Financial Markets Conduct Regulations 2014

Schedule 27 Part A information for registration as passport fund

rr 63B, 82B

Schedule 27: inserted, on 14 June 2019, by regulation 17 of the Financial Markets Conduct (Asia Region Funds Passport) Amendment Regulations 2019 (LI 2019/101).

1

The Part A information for registration of a scheme as a passport fund is—

(a)

the following information about the scheme:

(i)

the name of the scheme:

(ii)

details of the scheme (including its legal structure and its type):

(iii)

particulars about permitted investments, restrictions on portfolio allocation, limits on exposures, and other restrictions that show how Parts 6 and 7 of the passport rules are and will be complied with:

(iv)

particulars about the offer of interests in the scheme in the home economy that show how section 17 of the passport rules is and will be complied with:

(v)

particulars about fees that show how section 47 of the passport rules is and will be complied with:

(vi)

the name and contact details of the auditor as referred to in section 16(5) of the passport rules (together with the name and contact details of the auditor’s firm or business):

(vii)

information about whether and how the governing documents have been updated to reflect the passport rules (including updates to ensure that the documents comply with section 4 of the passport rules):

(b)

the following information about the manager of the scheme:

(i)

the name of the manager and its business name:

(ii)

the address of the manager’s registered office and of its principal place of business:

(iii)

the manager’s contact details:

(c)

information that shows that the manager of the scheme is an eligible entity under section 3(4) of Annex 2 of the memorandum of cooperation, including information to show that the manager—

(i)

complies with section 3(4)(a) and (5) of Annex 2 of the memorandum of cooperation (which relates to total asset value under management); and

(ii)

has officers with the relevant qualifications within the meaning of section 6 of the passport rules; and

(iii)

meets the financial resources test under section 7 of the passport rules; and

(iv)

meets the organisational arrangements test under section 8 of the passport rules; and

(v)

meets the track record test under section 9 of the passport rules:

(d)

information about the delegation of functions by the manager that show how section 11 of the passport rules is and will be complied with, including—

(i)

information about the functions that have been delegated or subdelegated to another entity (if any); and

(ii)

the name and jurisdiction of an entity if investment management functions relating to more than 20% of the value of the scheme property have been delegated or sub-delegated to that entity:

(e)

the following information about certain other relevant parties:

(i)

the name and contact details in the home economy and in the host economy (if any) of each distributor that is acting in relation to the offer as referred to in section 2(2) and (3) of Annex 1 of the memorandum of cooperation:

(ii)

the name and contact details of each person who has custody of scheme property as required by section 13 of the passport rules:

(iii)

the name and contact details of the supervisor:

(iv)

the name and contact details of the person that will conduct the annual implementation review under section 15 of the passport rules.

2

Clause 1 does not limit regulation 82B(2)(d).

3

In this schedule,—

contact details means an address and a telephone number

home economy has the same meaning as in regulation 3 of the Financial Markets Conduct (Asia Region Funds Passport) Regulations 2019.

4

See section 3(2)(a) of Annex 2 of the memorandum of cooperation (which relates to the Part A information set out in this schedule).

Michael Webster,
Clerk of the Executive Council.