IMEB 3.1.8 Non-QFC intermediary — definition

(1) A body corporate is a non-QFC intermediary of a firm if:
(a) the body corporate is authorised under a contract (non-QFC intermediary contract) with the firm to act as an intermediary for the firm in the State outside the QFC; and
(b) the firm has agreed in the non-QFC intermediary contract to accept liability to the client for every act or omission of the body corporate directly applicable to the activity that the body corporate undertakes (or purports to undertake) as an intermediary for the firm in the State outside the QFC.
(2) A firm must not enter into a non-QFC intermediary contract with a body corporate unless:
(a) it is lawful for the body corporate to act as its intermediary in the State outside the QFC; and
(b) every law, rule or regulation of the State applying in relation to the entering into of the contract is complied with.
Inserted by QFCRA RM/2019-4 (as from 1st January 2020).