IMEB 2.3.4 What firms may provide guarantees for part 2.3?

(1) This rule applies for rule 2.3.1 (2) (Firm must take out and maintain professional indemnity insurance).
(2) A firm (the relevant firm) may provide a guarantee to another firm for this part only if the relevant firm has net tangible assets of more than QR36 million.
(3) If a firm (the beneficiary) is a member of a group in which there is a firm with net tangible assets of more than QR36 million, a firm that is not a member of the group must not provide a guarantee to the beneficiary for this part.

Note Group is defined in the glossary.
(4) A guarantee provided by a firm for this part must—
(a) be in writing; and
(b) make provision at least equal to the provision required by rule 2.3.3 (Minimum requirements for professional indemnity insurance policies).
Note Writing is defined in the glossary.
Amended by QFCRA RM/2015-1 (as from 1st July 2015).