CTRL Glossary

(see rule 1.1.3)

actuarial function has the meaning given by rule 1.2.15.

AML/CFTR means the Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019.

AMLG means the Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019.

approved actuary of a QFC insurer means the individual who is approved to exercise the actuarial function for the insurer.

approved individual means an individual who is approved under FSR, article 41, to exercise 1 or more controlled functions.

authorisation means an authorisation granted under FSR, Part 5.

authorised firm (or firm) means a person that has been granted an authorisation in accordance with FSR, Part 5.

BANK means the Banking Business Prudential Rules 2014.

board of directors (or board) of an authorised firm that is incorporated in the QFC has the meaning given by rule 3.3.3.

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

branch means the local office in the QFC of a company or limited liability partnership that is incorporated in a jurisdiction outside the QFC.

CAPI means the Captive Insurance Business Rules 2011.

category A firm has the meaning given by rule 3.3.2.

category B firm has the meaning given by rule 3.3.2.

COLL means the Collective Investment Schemes Rules 2010.

company means:

(a) a company that is incorporated under the Companies Regulations; or
(b) a legal person that is incorporated under the law of a jurisdiction outside the QFC, in which the liability of each member (in its capacity as a member) is limited to the amount of the member’s contribution to the company’s capital.

Companies Regulations means the Companies Regulations 2005 of the QFC.

compliance oversight function has the meaning given by rule 1.2.13.

contract of insurance means the specified product described in FSR, Schedule 3, Part 3, paragraph 10.

controlled function has the meaning given by rule 1.2.5 (2).

corporate governance framework has the meaning given by rule 1.2.2.

corporate group: an entity’s corporate group is made up of:

(a) the entity itself;
(b) any parent entity of the entity; and
(c) any subsidiary (direct or indirect) of that entity or of any parent entity of the entity.

director of an authorised firm that is incorporated in the QFC has the meaning given by rule 3.3.3.

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 or 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.

employee: an individual is an employee of a person (the employer) if:

(a) the individual is employed or appointed by the employer in connection with the employer’s business, whether under a contract of service or for services or otherwise; or
(b) the employee’s services are placed at the employer’s disposal, and under the employer’s control, under an arrangement between the employer and a third party.

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

executive governance function has the meaning given by rule 1.2.6.

exercise a function includes perform the function.

finance function has the meaning given by rule 1.2.9.

financial crime means the use of the financial system in the QFC for criminal, fraudulent or dishonest purposes, including, for example, insider trading, market abuse, handling the proceeds of crime, money laundering and terrorist financing.

firm (or authorised firm) means a person that has been granted an authorisation in accordance with FSR, Part 5.

FSR means the Financial Services Regulations of the QFC.

function includes power.

GENE means the General Rules 2005.

governing body of an authorised firm has the meaning given by rule 1.2.1.

IBANK means the Islamic Banking Business Prudential Rules 2015.

IFSB means the Islamic Financial Services Board.

independent non-executive director of an authorised firm has the meaning given by rule 3.3.4.

INDI means the Individuals (Assessment, Training and Competency) Rules 2014.

INMA means the Investment Management and Advisory Rules 2014.

insurer (or QFC insurer) means an authorised firm that has an authorisation to conduct insurance business.

insurance business has the meaning given by PINS, rule 1.2.4.

internal auditor means:

(a) in the case of an authorised firm that has an individual who is approved to exercise the internal audit function — that individual; and
(b) in the case of a QFC insurer that does not have such an individual — the firm of auditors appointed in accordance with paragraph 6.4.2 (2) (b).

internal audit function has the meaning given by rule 1.2.14.

internal control and assurance function has the meaning given by rule 1.2.4 (2).

internal controls and assurance framework has the meaning given by rule 1.2.4.

Islamic financial institution means an authorised firm whose authorisation includes a condition that the whole of the firm’s business must be conducted in accordance with Shari’a.

limited liability partnership means a partnership:

(a) that is incorporated under the LLP Regulations; or
(b) that is incorporated under the law of a jurisdiction outside the QFC by which the liability of each partner (in its capacity as a partner) is limited to the amount of the partner’s contribution to the partnership’s capital.

LLP Regulations means the Limited Liability Partnerships Regulations 2005 of the QFC.

material outsourcing has the meaning given by rule 8.2.1.

MLRO function has the meaning given by rule 1.2.11.

month means calendar month — that is, the period beginning at the start of any day of one of the 12 named months of the year and ending:

(a) at the end of the day before the corresponding day on the next named month; or
(b) if there is no corresponding day — at the end of the last day of next named month.

non-executive director of an authorised firm has the meaning given by rule 3.3.4.

non-executive governance function has the meaning given by rule 1.2.7.

outsourcing has the meaning given by rule 8.1.2.

person means:

(a) an individual (including an individual occupying an office or position from time to time); or
(b) a legal person — that is, an entity, other than an individual, on which the legal system of a jurisdiction confers rights and imposes duties (including, for example, any entity that can own, deal with or dispose of property).

PINS means the Insurance Business Rules 2006.

PRIV means the Private Placement Schemes Rules 2010.

QFC means the Qatar Financial Centre.

QFC bank means an authorised firm that is:

(a) a deposit-taker, within the meaning of BANK; or
(b) an Islamic bank or Islamic investment dealer, within the respective meanings of IBANK.

QFC captive insurer has the meaning given by CAPI, rule 1.2.1.

QFC entity means either:

(a) a company incorporated under the Companies Regulations; or
(b) a limited liability partnership incorporated under the LLP Regulations.

QFC insurer (or insurer) means an authorised firm that has an authorisation to conduct insurance business.

regulated activity means an activity that is a regulated activity under FSR.

Regulatory Authority means the Qatar Financial Centre Regulatory Authority established under Law No. (7) of 2005 of the State of Qatar, article 9.

related: a person (the second person) is related to another person (the first person) if:

(a) the second person is a subsidiary, associate or holding company of the first person;
(b) the second person is a subsidiary or associate of the holding company of the first person;
(c) the second person is a director or officer of the first person, or of a person related to the first person because of paragraph (a) or (b);
(d) the second person is the spouse or minor child of an individual mentioned in paragraph (c);
(e) the second person is a company that is a subsidiary of, or subject to significant influence by or from, an individual mentioned in paragraph (c) or (d).

risk appetite for an authorised firm has the meaning given by rule 7.1.6 (2).

risk appetite statement has the meaning given by rule 7.1.6 (1).

risk management framework has the meaning given by rule 1.2.3.

risk management function has the meaning given by rule 1.2.12.

risk management strategy has the meaning given by rule 7.1.4.

senior executive function has the meaning given by rule 1.2.8.

senior management of an authorised firm has the meaning given by rule 4.1.1.

senior management function has the meaning given by rule 1.2.10.

Shari’a supervisory board, of an authorised firm, means the board appointed for the firm under rule 9.3.1.

specified product means a product that is a specified product under FSR, Schedule 3, Part 3.

subsidiary: an entity is a subsidiary of another entity if that other entity is the parent entity of the first entity.

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

year means a year of the Gregorian calendar.

Amended by QFCRA RM/2015-3 (as from 1st January 2016).
Amended by QFCRA RM/2020-4 (as from 1st July 2021)