined in the glossary.
(c) is permitted under the scope of its authorisation to be the operator of the scheme, schemes of that kind or any scheme registered in the QFC; and
(d) for a CIC or CIP — is a different person from the scheme.

Note CIC and CIP are defined in r 1.2.12 and r 1.2.13 respectively.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)