Qatar Financial Centre Regulatory Authority



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Form Q18A

Application for registration of a collective investment scheme under COLL

|Operator name | |      |

|Operator QFC number | |      |

|Proposed scheme name | |      |

| | | |

|Date application made | |      |

|Please submit this form to: | | |

|QFC Regulatory Authority | | |

|Regulatory Services | | |

|Level 14, QFC Tower | | |

|PO Box 22989 | | |

|Doha, Qatar | | |

|Tel: +974 4495 6888 | | |

|Fax: +974 4483 5031 | | |

|Email: rs@ | | |

| | |For Regulatory Authority Use |

| |Reference No: | |

| |Date received: | |

| |Received by: | |

Background

The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar as a leading location for international finance and business designed to attract international banking, financial services, insurance businesses, scheme management, corporate head office functions, as well as other business.

Overview of the Collective Investment Schemes application process

A collective investment scheme cannot be operated or established in the QFC unless the scheme is registered with the Qatar Financial Centre Regulatory Authority (the Regulatory Authority). If the collective investment scheme is a collective investment company (CIC) or collective investment partnership (CIP), the scheme must in addition to registration with the Regulatory Authority be:

▪ incorporated or registered with the Companies Registration Office (CRO); and

▪ licensed to operate in the QFC by the QFC Authority as a licensed firm.

The Regulatory Authority will register schemes that are retail schemes or qualified investor schemes under the Collective Investment Schemes Rules 2010 (COLL) or a private placement scheme that is a qualified investor scheme under the Private Placement Schemes Rules 2010 (PRIV). The regulatory requirements vary depending on the category of scheme registered.

This form will also enable the licensing of a scheme operating under the COLL rules with the QFC Authority. For a CIC or a CIP, in addition to this form, the appropriate CRO form must also be completed and filed. (The CRO form is available on the QFCRA website as part of the scheme registration application pack).

Who should complete this form?

Form Q18A, (Application for registration of a collective investment scheme under COLL) should be completed by an operator or proposed operator seeking to register a collective investment scheme with the Regulatory Authority under COLL.

An operator seeking to register a collective investment scheme under PRIV should use form Q18B, which is available from the Regulatory Authority’s website.

Authorised firms or applicants wishing to apply for authorisation to conduct regulated activities in relation to QFC schemes and / or non-QFC schemes (including operating a collective investment scheme, managing investments, dealing in investments, advising and arranging investments, providing custody services or providing scheme administration) should complete either Form Q02 (application for regulated activities) as an applicant or Form Q13 (application by an authorised firm to vary the scope or withdraw authorisation).

Defined terms used in this form

Many of the terms used in this form are defined in the Glossary of the Collective Investment Schemes Rules 2010 (COLL). This form also uses certain terms that are defined in the Glossary of the Interpretation and Application Rulebook (INAP). Defined terms are identified throughout this form by the italicisation of the term.

Where can I find guidance on the registration process?

It is important that you also read the Notes for completing forms Q18A and Q18B which provides an overview of the registration process and notes on completing particular questions. The availability of notes for a particular question is indicated in the question itself by the words ‘(see notes)’.

Documents to accompany this form

The following documents must be filed with form Q18A:

▪ constitutional document of the collective investment scheme;

▪ checklist accompanying the constitutional document (as required under COLL rule 3.1.4);

▪ the prospectus;

▪ checklist accompanying the prospectus (as required under COLL rule 5.2.5);

▪ any translation of the prospectus and a certificate by the person who made the translation (as required under COLL rule 5.2.5(3);

▪ document governing the arrangement between the operator and the independent entity; and

▪ where the independent entity will be located outside the QFC, the operator’s written certification on the due diligence it has performed on the independent entity (as required under COLL rule 4.2.1(1)(b)(ii)).

Completing this form

▪ It is important that you use the document Notes for completing forms Q18A and Q18B when completing this form.

▪ All questions must be answered in full and abbreviations avoided.

▪ Dates must be provided in the following format: dd/mm/yyyy.

▪ Answers and all supporting documents must be in English or accompanied by a translation into English. (It is the applicant’s responsibility to ensure the accuracy of any translation and you may wish to consider certification by a professional translator.)

▪ Answers must be typewritten and any additional pages may be used if necessary. Please make sure that attachments are clearly labelled and securely attached.

▪ Every section of the form should be completed. If any question is not relevant, please state “not applicable” and, if appropriate give brief reasons. If this is not done, the application may be treated as incomplete.

▪ The completed form should be signed by 2 authorised signatories of the operator.

Submitting this form

The completed form Q18A should be submitted to the Regulatory Authority. The Regulatory Authority will invoice you for the relevant application fee. Details of fees can be found in part 11.2 of the COLL rules.

How will information provided in this form be used?

Information provided in or with forms submitted to the Regulatory Authority will be used to establish and update registers and databases kept by the Regulatory Authority, the QFC Authority and the CRO in exercising their respective functions.

Information provided in or with forms submitted to the Regulatory Authority may be shared between the Regulatory Authority, the QFC Authority and the CRO under arrangements between them.

Table of contents

1. Declaration and Consent 6

2. Operator 7

3. The Independent Entity 8

4. The Collective Investment Scheme 9

5. Appendix A – Non QFC Independent Entities 14

6. Checklist for attachments 15

1. Declaration and consent

1.1 Declaration of authorised signatories (see notes)

I declare that:

• I have the authority to make this application on behalf of the operator for the collective investment scheme; and

• all the information given in this application form (including any attachments) is, to the best of my knowledge and belief and after having made all reasonable inquiries, true and complete; and

• if, at any time after making this declaration, I become aware of a material change in any information given in this application form (including any attachments) that is reasonably likely to be relevant to the Regulatory Authority’s assessment of this application, I will inform the Regulatory Authority in writing about the change without delay.

1.2 Consent of authorised signatories

I acknowledge that it may be necessary for the Regulatory Authority to obtain information from other regulators, law enforcement agencies or other persons (whether in Qatar or elsewhere) to properly consider and decide this application. Accordingly, I consent to the Regulatory Authority obtaining any information from third parties that the Regulatory Authority considers is necessary for the purpose of considering and deciding this application.

All personal data provided to the Regulatory Authority will be processed in accordance with the QFC’s Data Protection Regulations 2005.

IMPORTANT

It is a contravention of the QFC’s Financial Services Regulations to knowingly or recklessly give false or misleading information to the Regulatory Authority.

Name and position of authorised signatory 1

     

Signature

Date

     

Name and position of authorised signatory 2

     

Signature

Date

     

Operator

Operator details

1 Name of operator (see notes)

     

3 Name of main contact for the operator for this application (This is the person the Regulatory Authority will contact about the application.)

     

5 Job title of main contact

     

7 Office address of main contact

     

9 Telephone, fax and email address of main contact

     

11 Preferred method of contact for main contact

     

2. The Independent Entity

(see notes)

This section should be completed to provide information on the proposed independent entity for the collective investment scheme.

12 Full name of the proposed independent entity for the collective investment scheme.

     

13 Is the proposed independent entity an authorised firm?

Yes

No

If Yes, please provide the QFC number and confirmation that the proposed independent entity meets the requirements under COLL rule 4.2.1(b), to be the independent entity of the scheme. If No, please also complete Appendix A.

     

16 Does the proposed independent entity have any associations and/or links to the scheme’s proposed operator and, if the scheme is a CIC or CIP, the scheme’s directors and members? (see notes)

Yes

No

     

If Yes, please explain the nature of the association and provide details of any controls intended to mitigate potential conflicts of interest.

3. Collective Investment Scheme

These questions relate to the collective investment scheme named on the front of this form.

General

17 Full name of the collective investment scheme to be registered with the Regulatory Authority. (see notes)

     

19 Confirm how the proposed name of the collective investment scheme meets the requirements of COLL rule 8.9 (see notes)

     

20 Provide detail of the characteristics of the proposed collective investment scheme including details of the investment objectives and the operator’s policy for achieving those objectives.

     

21 What is the proposed legal structure of the collective investment scheme? (see notes)

Collective investment company (CIC)

Collective Investment limited partnership (CIP)

Collective Investment trust

Another permitted scheme entity (provide details)

     

22 If the proposed legal structure of the scheme is a CIC or CIP, provide the address of its proposed registered office.

     

23 If the proposed legal structure of the scheme is a CIC, provide details of the other proposed directors of the CIC.

|Full Name |Address and Date of Birth |

|      |      |

|      |      |

24 Proposed category of collective investment scheme (see notes)

1. Registered retail scheme

If a registered retail scheme, is the scheme a UCITS-type scheme?

Yes

No

OR

2. Registered qualified investor scheme

Subschemes

25 Will the collective investment scheme be an umbrella scheme? (see notes) If Yes, provide details of the subschemes.

Yes

No

|Subscheme name |Details of subscheme |

| |(objectives, characteristics of subscheme) |

|      |      |

Share Classes

28 Will the collective investment scheme operate more than one share class? If Yes, provide details

Yes

No

|Share class name |Details & Characteristics of and rights attributable to share |

| |class |

|      |      |

Initial Offer / Duration

30 What is the proposed launch date of the collective investment scheme?

     

31 If applicable, provide details of any initial offer including the initial price of units, the length of the initial offer and how the initial offer will end.

     

33 Is the duration of the collective investment scheme limited? If Yes, provide details including the length or terms of the duration.

Yes

No

     

Outsourcing and use of third party providers

34 Provide details of any investment manager(s) that will undertake functions for the collective investment scheme. (see notes)

     

35 Provide details of any scheme administrator(s) that will undertake functions for the collective investment scheme. (see notes)

     

37 Are any other functions outsourced to a third party provider? If Yes, please provide details below and attach a copy of the outsourcing agreement or service level agreement (see notes)

Yes

No

     

Auditor and Accounts (see notes)

38 Name of audit firm

     

40 Address of audit firm

     

42 Name of the partner / official? responsible for the audit relationship for the collective investment scheme

     

43 Telephone, fax number and email address of audit partner

     

44 Date of appointment of auditor

     

46 Is the auditor an QFC approved auditor?

Yes

No

47 Is the auditor of the collective investment scheme also the auditor for the operator? If Yes, describe how any actual or potential conflicts of interest will be managed.

Yes

No

     

48 Has the operator received the letter of engagement for the auditor of the collective investment scheme? If Yes, please attach, if No, provide details of when it will be submitted to the Regulatory Authority.

Yes

No

     

50 What will the accounting reference date of the collective investment scheme be?

     

51 Which accounting standards will be used to prepare the financial accounts and statements of the collective investment scheme? (see notes)

US GAAP AAOIFI FAS14

UK GAAP IFRS

If UK GAAP or IFRS will be used, will the accounting standards be supplemented by the UK Investment Management Association’s Statement of Recommended Practice?

Yes

No

Systems and Controls

52 Has the operator previously submitted the operator’s systems, controls and procedures, which ensure that the provisions of COLL will be complied with in relation to the collective investment scheme? If No, these must be submitted with this application. (see notes)

     

Yes If Yes, confirm the date submitted:

No

Standing Independent Valuer

53 If the scheme property will include immovables, please provide details of the name, address and experience of the standing independent valuer. (see notes)

     

Islamic Funds

If the constitutional document of the collective investment scheme states that the scheme will be an Islamic fund and consequently the entire operation of the scheme will be conducted in accordance with Shari’a, questions 4.28-4.30 must be answered.

55 State the names of the Shari’a supervisory board members, and the grounds on which the operator considers the members competent to advise on the scheme.

     

56 Has the Shari’a supervisory board approved the constitutional document and prospectus of the collective investment scheme?

     

58 Describe the operator’s systems and controls to ensure that its management of the Islamic fund and scheme property is Shari’a compliant.

     

Q18A Appendix A

This section must be completed where the proposed independent entity is a non-QFC firm under question 3.2. (see notes)

     

60 Registered address and company registration number of the proposed independent entity.

61 Provide details and documentary evidence, demonstrating that the operator has undertaken the required due diligence in assessing the appropriateness and effectiveness of the independent entity (including consideration of each of the matters described in COLL rule 4.2.1 (2)). Please attach the certification on the independent entity and the documentation demonstrating the due diligence.

     

62 Describe how the operator will continue to monitor the independent entity’s ability to carry out its functions under COLL rule 4.2.6 (property safekeeping functions of independent entity).

     

64 What documentation or agreement will govern the relationship between the operator and the proposed independent entity? Please provide a copy of the agreement.

     

Q18 A Checklist for attachments

(see notes)

|Documents – the collective investment scheme |Included |

|Constitutional document. | |

|Checklist accompanying the constitutional document. | |

|Prospectus. | |

|Checklist accompanying the prospectus. | |

|If applicable, any translation of the prospectus. | |

|If applicable, certificate of translation of prospectus. | |

|Auditors letter of engagement. | |

|Other documents |Included |

|If the independent entity will be outside the QFC, the operator’s written certification on the independent | |

|entity including documentary evidence of the due diligence and assessment (as required under COLL rule | |

|4.2.1(1)(b)(ii)). | |

|If the operator has outsourced any function to a third party provider, copies of the service level | |

|agreement or outsourcing arrangement. | |

|If not already submitted to the Regulatory Authority, copies of the operator’s compliance or operational | |

|manuals which demonstrate compliance with COLL. | |

|Document governing the arrangement between the operator and the independent entity. | |

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