GENE Glossary

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

approved form means a form approved under rule 5.3.1.

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

associate, of a person (X) holding shares in an authorised firm (or a parent entity of an authorised firm) or entitled to exercise, or control the exercise of, voting power in an authorised firm (or a parent entity of an authorised firm), means:

(a) a trust controlled or administered by X;

(b) a legal person of which the governing body is accustomed to act in accordance with the instructions of X;

(i) the spouse, child or stepchild of X;

(ii) any other person with whom X has an agreement or arrangement:

(A) for the acquisition, holding or disposal of shares or other interests in the authorised firm (or a parent entity of the firm); or

(B) under which they undertake to act together in exercising their voting power in relation to the authorised firm (or a parent entity of the firm); or

(d) if X is a legal person:

(i) a subsidiary of X;

(ii) an entity in the same group as X;

(iii) any person in accordance with whose instructions the governing body of X is accustomed to act; and

(iv) a director or employee of X, or a director or employee of a subsidiary of X, if the director or employee is under an obligation to act in accordance with the instructions of X in relation to the shares or voting power in the authorised firm (or a parent entity of the firm).

authorisation means an authorisation granted under FSR, Part 5.

authorised firm (or firm) means a person that has an authorisation.

BANK means the Banking Business Prudential Rules 2014.

body corporate means a company or limited liability partnership incorporated in or outside the QFC.

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

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

CAPI means the Captive Insurance Business Rules 2011.

control (of the exercise of voting power) — see rule 8.1.6 (3).

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

Note See CTRL, Division 1.2.B for the functions that are controlled functions.

controller — see rule 8.1.3 (1).

contravene includes fail or refuse to comply with.

CTRL means the Governance and Controlled Functions Rules 2020.

decrease control — see rule 8.1.5.

director, of a firm, means a person appointed to direct the firm's affairs, and includes:

(a) a person named as director; and

(b) any other person in accordance with whose instructions the firm is accustomed to act.

DNFBP means designated non-financial business or profession (within the meaning of the Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019).

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;

(b) anything on which there are figures, marks, numbers, perforations, symbols or anything else having a meaning for individuals qualified to interpret them;

(d) any other item or matter (in whatever form) that is, or could reasonably be considered to be, a record of information.

employee, of a person, means an individual:

(a) who is employed or appointed by the person, whether under a contract of service or for services or otherwise; or

(b) whose services are, under an arrangement between the person and a third party, placed at the disposal and under the control of that person.

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

firm (or authorised firm) means a person that has an authorisation.

first become a controller — see rule 8.1.3 (3).

fitness and propriety, of an authorised firm or applicant, has the same meaning as in FSR, article 29.

FSR means the Financial Services Regulations.

function includes authority, duty and power.

governing body means:

(a) in the case of a firm that is a QFC entity or a partnership constituted under the Partnership Regulations 2007 — its board of directors or the body (whatever it is called) that, under the firm's constitutional document, has the responsibility of overseeing the firm's business in or from the QFC; and

(b) in the case of a firm that is a branch:

(i) that part of the board of directors of the firm that has the responsibility of overseeing the firm's business in or from the QFC;

(ii) if the firm does not have that part of the board described in subparagraph (i) — that part of the firm's membership, committee of management or other body (whatever it is called) that has the responsibility of overseeing the firm's business in or from the QFC; or

(iii) if the firm does not have that part of the board or body described in subparagraphs (i) and (ii) — the person or persons delegated by the board, membership, committee or other body with the responsibility of overseeing the firm's business in or from the QFC.

group, in relation to a legal person (A) means the following:

(a) A;

(b) any parent entity of A;

IBANK means the Islamic Banking Business Prudential Rules 2015.

IMEB means the Insurance Mediation Business Rules 2011.

INAP means the Interpretation and Application Rules 2005.

increase control — see rule 8.1.4.

INMA means the Investment Management and Advisory Rules 2014.

Islamic financial business means the business of carrying on 1 or more regulated activities in accordance with Shari'a.

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.

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

month means calendar month — that is, the period beginning at the start of any day of 1 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.

parent entity of 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;

person means:

(a) an individual (including an individual occupying an office or position from time to time); or

(b) a legal person.

PINS means the Insurance Business Rules 2006.

QFC means the Qatar Financial Centre.

QFC entity means a company incorporated under the Companies Regulations 2005 or a limited liability partnership incorporated under the Limited Liability Partnerships Regulations 2005.

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

regulated exchange means an means an exchange:

(a) that is incorporated or otherwise established in a jurisdiction outside the QFC; and

(b) that is regulated as an exchange by an overseas regulator in that jurisdiction.

Regulatory Authority means the Regulatory Authority of the QFC.

shares in relation to a controller has the meaning given in FSR, article 37 (3).

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

type of control means any of the types of control in rule 8.1.3 (1).

voting power — see rule 8.1.6 (1).

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).

Amended by RM/2018-4 (as from 1st August 2018)
Amended by QFCRA RM/2020-6 (as from 15th October 2020).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)

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GENE Glossary