PRIV 6.4.3 Retirement of Operator

(1) The operator of a scheme is entitled to retire as operator in favour of another person if—
(a) the operator appoints the other person as operator and assigns all its rights and functions as operator to the person; and
(b) the person is eligible to be the operator of the scheme under rule 4.1.1 (Requirements for operator).
(2) On the appointment of the person taking effect, the former operator—
(a) is released from all further obligations under these rules and the constitutional document; and

Note Constitutional document is defined in r 3.1.1.
(b) may keep any consideration paid to it in relation to the change without having to account for it to any unitholder.
(3) Subrule (2) (a) does not affect the rights of any person in relation to an act or omission by the former operator before its retirement.
(4) On the retirement of the operator, the replacement operator must immediately, but within 1 business day after the day the replacement operator's appointment takes effect, tell the Regulatory Authority about the retirement and the appointment.


See examples to rule 4.1.4 (2) on the meaning of 'within 1 business day'.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)