Article 78 – Definitions
The following words and phrases will where the context permits have the meanings shown against each of them:
AML/CFT Rules | means the QFCRA Anti-Money Laundering and Combating Terrorist Financing Rules of 2010 and any amendments made to those rules. |
Beneficiary |
means a |
Beneficial Owner | natural person(s) who: (i) has/have ultimate ownership or Control of an entity, including natural persons who exercise ultimate effective Control over a legal person or arrangement regardless of legal ownership; and/or (ii) on whose behalf a transaction is being conducted. |
Control |
(1) for the purposes of these
(A) holds 25% or more of the shares in the
(B) is entitled to exercise, or controls the exercise of, 25% or more of the voting power in the
(C) is able to exercise significant influence over the management of the
(D) is able to exercise influence through other means without ownership, including without limitation, through personal or family connections to
(2) for purposes of this Article:
(A) shares:
(i) in relation to a
(ii) in relation to a
(iii) in relation to a
(B) voting power, in relation to a
|
CRO | means the Companies Registration Office established pursuant to Article 7 of the QFC Law. |
Discretionary Trust |
means a
(a) when and how much
(b) which of the Beneficiaries may benefit.
|
DNFBP |
means designated non-financial business or profession under the |
Express Trust |
means a |
Enforcer |
in relation to a |
Foreign Law |
means any laws, regulations and rules other than the laws of the |
Foreign Trust |
means a |
Governing Law | has the meaning given in Article 9. |
Hague Convention | is the Convention on the law applicable to trusts and their recognition, at The Hague on 1 July 1985. |
Heirship Right |
means any right, claim or interest in, against or to the |
Income | means all income including rents and profits. |
Interested Person |
means any of the following
(a) the
(b) if any rights the
(c) a
(d) an
(e) a
(f) a
(g) the
(h) a
(i) a
|
laws of the QFC | means any laws, regulations and rules which are applicable in the QFC. |
Licence | a licence, approval or authorisation issued by the QFCA pursuant to Article 11.1 of the QFC Law. |
Licenced Firm |
means a body corporate, partnership or unincorporated association which has been granted and continues to hold a Licence granted by the |
Minister | means the Minister of Finance of the State |
Minor |
means a |
Person | means any person including a natural or judicial person, body corporate, or body unincorporate, including a branch, a company, partnership, unincorporated association or other undertaking, government or state. |
Pre-Existing Trust | means the Trust that was established before the issuance of these revised Regulations. |
Prescribed Fee | means a fee prescribed in rules made or approved by the QFC Authority. |
Prescribed Form | means a form prescribed by or approved by the QFC Authority. |
Property | means any movable or immovable property, and includes rights and interests, whether present or future and whether vested or contingent. |
Protective Trust |
means a |
Protector |
in relation to a |
QFC | means the Qatar Financial Centre. |
QFC Authority | means the Qatar Financial Centre Authority established pursuant to Article 3 of the QFC Law. |
QFC Court | means a competent court or tribunal established under the QFC Law. |
QFC Trust |
means a |
Register |
means a register of |
Regulations | means the regulations enacted by the Minister in accordance with Article 9 of the QFC Law. |
Regulatory Authority | the Qatar Financial Centre Regulatory Authority established pursuant to Article 8 of the QFC Law. |
Rules |
means the rules made by the |
Settlor |
means a |
Terms of the Trust |
means the written or oral terms of the |
Trust |
means a right, enforceable solely in equity, to the beneficial enjoyment of the Property to which another |
Trust Instrument |
means an instrument by which a |
Trust Property |
means the |
Trustee |
means a |
Amended (as from 24th December 2017). |