PRIV 6.3.2 Transfer of Units by Act of Parties

(1) Every unitholder of a scheme is entitled to transfer units entered in the unitholder register in the unitholder's name by an instrument of transfer in any form that the operator approves, but the operator is under no duty to accept the transfer unless it is permitted by the constitutional document and the latest filed prospectus.

Note Constitutional document is defined in r 3.1.1. Latest filed prospectus is defined in the glossary.
(2) However, the operator must not accept the transfer of units entered in the unitholder register unless the transferee is a qualified investor for the scheme.

Note Qualified investor, for a scheme, is defined in r 1.2.10 (2).
(3) Every instrument of transfer of units in a scheme must be signed by, or on behalf of, the unitholder transferring the units (or, if the unitholder is a corporation, may be signed by 2 members of its governing body on behalf of the corporation).

Note Corporation and governing body are defined in the glossary.
(4) The transferor must be treated as the unitholder until the transferee's name is entered in the unitholder register.
(5) Every instrument of transfer must be left for registration with the operator accompanied by—
(a) any document required by the law applying in the QFC; and
(b) any other evidence reasonably required by the operator.
(6) The operator must keep an instrument of transfer for at least 6 years after the day it is registered.
(7) On registration of an instrument of transfer, a record of the transferor, the transferee and the date of transfer must be made in the unitholder register.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)