GENE Part 2.4 GENE Part 2.4 Other authorisation requirements
Editorial changes (as from 1st January 2016).
GENE 2.4.1 When applicant must be body corporate
If the application is in respect of any of the following
Regulated Activities:(A) effecting contracts of insurance;(B) carrying out contracts of insurance; or(C) deposit taking
applicantmust be a body corporate. Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).
GENE 2.4.2 Applicant for authorisation must be incorporated etc in QFC
An application for authorisation may be granted only if the applicant is:(a) a limited liability company incorporated under the
Companies Regulations 2005;(b) a limited liability partnership incorporated under the Limited Liability Partnerships Regulations 2005;(c) a partnership formed (including a limited partnership incorporated) under the Partnership Regulations 2007; or(d) an entity registered as a branch under any regulations. Editorial changes (as from 1st January 2016).
GENE 2.4.3 Additional requirement for Islamic financial institutions(1) An applicant for authorisation that proposes to conduct its business in accordance with Shari’a must state that fact in its application.(2) The Regulatory Authority may grant an authorisation as an Islamic financial institution only if the applicant’s constitutional documents require the business to be conducted in accordance with Shari’a.(3) If the Authority grants an authorisation as an Islamic financial institution, the Authority must impose on the authorisation a condition that the business must be conducted in accordance with Shari’a.
Derived from QFCRA RM/2021-1 (as from 1st July 2021)