CIPR 1.2.4 Business customers — bodies corporate — credit arrangement business

A customer of an authorised firm is a business customer if all of the following are true:

(a) the customer is a body corporate that has (or, at any time during the previous 2 years, has had) net assets of QR 10 million or more;
(b) the regulated activities that the firm will undertake for the customer are limited to arranging credit facilities or providing credit facilities (or both);
(c) any credit facility provided or arranged has no embedded derivative or other attached hedging instrument;

Example

An interest rate hedging product
(d) any credit facility provided or arranged is for use only in the business activities of 1 or more of the following:
(i) the customer;
(ii) another body corporate that is a member of the same group as the customer;
(iii) a joint venture to which the customer or a body corporate referred to in subparagraph (ii) is a party.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).