COLL Glossary

(see r 1.1.4)

AAOIFI means the Accounting and Auditing Organisation for Islamic Financial Institutions.

accounting reference date, for a QFC scheme, means the date stated in the scheme's latest filed prospectus as the date when the scheme's annual accounting period ends.

Note Latest filed prospectus and annual accounting period are defined in this glossary.

accumulation unit means a unit in a QFC retail scheme in relation to which income is credited periodically to capital property under rule 8.8.2 (Income allocation and distribution — all QFC schemes).

Note Capital property is defined in this glossary.

advising on investments means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 11.

Note Regulated activity is defined in this glossary.

affected person, for a QFC scheme, has the meaning given by rule 5.1.1.

annual accounting period, for a QFC scheme, means an annual accounting period of the scheme under these rules.

annual income allocation date, for a QFC scheme, means the date in any year stated in the scheme's latest filed prospectus as the date on or before which an allocation of income is to be made in relation to each annual accounting period.

Note Year, latest filed prospectus and annual accounting period are defined in this glossary.

another permitted form of QFC scheme has the meaning given by rule 1.3.10.

approved derivative has the meaning given by rule 7.1.8.

approved money-market instrument has the meaning given by rule 7.1.5.

approved security has the meaning given by rule 7.1.9.

arranging credit facilities means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 7.

Note Regulated activity is defined in this glossary.

arranging deals in investments means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 5.

Note Regulated activity is defined in this glossary.

arranging the provision of custody services means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 9.

Note Regulated activity is defined in this glossary.

articles of association, for a CIC, means the CIC's articles of association as amended from time to time.

Note CIC is defined in r 1.3.7 and in this glossary.

associate, for a legal person (A), means any legal person in the same group as A.

Note Legal person and group are defined in this glossary.

associated person, for a person (A), means any of the following:

(a) if A is a legal person—a legal person in the same group as A;

Note Legal person and group are defined in this glossary.
(b) any other person whose business or domestic relationship with A might reasonably be expected to give rise to a community of interest between them that may involve a conflict of interest in dealing with third parties.

Note Legal person, group and person are defined in this glossary.

authorisation means an authorisation granted under the Financial Services Regulations, part 5.

authorised firm means a person that has an authorisation.

Note Person and authorisation are defined in this glossary.

back-to-back borrowing means a borrowing under which a QFC scheme, or the independent entity of a QFC scheme on the operator's instructions—

(a) borrows an amount of currency from an eligible bank; and
(b) keeps an amount in another currency, at least equal to that borrowing for the time being, on deposit with the eligible bank (or its agent or nominee).

Note Borrowing and eligible bank is defined in this glossary.

BANK means the Banking Business Prudential Rules 2014.

base currency, for a QFC scheme, means the currency stated in the constitutional document as the base currency of the scheme.

Note Constitutional document is defined in r 3.1.1.

borrowing, for a scheme, includes any arrangement (including a combination of derivatives) designed to achieve a temporary injection of money into the scheme property in the expectation that the amount will be repaid.

Note Derivative is defined in this glossary.

breach includes fail or refuse to comply with.

business customer has the same meaning as in CIPR.

business day means a day that is not a Friday, Saturday, or a public or bank holiday in Qatar.

capital property, for a QFC scheme, means the scheme property, other than income property and any amount in the distribution account.

Note Scheme property is defined in r 1.2.3. Income property and distribution account are defined in this glossary.

CIC means a QFC collective investment company.

Note QFC collective investment company is defined in r 1.3.7.

CIP means a QFC collective investment partnership.

Note QFC collective investment partnership is defined in r 1.3.8.

CIPR means Customer and Investor Protection Rules 2019.

CIT means a QFC collective investment trust.

Note QFC collective investment trust is defined in r 1.3.9.

class, for a QFC scheme, means—

(a) a particular class of units in the scheme; or
(b) if the scheme is an umbrella scheme—
(i) all the units relating to a single subscheme of the scheme; or
(ii) a particular class of units relating to single subscheme of the scheme.

Note Unit is defined in r 1.2.4. Umbrella scheme and subscheme are defined in r 1.2.11.

closed-ended scheme has the meaning given by rule 1.2.10 (2).

close out a transaction (the original transaction) means enter into a further transaction under which the obligation to deliver or receive property that arises (or, at the option of the other party to the transaction, may arise) under the original transaction is offset by an equivalent and opposite obligation or right to receive or deliver property.

Note Property is defined this glossary.

COLL means these rules.

collateral

(a) in relation to a stock lending arrangement, repo agreement or derivative transaction, means—
(i) a transfer of assets (otherwise than by way of a sale) subject to a right of the transferor to have transferred back to it the same, or equivalent, assets; or
(ii) a letter of credit;

if the assets are transferred, or the letter of credit is issued, to secure the performance of a party to the transaction; and
(b) in any other case — means any form of security, guarantee or indemnity provided by way of security for the discharge of any liability arising from a transaction.

Note Stock lending arrangement, repo agreement and derivative are defined in this glossary.

collective investment scheme has the meaning given by rule 1.2.1.

commodity means a physical asset (other than a financial instrument or cash) that is capable of delivery.

complying disclaimer, for a non-QFC scheme, has the meaning given by rule 10.2.1.

constitutional document, for a QFC scheme, has the meaning given by rule 3.1.1.

contract for differences means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 9.

Note Specified product is defined in this glossary.

contract of insurance means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.

Note Specified product is defined in this glossary.

controlled function has the meaning given by the Financial Services Regulations, article 41 (2).

Note See CTRL, ch 3, for the functions that are controlled functions.

corporation — to remove any doubt, a corporation includes, but is not limited to—

(a) a company; and
(b) a limited partnership; and
(c) a limited liability partnership.

covered bond means a bond that—

(a) is issued by an eligible bank; and
(b) is subject by law to special public supervision designed to protect bondholders, and in particular protection under which amounts deriving from the issue of the bond must be invested in accordance with the law in assets—
(i) that, during the entire period of the bond, can cover claims attaching to the bond; and
(ii) that, if the issuer fails, would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest.

Note Eligible bank is defined in this glossary.

CTRL means the Governance and Controlled Functions Rules 2012.

currency class unit, for a QFC retail scheme, means a class of unit denominated in a currency that is not the base currency or, if allowed under rule 3.2.7 (3) (Currency class units — QFC retail schemes), denominated in the base currency.

Note Base currency is defined in this glossary.

customer means a person to whom an authorised firm provides, has provided or offers to provide a service or product.

day means a period of 24 hours starting at midnight. deal

(a) for units in a QFC scheme — means issue or redeem the units; or

Note Issue and redemption are defined in this glossary.
(b) for any other investment or other property — means buy, sell, otherwise acquire, subscribe for or underwrite the investment or other property or offer or agree to do so, either as principal or agent, and includes, for an investment that is a contract of insurance, carry out the contract.

Note Investment and contract of insurance are defined in this glossary.

dealing day, for a QFC scheme, means the period in a business day during which, in accordance with the latest filed prospectus, the operator must receive instructions to issue or redeem units in the scheme.

Note Business day, latest filed prospectus, issue and redemption are defined in this glossary.

dealing in investments means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 4.

Note Regulated activity is defined in this glossary.

dealing period, for a QFC scheme, means the period between a valuation point and the next.

Note Valuation point is defined in this glossary.

debt instrument means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 2.

Note Specified product is defined in this glossary.

dedicated, for investments of a scheme, means intended that the unitholders of units in the scheme should participate or receive—

(a) profits or income arising from the acquisition, holding, management or disposal of investments of that kind; or
(b) amounts paid out of profits or income mentioned in paragraph (a).

Note Investment is defined in this glossary.

deposit means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 11.

Note Specified product is defined in this glossary.

deposit taking means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 1.

Note Regulated activity is defined in this glossary.

derivative means a future, option or contract for differences.

Note Future, option and contract for differences are defined in this glossary.

dilution, for a QFC scheme, means the amount of costs for dealing in investments incurred, or expected to be incurred, by the operator to the extent that these costs may reasonably be expected to result, or have resulted, from the acquisition, holding, management or disposal of investments by the operator as a consequence (whether or not immediate) of the increase or decrease of the cash resources of the scheme resulting from the issue or redemption of units over a period, including—

(a) the costs of dealing in investments, and professional fees incurred, or expected to be incurred, in relation to the acquisition or disposal of an immovable; and
(b) if there is a spread between the buying and selling prices of the investment — the indirect cost resulting from the difference between the prices.

Note Investment, issue and redemption are defined in this glossary.

dilution adjustment, for a QFC scheme, means an adjustment to the price of a unit required under these rules for the purpose of reducing the effect of dilution.

Note Price and dilution are defined in this glossary.

dilution levy, for a QFC scheme, means a charge at the rate, or of the amount, required by the operator under these rules for the purpose of reducing the effect of dilution.

Note Dilution is defined in this glossary.

director, for an entity, includes any person named as director of the entity and any person in accordance with whose instructions the entity is accustomed to act.

eligible exchange means a regulated exchange for which the Regulatory Authority has not, by notice published on an approved website, declared that this definition does not apply to the jurisdiction in which the exchange is incorporated or established.

Note Regulated exchange is defined in this glossary.

Note Entity and person are defined in this glossary.

distribution account, for a QFC scheme, means the account (if any) to which the income property must be transferred as at the end of each annual accounting period.

Note Income property and annual accounting period are defined in this glossary.

document means a record of information in any form (including electronic form), and includes, for example—

(a) anything in writing or on which there is writing; and
(b) anything on which there are figures, marks, numbers, perforations, symbols or anything else having a meaning for individuals qualified to interpret them; and
(c) a drawing, map, photograph or plan; and
(d) any other item or matter (in whatever form) that is, or could reasonably be considered to be, a record of information.

Note Writing is defined in this glossary.

document evidencing title means any means of evidencing title, whether or not in documentary form.

efficient portfolio management, for a scheme, means the use of techniques and instruments that—

(a) relate to transferable securities and money-market instruments; and
(b) are economically appropriate in that they are realised in a cost-effective way; and
(c) are entered into for 1 or more of the following specific aims:
(i) reduction of risk;
(ii) reduction of costs;
(iii) generation of additional capital or income for the scheme with a risk level consistent with the risk profile of the scheme and the risk diversification required by these rules.

Note Transferable security is defined in r 7.1.6.

eligible bank means—

(a) an eligible bank as defined in INAP, glossary; or
(b) a person that would be an eligible bank as so defined if it accepted deposits.

eligible market has the meaning given by rule 7.1.7.

eligible money-market fund means—

(a) a QFC scheme that is a money-market fund; or

Note Money-market fund is defined in r 1.3.12.
(b) a non-QFC scheme with investment objectives and powers that are the same as, or the same in all significant respects as, the investment objectives and powers of a QFC scheme that is a money-market fund.

employee, of a person (A), means an individual—

(a) who is employed or appointed by A, whether under a contract of service or services or otherwise; or
(b) whose services are, under an arrangement between A and a third party, placed at the disposal and under the control of A.

entity means any kind of entity, and includes, for example, any person.

Note Person is defined in this glossary.

execute a transaction means carry into effect or perform the transaction, whether as principal or agent, and includes instructing another person to effect or perform the transaction.

exercise a function means exercise or perform the function.

Note Function is defined in this glossary.

feeder fund means a scheme dedicated to investments in a single other scheme.

Note Dedicated and investment are defined in this glossary.

financial promotion means a communication made using any medium (for example, brochures, telephone calls, the internet, emails and presentations) if the purpose or effect of the communication is—

(a) to promote or advertise—
(i) a specified product; or
(ii) a regulated activity (or any activity that would be a regulated activity if it were conducted in or from the QFC); or
(b) to invite or induce any person—
(i) to enter into an agreement with any person in relation to a specified product; or
(ii) to engage in a regulated activity (or an activity that would be a regulated activity if it were conducted in or from the QFC).

Note Specified product, regulated activity and person are defined in the glossary.

forward price, for units in a QFC scheme, means a price calculated by reference to the next valuation point after the operator receives instructions to issue or redeem the units.

Note Issue, redemption, price and valuation point are defined in this glossary.

function means any function, authority, duty or power.

fund of funds means a scheme dedicated to investments in 2 or more of the following:

(a) schemes;
(b) subschemes of umbrella schemes.

Note Subscheme and umbrella scheme are defined in r 1.2.11.

future means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 8.

Note Specified product is defined in this glossary.

GENE means the General Rules 2005.

governing body, of an entity, means its board of directors, committee of management or other governing body (whatever it is called).

Note Entity is defined in this glossary.

government or public security means a debt instrument issued by or for—

(a) a jurisdiction; or
(b) a public, regional or local authority of a jurisdiction.

Note Debt instrument and jurisdiction are defined in this glossary.

group means the following:

(a) a legal person (A);
(b) any parent entity of A;
(c) any subsidiary (direct or indirect) of A or of any parent entity of A.

Note Legal person, parent entity and subsidiary are defined in this glossary.

half-yearly accounting period, for a QFC scheme, means a half-yearly accounting period of the scheme under these rules.

INAP means the Interpretation and Application Rules 2005.

income equalisation, for a QFC scheme, means a capital amount that, in accordance with a power in the constitutional document, is included in an allocation of income for a unit issued during the accounting period in relation to which the income allocation is made.

Note Constitutional document is defined in r 3.1.1. Issue is defined in this glossary.

income property, for a QFC scheme, means all amounts considered by the operator, after consultation with the scheme's auditor, to be of the nature of income received or receivable in relation to the scheme property, other than any amount in the distribution account.

Note Scheme property is defined in r 1.2.3. Distribution account is defined in this glossary.

independent entity, of a scheme, has the meaning given by rule 1.2.9.

initial offer means—

(a) for a QFC scheme — an offer for the issue of units in the scheme if all or part of the consideration paid to the scheme for the units is to be used to acquire the initial scheme property; and
(b) for a subscheme of a QFC umbrella scheme — an offer for the issue of units in the subscheme if all or part of the consideration paid to the subscheme for the units is to be used to acquire the initial scheme property to be attributable to the subscheme.

Note Scheme property is defined in r 1.2.3. Umbrella scheme and subscheme are defined in r 1.2.11. Issue is defined in this glossary.

initial outlay, for a QFC scheme, means the amount that the scheme is required to provide to obtain rights in a transaction in derivatives, excluding any payment or transfer on exercise of rights.

Note Derivative is defined in this glossary.

initial price, of a unit in any class in a QFC retail scheme, means the price to be paid during the initial offer period.

Note Class and initial offer are defined in this glossary.

instrument means an instrument of any kind, and includes, for example, any writing or other document.

Note Writing and document are defined in this glossary.

interim accounting period, for a QFC scheme, means a period in an annual accounting period of the scheme in relation to which an allocation of income is to be made.

Note Annual accounting period is defined in this glossary.

interim income allocation date, for a QFC scheme, means any date stated in the scheme's latest filed prospectus as the date on or before which an allocation of income is to be made.

Note Latest filed prospectus is defined in this glossary.

intermediate holding vehicle, for a QFC scheme, means an entity (other than a scheme) if the purpose of the entity is to enable the holding of immovables for the scheme.

investment means any investment, including any asset, right or interest.

investment adviser, for a QFC scheme, means a person who is retained by the operator, under a commercial arrangement that is not a contract of service, to provide the operator with advice about—

(a) the merits of investment opportunities for the scheme; or
(b) information relevant to the making of judgments about the merits of investment opportunities for the scheme.

ISFI means the Islamic Finance Rules 2005.

Islamic fund has the meaning given by rule 1.3.11.

issue, of a unit in a QFC scheme, means the issue of a new unit in the scheme by the operator on behalf of the scheme.

issue charge, for a QFC scheme, means an amount levied by the operator under these rules on the issue of units.

Note Issue is defined in this glossary.

joint ownership arrangement, in relation to an immovable, means an arrangement for the joint ownership of the immovable under rule 12.3.2.

jurisdiction means any kind of legal jurisdiction, and includes, for example—

(a) the State; and
(b) a foreign country (whether or not an independent sovereign jurisdiction), or a state, province or other territory of such a foreign country; and
(c) the Qatar Financial Centre or a similar jurisdiction.

Note The State is defined in this glossary.

large deal, for a QFC scheme, means a transaction (or series of transactions in a single dealing period) by any person for the issue or redemption of units in the scheme if—

(a) the transaction (or series of transactions) is executed for the purpose of—
(i) a dilution adjustment; or
(ii) a dilution levy; and
(b) the transaction (or series of transactions) is a large deal under the latest filed prospectus.

Note Series of transactions, issue, dealing period, dilution levy, dilution adjustment, redemption and latest filed prospectus are defined in this glossary.

larger denomination share has the meaning given by rule 3.2.2 (2).

latest filed prospectus, of a QFC scheme, means the prospectus (including any revised or supplementary prospectus) of the scheme most recently filed with the Regulatory Authority under these rules.

Note Prospectus is defined in this glossary.

latest filed translation, of a prospectus of a QFC scheme in relation to a language, means the translation of the prospectus in that language most recently filed with the Regulatory Authority under these rules.

Note Prospectus is defined in this glossary.

legal person means an entity (other than an individual) on which the legal system of a jurisdiction confers rights and imposes duties, and includes, for example, any entity that can own, deal with or dispose of property.

Examples

1 a company
2 any other corporation
3 a partnership, whether or not incorporated
4 an association or other undertaking, whether or not incorporated

Note Entity, jurisdiction and property are defined in this glossary.

limited issue arrangements, for a QFC qualified investor scheme, means arrangements for the issue of units in the scheme under which the operator limits the issue of units in the scheme in accordance with the latest filed prospectus.

Note Issue and latest filed prospectus are defined in this glossary.

limited redemption arrangements, for a QFC qualified investor scheme, means arrangements for the redemption of units in the scheme under which the operator redeems units in the scheme less frequently than twice in the month.

Note Redemption and month are defined in this glossary.

listed unit means a unit that is listed in the Qatar Stock Exchange or in any other regulated exchange.

long term insurance contract means a contract of insurance of the type described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.4.

Note Contract of insurance is defined in this glossary.

managing investments means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 10.

Note Regulated activity is defined in this glossary.

margin means cash or other property—

(a) paid, transferred or deposited under the terms of a derivative; or
(b) required to be paid, transferred or deposited in relation to a derivative to comply with a requirement imposed by a market on which it is made or traded.

Note Property and derivative are defined in this glossary.

money means any form of money, including cheques and other payable orders.

money-market fund has the meaning given by rule 1.3.12.

month means calendar month.

near cash means any of the following:

(a) money that is deposited with an eligible bank in—
(i) a current account; or
(ii) a deposit account, if the money can be withdrawn immediately and without payment of a penalty exceeding 7 days interest calculated at ordinary commercial rates;
(b) certificates of deposit issued by an eligible bank, if immediately redeemable at the holder's option;
(c) government or public securities, if redeemable at the holder's option or bound to be redeemed within 2 years;
(d) bills of exchange that are government or public securities.

Note Money, eligible bank and government or public security are defined in this glossary.

net asset value, of a QFC scheme at any time, means the value of the assets (including current assets) of the scheme at that time after deducting—

(a) the current liabilities (including accrued expenses) of the scheme at that time; and
(b) the longer-term liabilities of the scheme.

net asset value per unit, for a QFC scheme at any time, means the net asset value of the scheme at that time divided by the number of units in issue at that time.

Note Net asset value is defined in this glossary. Unit is defined in r 1.2.4.

non-QFC qualified client scheme means a non-QFC scheme that is a qualified client scheme.

Note Qualified client scheme is defined in r 1.4.2.

non-QFC retail customer scheme means a non-QFC scheme that is a retail customer scheme.

Note Retail customer scheme is defined in r 1.4.1.

non-QFC scheme has the meaning given by rule 1.2.7. notional principal, for a contract for differences, means—

(a) if the contract is an index derivative that resembles a future — the current mark-to-market valuation of the derivative; or
(b) if the contact is an index derivative that resembles an option — the exercise value of the derivative; or
(c) in any other case — the notional lot size of the contract.

Note Contract for differences, derivative, future and option are defined in this glossary.

office includes position.

open-ended scheme has the meaning given by rule 1.2.10 (1).

operating collective investment schemes means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 12 as Operating a Collective Investment Fund.

Note Regulated activity is defined in this glossary.

operator, of a scheme, has the meaning given by rule 1.2.8.

option means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 7.

Note Specified product is defined in this glossary.

ordinary resolution, for a QFC scheme or a class of units in a QFC scheme, means a resolution passed at a general meeting of the scheme or a separate meeting of unitholders of that class of units if—

(a) notice indicating the intention to propose the resolution was properly given; and
(b) the resolution passed by a simple majority of the votes validly cast (whether as a show of hands or on a poll) for or against the resolution at the meeting.

Note Class is defined in this glossary.

OTC derivative means a derivative traded solely in transactions over the counter.

Note Derivative and over the counter are defined in this glossary.

outsourcing has the meaning given by rule 8.5.1. over the counter, for a transaction, means

(a) not effected by means of the facilities and services of an exchange; and
(b) not governed by the rules of an exchange.

own account transaction, for an authorised firm, means a transaction executed by the firm for its own benefit or the benefit of an associate.

Note Execute and associate are defined in this glossary.

parent entity, for a legal person (A), means any of the following:

(a) a legal person that holds a majority of the voting power in A;
(b) a legal person that is a member of A (whether direct or indirect, or though legal or beneficial entitlement) and alone, or together with 1 or more legal persons in the same group, holds a majority of the voting power in A;
(c) a parent entity of any legal person that is a parent entity of A.

Note Legal person and group are defined in this glossary.

participant in a scheme has the meaning given by rule 1.2.2.

partnership agreement, for a CIP, means the CIP's partnership agreement as amended from time to time.

Note CIP is defined in r 1.3.8 and this glossary.

person means—

(a) an individual (including an individual occupying an office from time to time); or
(b) a legal person.

Note Office and legal person are defined in this glossary.

personal data means any information relating to an individual who can be identified, directly or indirectly, in particular by reference to an identification number or to 1 or more factors specific to the individual's physical, physiological, mental, economic, cultural or social identity.

price, of a unit in a QFC scheme, means the price of the unit calculated in accordance with these rules.

Note Unit is defined in r 1.2.4.

principal, in relation to an option, future or forward contract, means—

(a) if the contract is an option on a future — the amount or value of the property that must be delivered to satisfy settlement of the future; or
(b) in any other case — the amount or value of the property that must be delivered to satisfy settlement of the contract.

Note Option, future, and property are defined in this glossary.

property means any estate or interest (whether present or future, vested or contingent, or tangible or intangible) in immovables or property of any other kind, and includes, for example—

(a) money of any currency; and
(b) bonds, securities, shares, and other negotiable or non-negotiable instruments of any kind; and
(c) any right to interest, dividends, or other income, on or accruing from or generated by immovables or property of any other kind; and
(d) any other things in action; and
(e) any other charge, claim, demand, easement, encumbrance, lien, power, privilege, right, or title, recognised or protected by the law of any jurisdiction over, or in relation to, immovables or property of any other kind; and
(f) any other documents evidencing title to, or to any interest in, immovables or property of any other kind.

Note Money, jurisdiction and document are defined in this glossary.

property fund — a QFC scheme, or a subscheme of a QFC umbrella scheme, is a property fund if the scheme or subscheme is dedicated to investments in immovables and in securities issued by corporations whose main activities are investing in, dealing in, developing or redeveloping immovables.

Note 1 Subscheme and umbrella scheme are defined in r 1.2.11. Note 2 Dedicated and investment are defined in this glossary.

property-related assets means any of the following:

(a) shares, debt instruments or warrants issued by an entity if a substantial activity of the entity relates to investment in immovables;
(b) securities receipts that give rights in relation to an investment mentioned in paragraph (a).

Note Share, debt instrument, warrant, entity, investment and securities receipt are defined in this glossary.

prospectus, of a scheme, means a document (whatever called) containing information about the scheme, and includes a revised or supplementary prospectus.

Note Document is defined in this glossary.

providing credit services means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 6.

Note Regulated activity is defined in this glossary.

providing custody services means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 8.

Note Regulated activity is defined in this glossary.

providing scheme administration means providing 1 or more of the following services in relation to a scheme:

(a) processing dealing instructions, including effecting issues, redemptions and stock transfers, and arranging settlements;
(b) portfolio accounting;
(c) valuing assets and performing net asset value, and net asset value per unit, calculations;
(d) unit pricing;
(e) dividend calculation and distribution;
(f) keeping the register of unitholders and unitholder registration details;
(g) performing any regulatory requirements;

Examples of requirements
anti-money laundering or combating terrorist financing requirements
(h) undertaking transaction monitoring and reconciliation functions;
(i) producing financial statements, otherwise than as the scheme's auditor;
(j) communicating with, and providing information to, the participants, the scheme, the operator, the independent entity, the Regulatory Authority and other persons in relation to the scheme.

QCSD means the Qatar Central Securities Depository.

QFC means the Qatar Financial Centre.

QFC approved auditor means a person:

(a) who is approved by the QFC Authority to act as an auditor; and
(b) whose name is entered in the register of auditors maintained by the QFC Companies Registration Office.

QFC collective investment company (or CIC) has the meaning given by rule 1.3.7.

QFC collective investment partnership (or CIP) has the meaning given rule 1.3.8.

QFC collective investment trust (or CIT) has the meaning given by rule 1.3.9.

QFC Court means the Qatar Financial Centre Civil and Commercial Court.

QFC Law means Law No. (7) of 2005 of the State.

Note The State is defined in this glossary.

QFC licensed firm means an entity that has a licence granted by the QFC Authority.

QFC qualified investor scheme means a QFC scheme that is a qualified investor scheme.

Note Qualified investor scheme is defined in r 1.3.2.

QFC retail property fund means a QFC retail scheme that is a property fund.

QFC retail scheme means a QFC scheme that is a retail scheme.

Note Retail scheme is defined in r 1.3.3.

QFC scheme has the meaning given by rule 1.2.6.

QFC UCITS type scheme means a QFC retail scheme that is a UCITS type scheme.

Note Retail scheme is defined in r 1.3.3. UCITS type scheme is defined in r 1.3.5.

QFC umbrella scheme means a QFC scheme that is an umbrella scheme.

Note Umbrella scheme is defined in r 1.2.11.

qualified client scheme has the meaning given by rule 1.4.2 (What is a non-QFC qualified client scheme?).

qualified investor has the meaning given by rule 1.2.12.

qualified investor scheme has the meaning given by rule 1.3.2 (What is a QFC qualified investor scheme?).

readily realisable investment means any of the following:

(a) a government or public security denominated in the currency of the jurisdiction of its issuer;
(b) any other security that is admitted to official listing on, or regularly traded on or under the rules of, a regulated exchange;
(c) a newly issued security that can reasonably be expected to fall within paragraph (b) when trading in it starts.

Note Government or public security, jurisdiction, security and regulated exchange are defined in this glossary.

real estate investment trust (or REIT) has the meaning given by rule 12.6.2 (2).

redemption, of a unit in a QFC scheme, means the redemption of an existing unit in the scheme by the operator on behalf of the scheme.

redemption charge, for a QFC scheme, means an amount levied by the operator under these rules on the redemption of units.

Note Redemption is defined in this glossary.

regulated activity means an activity that is a regulated activity under the Financial Services Regulations.

regulated exchange means an exchange that is—

(a) incorporated or otherwise established in a jurisdiction outside the QFC; and
(b) regulated as an exchange by a regulatory or governmental entity in that jurisdiction.

Note Jurisdiction, QFC and entity are defined in this glossary.

regulated financial institution means a person that is not an authorised firm but is authorised or licensed (however described) to conduct any financial service by a regulatory or governmental authority, body or agency in a jurisdiction other than the QFC.

Note Authorised firm and jurisdiction are defined in this glossary.

Regulatory Authority means the Regulatory Authority of the QFC.

Regulatory Tribunal means the QFC Regulatory Tribunal.

REIT means real estate investment trust.

related person — a person (A) is a related person for another person (B) if—

(a) A and B are legal persons and members of the same group; or

Note Legal person and group are defined in this glossary.
(b) A is a director or officer of B or of a member of the same group as B; or

Note Director is defined in this glossary.
(c) A is an individual, B is a legal person and A is able to exercise significant influence over B; or
(d) A is a spouse or minor child of an individual (C) and C is a related person for B under paragraph (b) or (c).

relevant investment activities means all or any of the following regulated activities:

(a) dealing in investments;
(b) arranging deals in investments;
(c) advising on investments.

Note Regulated activity and the regulated activities mentioned in this definition are defined in this glossary.

relevant requirement — a person breaches a relevant requirement in the circumstances described in the Financial Services Regulations, article 84.

Note Breach is defined in this glossary.

remuneration means any form of remuneration, and includes benefits of any kind.

repo agreement means an agreement—

(a) between a seller and buyer for the sale of securities, under which the seller agrees to repurchase the securities, or equivalent securities, from the buyer on an agreed date and, usually, for a stated price; or
(b) between a buyer and seller for the purchase of securities, under which the buyer agrees to resell the securities, or equivalent securities, to the seller on an agreed date and, usually, for a stated price.

Note Security is defined in this glossary.

retail customer has the meaning given by rule 1.2.12.

retail customer scheme has the meaning given by rule 1.4.1 (What is a non-QFC retail customer scheme?).

retail scheme has the meaning given by rule 1.3.3 (What is a QFC retail scheme?).

scheme means a collective investment scheme.

Note Collective investment scheme (or scheme) is defined in r 1.2.1.

scheme of arrangement means an arrangement relating to a QFC scheme (the transferor scheme), or to a subscheme of a QFC umbrella scheme (the transferor subscheme), under which—

(a) either—
(i) all or part of the property of the transferor scheme, or all or part of the property attributed to the transferor subscheme, is to become property of 1 or more schemes registered in the QFC (the transferee scheme or transferee schemes); or
(ii) all or part of the property attributed to the transferor subscheme is to become property attributed to 1 or more other subschemes of the same umbrella scheme registered in the QFC (the transferee subscheme or transferee subschemes); and
(b) holders of units in the transferor scheme or transferor subscheme are to receive, in exchange for their respective interests in the property being transferred or reattributed, either—
(i) units in the transferee scheme, or 1 or more of the transferee schemes, to which the property is transferred; or
(ii) units in the transferee subscheme, or 1 or more of the transferee subschemes, to which the property is reattributed.

Note Property is defined in this glossary.

scheme property, of a scheme, has the meaning given by rule 1.2.3.

securities receipt means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 5.

Note Specified product is defined in this glossary.

security means any of the following:

(a) a share;
(b) a debt instrument;
(c) a warrant;
(d) a securities receipt;
(e) a unit in a collective investment scheme.

Note Share, debt instrument, warrant and securities receipt are defined in this glossary.

sell an investment means sell the investment in any way, and includes the following:

(a) dispose of the investment for valuable consideration;
(b) for an investment consisting of rights under a contract—
(i) surrender, assign or convert the rights for valuable consideration;
(ii) assume the corresponding rights under the contract for valuable consideration;
(c) for an investment consisting of rights under an arrangement — assume the corresponding liabilities under the arrangement for valuable consideration;
(d) for any other investment — issue or create the investment or grant the rights or interests of which it consists.

Note Investment is defined in this glossary.

senior manager, of the operator or independent entity of a QFC scheme, means an individual employed by the operator or independent entity, or by a member of the operator's or independent entity's group, who has responsibility either alone or with others for the management or supervision of 1 or more elements of the operator's or independent entity's business relevant to its functions in relation to the scheme.

Note Group and function are defined in this glossary.

series of transactions means a series of transactions executed to achieve a single investment decision or objective.

Note Execute is defined in this glossary.

share means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 1.

Note Specified product is defined in this glossary.

Shari'a Supervisory Board, of an Islamic fund, means the board constituted for the Islamic fund under rule 8.10.1.

Note Islamic fund is defined in r 1.3.11.

smaller denomination share has the meaning given by rule 3.2.2 (2).

special resolution, for a QFC scheme or a class of units in a QFC scheme, means a resolution passed at a general meeting of the scheme or a separate meeting of unitholders of that class of units if—

(a) notice indicating the intention to propose the resolution as a special resolution was properly given; and
(b) the resolution was passed by a majority of at least 75% of the votes validly cast (whether as a show of hands or on a poll) for or against the resolution at the meeting.

Note Class is defined in this glossary.

specified product means an investment or other type of product that is a specified product under the Financial Services Regulations.

standing independent valuer, of a QFC scheme, means the person who is appointed under these rules as the standing independent valuer for the scheme.

Note QFC qualified investor scheme is defined in r 1.3.2.

stock lending arrangement means an arrangement between a person (the borrower) and another person (the lender) under which—

(a) the lender transfers securities to the borrower otherwise than by way of sale; and
(b) a requirement is imposed on the borrower to transfer back to the lender, otherwise than by way of sale, securities in the same quantity, with the same rights, and of the same type and nominal value, as the transferred securities (or, if agreed between the borrower and lender, assets into which the transferred securities have been transformed following a stock split, consolidation, conversion, merger, takeover, redemption or similar event).

Note Security is defined in this glossary.

subscheme, of an umbrella scheme, has the meaning given by rule 1.2.11 (2).

subsidiary — a legal person (A) is a subsidiary of another legal person (B) if B is a parent entity of A.

Note Legal person and parent entity are defined in this glossary.

the State means the State of Qatar.

transferable security has the meaning given by rule 7.1.6.

trust instrument, for a CIT, means the CIT's trust instrument as amended from time to time, and includes any instrument expressed to be supplemental to it (as amended from time to time).

Note CIT is defined in r 1.3.9 and this glossary. Instrument is defined in this glossary.

UCITS type scheme has the meaning given by rule 1.3.5.

umbrella scheme has the meaning given by rule 1.2.11 (1).

unit in a scheme has the meaning given by rule 1.2.4.

unitholder, of a unit in a scheme, has the meaning given by rule 1.2.5.

Note Unitholder has a special meaning in div 5.5.B (Unitholder meetings — QFC retail schemes) (see r 5.5.2).

unitholder register, for a QFC scheme, means the register of unitholders kept under these rules for the scheme.

unitisation means arrangements for a newly formed CIT under which—

(a) all or part of the property of a corporation or scheme becomes the first property to be held on the trusts of the CIT; and
(b) the holders of shares in the corporation, or units in the scheme, become the first unitholders in the CIT.

Note CIT is defined in r 1.3.9. Property and corporation are defined in this glossary.

valuation point, for a QFC scheme, means a valuation point fixed by the operator in accordance with these rules and stated in the latest filed prospectus.

Note Latest filed prospectus is defined in this glossary.

warrant means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 4.

Note Specified product is defined in this glossary.

writing means any form of writing, and includes, for example, any way of representing or reproducing words, numbers, symbols or anything else in legible form (for example, by printing or photocopying).

year means calendar year.

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