Professional Investors Fund Rules 2022 (PROF)

Professional Investors Fund Rules 2022 (PROF)
PROF Chapter 1:
General
PROF Part 1.1 Introductory
PROF Part 1.2 Concepts about professional investor funds
PROF Chapter 2:
Key concepts
PROF Part 2.1 Investors
PROF Part 2.2 Conduct by fund managers
PROF Part 2.3 Conduct by authorised firms
PROF Chapter 3:
Fund managers
PROF Part 3.1 Fund managers — general
PROF Part 3.2 QFC fund managers
PROF Part 3.3 State fund managers
PROF Part 3.4 Changing fund managers
PROF Part 3.5 Key personnel for QFC fund managers of professional investor funds
PROF Chapter 4:
Registration process
PROF 4.1.1 Application for registration
PROF 4.1.2 Decision on application for registration
PROF 4.1.3 Variation of conditions, restrictions or requirements
PROF Chapter 5:
Fund documents
PROF Part 5.1 Constitutional documents
PROF Part 5.2 Offer documents
PROF Part 5.3 General provisions applying to fund documents
PROF Chapter 6:
Units
PROF Part 6.1 Key concepts
PROF Part 6.2 Unit administration
PROF Part 6.3 Register of fund investors
PROF Part 6.4 Issue and redemption of units
PROF Chapter 7:
Operating professional investor funds
PROF Part 7.1 Conducting transactions
PROF Part 7.2 Protecting professional investor funds
PROF Part 7.3 Valuing and pricing
PROF Part 7.4 Dilution
PROF Part 7.5 Avoiding conflicts of interest
PROF Part 7.6 Suspension
PROF Part 7.7 Winding up
PROF Part 7.8 Business transfer schemes
PROF Chapter 8:
Records, accounts and reports
PROF Part 8.1 Key concepts
PROF Part 8.2 Records
PROF Part 8.3 Reports
PROF Part 8.4 Accounts
PROF Part 8.5 Fund managers’ reports
PROF Part 8.6 Audit
PROF Chapter 9:
Islamic funds
PROF 9.1.1 Islamic fund
PROF 9.1.2 Islamic fund must have Shari’a supervisory board
PROF Chapter 10:
Fees
PROF 10.1.1 Fees
PROF 10.1.2 Annual fees
PROF 10.1.3 Waiver, reduction and refund of fees
PROF Chapter 11:
Other provisions
PROF 11.1.1 Restitution orders for breach of relevant requirement
PROF 11.1.2 Requirement for notices
PROF 11.1.3 CDRS — fund investors for exempt professional investor funds not eligible to apply to Independent Adjudicator
PROF Schedule 1:
Constitutional document content
PROF S1.1 Name of professional investor fund
PROF S1.2 Information about professional investor fund
PROF S1.3 Islamic funds
PROF S1.4 Investment objectives and policy
PROF S1.5 Duration of limited funds
PROF S1.6 Statements of no liability for fund investors
PROF S1.7 Fees, charges and other expenses of fund
PROF S1.8 Classes of units
PROF S1.9 Income and capital distribution
PROF S1.10 Investment and borrowing restrictions
PROF S1.11 Management of borrowing risks
PROF S1.12 Valuation and pricing
PROF S1.13 Base currency
PROF S1.14 Functions of fund manager
PROF S1.15 Meetings
PROF S1.16 Other statements and provisions for professional investor funds that are companies
PROF S1.17 Other statements and provisions for professional investor funds that are partnerships
PROF S1.18 Assets other than cash for issue or redemption
PROF S1.19 Suspension and winding-up
PROF S1.20 Amendment of constitutional document
PROF S1.21 Documents evidencing title to units
PROF S1.22 Limits on unit issue and redemption
PROF S1.23 Conflicts of interest with affected persons
PROF S1.24 Fundamental and significant changes
PROF S1.25 Other relevant matters
PROF Schedule 2:
Offer document content
PROF S2.1 Contents of offer document
PROF S2.2 Mandatory statement about offer document
PROF S2.3 Fund directors and management
PROF S2.4 Details of entities involved with fund’s affairs
PROF S2.5 Document status
PROF S2.6 Additional information
PROF Schedule 3:
Form of certified professional investor declaration
PROF Glossary