PRIV 4.1.3 Functions of Operator Generally

(1) The operator of a scheme is responsible for managing the scheme, including all the scheme property.

Note Scheme property is defined in r 1.2.3.
(2) Without limiting subrule (1), the operator of a scheme must—
(a) ensure that decisions about investments and borrowings by the scheme are made in accordance with the scheme's investment objectives, strategies and policy as stated in the constitutional document and latest filed prospectus; and

Note Borrowing and latest filed prospectus are defined in the glossary. Constitutional document is defined in r 3.1.1.
(b) value the scheme property in accordance with these rules; and
(c) calculate the scheme's net asset value, and net asset value per unit, in accordance with these rules; and

Note Net asset value and net asset value per unit are defined in the glossary.
(d) if the scheme is an open-ended scheme — calculate the price of units for issue and redemption in accordance with these rules; and

Note Open-ended scheme is defined in r 1.2.7 (1).
(e) ensure the scheme property is—
(i) clearly identified as scheme property; and
(ii) held separately from the operator's own property, and the property of any other scheme.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)