CTRL Glossary

(see r 1.1.4)

actuarial function means the function described in rule 3.1.11.

approved actuary of a firm means the individual approved under FSR, article 41 to exercise the actuarial function for the firm.

approved individual means an individual 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.

compliance oversight function means the function described in rule 3.1.9

controlled function has the meaning given by FSR, article 41 (2).

corporate governance framework has the meaning given by rule 2.2.2 (2).

director of an authorised firm includes any person appointed as a director of the firm and any person in accordance with whose instructions the firm is accustomed to act.

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.

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

executive governance function means the function described in rule 3.1.3.

exercise a function includes perform the function.

finance function means the function described in rule 3.1.5.

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.

function includes power.

GENE means the General Rules 2005.

governing body of an authorised firm has the meaning given by rule 2.2.1.

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

internal auditor means—

(a) in the case of an authorised firm that has an individual approved to exercise the internal audit function — that individual; and
(b) in the case of an insurer that does not have such an individual — the firm of auditors appointed under a material outsourcing arrangement to which chapter 5 applies.

Note For the approval or appointment of internal auditors, see r 3.2.5.

internal audit function means the function described in rule 3.1.10.

internal control function means each of the following controlled functions:

(a) the compliance oversight function;
(b) the risk management function;
(c) the internal audit function;
(d) the actuarial function.

material outsourcing, for an authorised firm, means the outsourcing of a function of such importance that weakness or failure in the exercise of the function would cast serious doubt on—

(a) the firm's ability to comply with—
(i) any regulations, rules or principles; or
(ii) any condition, restriction or requirement of its authorisation; or
(b) its financial performance or position; or
(c) its ability to continue in business.

MLRO function means the function described in rule 3.1.7.

non-executive director of a firm means a director who has no responsibility for implementing the decisions or the policies of the firm's governing body.

non-executive governance function means the function described in rule 3.1.2.

non-local firm means an authorised firm that is neither—

(a) a company incorporated under the Companies Regulations 2005; nor
(b) a limited liability partnership incorporated under the Limited Liability Partnership Regulations 2005.

outsourcing, for an authorised firm, means any arrangement that involves the firm relying on a separate service provider (including a member of the firm's group) for the exercise of a function relating to a regulated activity of the firm that would otherwise be exercised by the firm, but does not include the following arrangements:

(a) advisory services (such as the provision of legal advice), audit services, training of personnel, billing, and physical security;
(b) supply arrangements and functions (including, for example, the supply of electricity or water and the provision of catering and cleaning services);
(c) the purchase of standardised services (such as, for example, market information services and the provision of prices);
(d) the appointment of a group employee to a controlled function for the firm.

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.

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 the Islamic Banking Business Prudential Rules 2015.

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 the QFC Law, article 9.

risk management and internal controls framework has the meaning given by rule 4.1.1.

risk management function means the function described in rule 3.1.8

risk management strategy means the document described in rule 4.1.4.

senior executive function means the function described in rule 3.1.4.

senior management of an authorised firm has the meaning given by rule 2.3.1.

senior management function means the function described in rule 3.1.6.

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 photo copying).

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