Glossary

advertisement: see rule 4.2.1.

associate of a person (A) means any of the following:

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

(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, corporate group and person are defined in this glossary.

authorisation means an authorisation granted under FSR, Part 5.

authorised firm means a person that has an authorisation.

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

business customer: see rule 1.2.3.

calendar month means a 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 of the next named month; or

(b) if there is no corresponding day — at the end of the last day of next named month.

carrying out contracts of insurance: see rule 6.1.2.

company means:

(a) a company incorporated under the Companies Regulations of the QFC; or

(b) a legal person incorporated under the law of a jurisdiction outside the QFC, the liability of each of member of which is limited to the amount of the member's capital contribution or guarantee.

complaint: see rule 3.8.1.

compliance officer for an authorised firm means the individual who exercises the compliance oversight function (within the meaning given by CTRL, rule 3.1.9) for the firm.

COND means the Conduct of Business Rules 2007, as in force at any time before 1 January 2020.

contract of insurance: see rule 6.1.2.

corporate group means the following:

(a) a legal person (A);

(b) any parent entity of A;

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

CTRL means the Governance and Controlled Functions Rules 2012.

customer: see rule 1.2.1.

customer dispute resolution scheme means the scheme by that name established under the Customer Dispute Resolution Scheme Rules 2019.

day means a period of 24 hours starting at midnight.

deposit: see rule 7.1.2.

deposit-taking: see rule 7.1.2.

deposit-taking business: see rule 7.1.2.

durable medium means a medium that:

(a) allows information to be addressed personally to the recipient;

(b) enables the recipient to store information in a way that is accessible for future reference and for a period of time adequate for the purposes of the information; and

effecting contracts of insurance: see rule 6.1.2.

eligible counterparty: see rule 1.2.10.

employee of an authorised firm means an individual who is the firm's employee for the purposes of the Employment Regulations of the QFC.

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

execute a transaction includes:

(a) to carry the transaction into effect or perform it; and

(b) to instruct another person to execute it.

FSR means the Financial Services Regulations.

GENE means the General Rules 2005.

general insurance contract: see rule 6.1.2.

governing body: an authorised firm's governing body is:

(a) in the case of such a firm that is a company or limited liability partnership incorporated in the QFC, 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 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 policy means an insurance contract that covers a defined group of persons (for example, the members of a society or professional body, or the employees of an employer).

initial disclosure document: see rule 4.4.1.

insurance business: see rule 6.1.2.

insurance mediation business: see rule 6.1.2.

investment advice: see rule 5.1.2.

investment business: see rule 5.1.2.

investment intermediary: see rule 5.1.2.

investment manager: see rule 5.1.2.

investment mediation business: see rule 5.1.2.

issuer means:

(a) for a security other than a unit in a collective investment scheme — the person that issued, or is to issue, the security;

(b) for a unit in a collective investment scheme — the operator (within the meaning given by the Collective Investment Schemes Rules 2010, rule 1.2.8) of the scheme; and

(c) for a certificate or another instrument that gives contractual or property rights (other than rights consisting of options) in relation to any share, debt instrument, government or public security, or warrant — the person that issued, or is to issue, the security to which the instrument relates.

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

(a) the State of Qatar;

(b) a foreign country (whether or not an independent sovereign jurisdiction), or a state, province or other territory of a foreign country; and

key information document: see rule 5.4.1.

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.

life insurance contract: see rule 6.1.2.

long term care insurance contract: see rule 6.1.2.

long term insurance contract: see rule 6.1.2.

managing investments: see rule 5.1.2.

material interest: see rule 3.5.1.

non-investment insurance contract: see rule 6.1.2.

overseas regulator means a regulatory or governmental authority, body or agency in a jurisdiction outside the QFC (whether in the State of Qatar or elsewhere).

packaged investment product: see rule 5.1.2.

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 corporate group, holds a majority of the voting power in A;

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

person means:

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

(b) a legal person.

pure protection contract: see rule 6.1.2.

QFC means Qatar Financial Centre.

QFC insurance intermediary means an authorised firm that is an insurance intermediary.

QFC insurer means an authorised firm that is an insurer.

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

Note See FSR, article 23 (1) and Schedule 3, Part 2; the Islamic Banking Business Prudential Rules 2015, rule 1.1.4; and the Investment Management and Advisory Rules 2014, rule 1.1.3A.

regulated exchange 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.

regulated financial institution means a person that is not an authorised firm but is authorised, in a jurisdiction outside the QFC, by an overseas regulator to carry on a financial service.

Regulatory Authority means the Qatar Financial Centre Regulatory Authority.

remuneration means remuneration in any form, including benefits of any kind.

retail customer: see rule 1.2.2.

risk management officer for an authorised firm means the individual who exercises the risk management function (within the meaning given by CTRL, rule 3.1.8) for the firm.

soft commission agreement: see rule 3.5.10.

specified product: see rule 5.1.2.

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.

tied agent means a QFC insurance intermediary that represents only 1 insurer and is able to advise only on the policies offered by that insurer.

Derived from QFCRA RM/2019-2 (as from 1st January 2020).

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Glossary