IMEB Glossary

(see r 1.1.3)

approved representative has the meaning given by rule 3.1.7.

associate, for a legal person (A), means any legal person in the same group as A.

Note Legal person and group are defined in this glossary.

authorisation means an authorisation granted under the Financial Services Regulations, part 5.

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

Note Person and authorisation are defined in this glossary.

branch means a legal person incorporated in a jurisdiction outside the QFC.

Note Legal person and jurisdiction are defined in this glossary.

breach includes fail to comply with.

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.

captive insurance business has the meaning given by the CAPI, rule 1.2.2.

captive insurance management has the meaning given by rule 1.2.5.

captive insurance manager has the meaning given by rule 1.2.4.

carrying out contracts of insurance means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 3.

Note Regulated activity is defined in this glossary.

CIPR means Customer and Investor Protection Rules 2019.

client bank account has the meaning given by rule 3.1.2.

client money has the meaning given by rule 1.2.9.

client money calculation means the calculation under rule 3.9.1.

client money distribution rules means the provisions of chapter 4.

client money protection rules means the provisions of parts 3.3 to 3.9 and chapter 8.

CM requirement has the meaning given by rule 3.9.1.

CM resource has the meaning given by rule 3.9.1.

contract of insurance means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.

Note Specified product is defined in this glossary.

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

day means a period of 24 hours starting at midnight.

director, for an entity, includes any person named as director of the entity and any person in accordance with whose instructions the entity 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, 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.

Note Writing is defined in this glossary.

effecting contracts of insurance means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 2.

Note Regulated activity is defined in this glossary.

eligible bank means—

(a) a person that is an authorised firm with an authorisation for deposit taking; or
(b) a person in relation to whom all of the following requirements are satisfied:
(i) the person is incorporated in a jurisdiction outside the QFC;
(ii) the Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction;
(iii) the person is regulated as a bank, and principally regulated for prudential purposes, by an overseas regulator in the jurisdiction;
(iv) the person is required to prepare audited accounts;
(v) the person has minimum assets of QR36 million;
(vi) the person had surplus revenue over expenditure for the person's last 2 financial years;
(vii) the person's latest annual audit report is not materially qualified.

Note Person, authorised firm, authorisation and jurisdiction are defined in this glossary.

eligible intermediary means—

(a) a person (other than an eligible bank or a producing intermediary) that is an authorised firm; or
(b) a person in relation to whom all of the following requirements are satisfied:
(i) the person is authorised (however described) under the law of a jurisdiction outside the QFC to conduct insurance mediation or the equivalent activity in the jurisdiction;
(ii) the person is principally regulated for prudential purposes by an overseas regulator in the jurisdiction;
(iii) the Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction.

Note Person, eligible bank, authorised firm and jurisdiction are defined in this glossary.

employee, of a person (A), means an individual—

(a) who is employed or appointed by A, whether under a contract of service or services or otherwise; or
(b) whose services are, under an arrangement between A and a third party, placed at the disposal and under the control of A.

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

Note Person is defined in this glossary.

exercise a function means exercise or perform the function.

Note Function is defined in this glossary.

failure, of a firm, means—

(a) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy for the firm; or
(b) any equivalent procedure in a relevant jurisdiction.

Note Jurisdiction is defined in this glossary.

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

Note Person and authorisation are defined in this glossary.

firm-related distribution event, for a firm, means—

(a) the appointment of a liquidator, receiver or administrator or of a trustee in bankruptcy; or
(b) an event in any jurisdiction equivalent to an appointment mentioned in paragraph (a); or
(c) the withdrawal of the firm's authorisation; or
(d) the imposition or variation of a condition, restriction or requirement on the firm's authorisation so that it is no longer permitted to hold client money.

Note Jurisdiction and authorisation are defined in this glossary. Client money is defined in rule 1.2.9.

function means any function, authority, duty or power.

governing body, of an entity, means its board of directors, committee of management or other governing body (whatever it is called).

Note Entity is defined in this glossary.

group means the following:

(a) a legal person (A);
(b) any parent entity of A;
(c) any subsidiary (direct or indirect) of A or of any parent entity of A.

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

hold money has the meaning given by rule 1.2.10.

INAP means the Interpretation and Application Rules 2005.

INMA means the Investment Management and Advisory Rules 2014.

instrument means an instrument of any kind, and includes, for example, any writing or other document.

Note Writing and document are defined in this glossary.

insurance business has the meaning given by rule 1.2.8.

insurance intermediary has the meaning given by rule 1.2.1.

insurance mediation has the meaning given by rule 1.2.2.

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

(a) the State of Qatar; and
(b) a foreign country (whether or not an independent sovereign jurisdiction), or a state, province or other territory of such a foreign country; and
(c) the Qatar Financial Centre or a similar jurisdiction.

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.

Note Entity, jurisdiction and property are defined in this glossary.

money means any form of money of any currency, and includes cheques and other payable orders.

month means calendar month.

net asset value has the meaning given by rule 2.2.3.

non-QFC intermediary has the meaning given by rule 3.1.8.

office includes position.

paid-up share capital, for a firm that is not a company, means the equity (however described) of the members or owners of the firm.

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 group, holds a majority of the voting power in A;
(c) a parent entity of any legal person that is a parent entity of A.

Note Legal person and group are defined in this glossary.

person means—

(a) an individual (including an individual occupying an office from time to time); or
(b) a legal person.

Note Office and legal person are defined in this glossary.

property means any estate or interest (whether present or future, vested or contingent, or tangible or intangible) in immovables or property of any other kind, and includes, for example—

(a) money; and
(b) bonds, securities, shares, and other negotiable or non-negotiable instruments of any kind; and
(c) any right to interest, dividends, or other income, on or accruing from or generated by immovables or property of any other kind; and
(d) any other things in action; and
(e) any other charge, claim, demand, encumbrance, lien, power, privilege, right, or title, recognised or protected by the law of any jurisdiction over, or in relation to, immovables or property of any other kind; and
(f) any other documents evidencing title to, or to any interest in, immovables or property of any other kind.

Note Money, jurisdiction and document are defined in this glossary.

producing intermediary, in relation to a transfer or series of transfers under part 3.7, means a firm to which chapter 3 (Client money) applies.

QFC means the Qatar Financial Centre.

QFC Authority means the Qatar Financial Centre Authority.

QFC insurer has the meaning given by rule 1.2.7.

QFC captive insurer has the meaning given by CAPI, rule 1.2.1.

regulated activity means an activity that is a regulated activity under the Financial Services Regulations.

Regulatory Authority means the Regulatory Authority of the QFC.

reinsurance contract means a contract of insurance covering all or part of a risk to which a person is exposed under a contract of insurance.

Note Contract of insurance and person are defined in this glossary.

relevant investments: investments of the following kinds (in each case, within the meaning given in FSR, Schedule 3, Part 3), and rights in such investments, are relevant investments:

(a) shares;
(b) debt instruments;
(c) warrants;
(d) securities receipts;
(e) units in collective investment funds;
(f) options;
(g) futures;
(h) contracts for differences;
(i) life policies.

shortfall, in relation to a calculation under rule 3.9.1, is the amount by which a firm's CM resource is less than its CM requirement.

specified product means an investment or other type of product that is a specified product under the Financial Services Regulations.

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.

surplus, in relation to a calculation under rule 3.9.1, is the amount by which a firm's CM resource exceeds its CM requirement.

Note CM resource and CM requirement are defined in rule 3.9.1 and this glossary.

third party-related distribution event, for an eligible bank or eligible intermediary, means—

(a) the appointment of a liquidator, receiver or administrator or of a trustee in bankruptcy; or
(b) an event in any jurisdiction equivalent to an appointment mentioned in paragraph (a).

Note Jurisdiction is defined in this glossary.

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).

year means calendar year.

Amended by QFCRA RM/2019-4 (as from 1st January 2020).