8 Definitions

In these regulations:

cash means money credited to an account in any currency, or a similar claim for repayment or payment of money, such as a money market deposit;

collateral means the following:

(a) cash;
(b) securities of any kind, including debt securities, equity securities and sukuk, and any rights or claims associated with any such securities;
(c) guarantees, letters of credit and obligations to reimburse;
(d) commodities (including bullion); and
(e) any other asset commonly used as collateral by banks operating in the QFC;

collateral arrangement means any margin, collateral, security or credit support arrangement or other credit enhancement related to or forming part of a netting arrangement or related to or forming part of one or more qualified financial instruments entered into under a netting agreement or to which a netting agreement applies, including:

(a) a title transfer collateral agreement (that is, a margin, collateral or security arrangement that is related to a netting agreement or a qualified financial instrument and is effected by virtue of or on the basis of a transfer of title to collateral, whether an outright transfer or a transfer by way of security, and includes a sale and repurchase agreement, a securities lending agreement, a securities buy/sell-back agreement and an irregular pledge); and
(b) a guarantee, letter of credit or reimbursement obligation by or to a party to a netting agreement or to one or more qualified financial instruments, in respect of one or more of that netting agreement or those instruments;

insolvency proceeding includes any procedure or proceeding under a law relating to bankruptcy, liquidation (including any compulsory winding up procedure or proceeding), reorganisation, composition with creditors, administration, receivership, conservatorship and any other similar procedure or proceeding;

insolvent party means a party in relation to which an insolvency proceeding has been instituted;

liquidator includes an administrator, receiver, trustee, conservator and any or other person or entity that administers the affairs or assets of an insolvent party;

netting means the occurrence of any or all of the following:

(a) the termination, liquidation or acceleration of any of the following:
(i) a payment or delivery obligation or entitlement;
(ii) an obligation to make, receive or require payments or deliveries;
(iii) an entitlement to make, receive or require payments or deliveries;
under one or more qualified financial instruments that were entered into under a netting agreement or to which a netting agreement applies;
(b) the calculation or estimation of a close-out value, liquidation value, termination value, replacement value, market value or other relevant value (including the value of any damages which may arise from a party's failure to enter into a transaction required to be entered into under a netting agreement) in respect of each obligation or entitlement or group of obligations or entitlements terminated, liquidated and/or accelerated under paragraph (a);
(c) the conversion of values so calculated or estimated into a single currency;
(d) the determination of the net balance of values so calculated and converted, whether by operation of law or otherwise; and
(e) entry into a transaction under which such a net balance becomes payable directly or as part of the consideration for an asset or the provision for the payment of damages relating to any non-performance of any such transaction;

netting agreement means an agreement that provides for the netting of obligations and/or entitlements arising under qualified financial instruments, other netting agreements or collateral arrangements;

non-insolvent party means the party other than the insolvent party;

person includes:

(a) a natural person;
(b) a partnership, a body corporate, an unincorporated association and any other form of business organisation, whether organised under the laws of the QFC or of any other jurisdiction;
(c) a sovereign body, a sovereign-owned entity, a government or state and an agency or unit of a government or state; and
(d) an international or regional development bank or other international or regional organisation;

QFC means Qatar Financial Centre;

QFC Authority means the Qatar Financial Centre Authority;

QFC Law means Law no. (7) of 2005 of the State of Qatar;

qualified financial instrument has the meaning given by article 9;

regulations, unless the context indicates otherwise, means these regulations; and

Regulatory Authority means the Qatar Financial Centre Regulatory Authority.

Derived (as from 19th October 2017).