• [ N ] [ N ]

    • Net Outstanding Claims [Deleted]

      Deleted by QFCRA RM/2012-5 (as from 1st July 2013).

    • Net Written Premium

      In respect of an Insurer during a period, the Gross Written Premium of the Insurer during that period less the amount of premium on reinsurance contracts entered into by the Insurer as cedant during the same period.

      Derived from QFCRA RM01/2006 (as from 1st October 2006).

    • Netting

      A process by which the claims and obligations between two Counterparties are offset against each other to leave a single net sum.

      Derived from QFCRA RM07/2005 (as from 13th October 2005).

    • Nominee

      A body corporate whose business consists solely of acting as a nominee holder of Relevant Investments or other Property.

      Derived from QFCRA RM07/2005 (as from 13th October 2005).

    • Non-Cellular Assets [Deleted]

      Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

    • Non-Cellular Base Capital Requirement [Deleted]

      Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

    • Non-Cellular Eligible Capital [Deleted]

      Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

    • Non-Cellular Liabilities [Deleted]

      Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

    • Non-Executive Director

      A Director who has no responsibility for implementing the decision or the policies of the Governing Body of the Authorised Firm.

      Derived from QFCRA RM07/2005 (as from 13th October 2005).

    • Non-Executive Governance Function

      non-executive governance function means the function described in CTRL, rule 1.2.7.

      Amended by QFCRA RM/2012-5 (as from 1st July 2013)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021).

    • Non-FATF Country [Deleted]

      Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

    • Non-Investment Insurance Contract [Deleted]

      Deleted by QFCRA RM/2014-6 (as from 1st January 2015)

    • Non-Local Firm

      non-local firm means an authorised firm that is not a QFC entity.

      Amended by QFCRA RM/2010-04 (as from 1st October 2010)

    • Non-Market-Price Transaction [Deleted]

      Deleted by QFCRA RM/2019-4 (as from 1st January 2020).

    • Non-performing

      (1) In the case of loans and other Financial Instruments to which an Authorised Firm is exposed, having either of the following qualities:
      (A) Contractual payments of interest or principal are 90 days or more past the date on which they were due and payable, and the current value of any security held in respect of the loan or other financial instrument is insufficient, after making allowance for expenses of realisation, to meet the total amount of principal and accrued interest; or
      (B) having an enhanced risk of default, assessed on the basis of reasonable criteria.
      (2) In regard to (1)(A), if a loan or other Financial Instrument has a regular payment schedule, the loan or other instrument is 90 days past due when 90 calendar days have elapsed since the due date of a contractual payment that has not been met in full; and the total amount that is due but has not yet been paid is equivalent to at least 90 days' worth of contractual payments.

      Derived from QFCRA RM01/2006 (as from 1st October 2006).

    • Non-Trading Book [Deleted]

      Deleted by QFCRA RM/2014-3 (as from 1st January 2015)

    • non-QFC intermediary [Deleted]

      Deleted by QFCRA RM/2014-6 (as from 1st January 2015)

    • non-QFC intermediary contract [Deleted]

      Deleted by QFCRA RM/2014-6 (as from 1st January 2015)

    • notional principal

      In relation to a contract for differences

      (a) if the contract is an index derivative that resembles a future contract — the current mark-to-market valuation of the contract; or
      (b) if the contact is an index derivative that resembles an option contract — the exercise value of the contract; or
      (c) in any other case — the notional lot size of the contract.
      Derived from QFCRA RM/2007-02 (as from 15th July 2007).