• CIPR Part 5.4 CIPR Part 5.4 Packaged investment products — key information document

    Note
    This Part applies to an investment intermediary (including an investment manager, bank or insurer that is acting as an investment intermediary) that carries on business in or from the QFC — see rule 5.1.1 (3).

    Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 5.4.1 Key information documents to be prepared

      An authorised firm must prepare a key information document:

      (a) for each packaged investment product that it produces for sale to retail customers; and
      (b) for each packaged investment product not produced by the firm that it sells or offers to sell to a retail customer.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 5.4.2 Key information documents to be given to retail customers

      (1) An authorised firm (the selling firm) must not sell, nor arrange for the sale of, nor give advice on, a packaged investment product to a retail customer unless it has given the customer (in good time before the customer becomes bound by any contract) a key information document for the product.
      (2) If the product was produced by another authorised firm, the selling firm may give the customer the key information document prepared by the other authorised firm. However, the key information document must prominently display each of the following:
      (a) the name of the selling firm;
      (b) either the selling firm's address or a contact from which that address is available;
      (c) either of the following statements about the selling firm's authorisation:
      (i) "Authorised by the Qatar Financial Centre Regulatory Authority";
      (ii) "Authorised by the QFC Regulatory Authority";

      Note Either of these statements is also required in the firm's business documents — see GENE, rule 3.1.2.
      (3) If the product was produced by a person in a jurisdiction outside the QFC, the authorised firm must prepare the key information document.
      (4) If during the term that a customer holds a packaged investment product there is a change in any significant information in the relevant key information document that the customer should be aware of, the selling firm must ensure that a revised key information document is given to any customer so affected, drawing the customer's attention to the change.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 5.4.3 Key information documents — form and content

      (1) The language of a key information document for a packaged investment product must be plain and easy to understand.
      (2) A key information document must be a separate document, in type of a reasonable size, and no more than 3 A4 pages long.
      (3) The words key information document must appear prominently at the top of the first page.
      (4) A key information document for a packaged investment product must set out information under the specific headings, and in the order, set out in Schedule 1.
      (5) Only the information required by Schedule 1 may be included in a key information document. No other information may be included in a key information document.
      (6) A key information document must not include nor refer to marketing material.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).