INDI Glossary

(see rule 1.1.3)

actuarial function means the function described in CTRL, rule 1.2.15.

advising on investments means the regulated activity described in FSR, Schedule 3, Part 2, paragraph 11.

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

arranging deals in investments means the regulated activity described in FSR, Schedule 3, Part 2, paragraph 5.

authorisation means an authorisation granted under FSR, Part 5.

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

business customer has the same meaning as in CIPR.

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

CII Award in Financial Planning (AFP) means the award for passing the examination given by the Chartered Insurance Institute on financial planning, as revised from time to time.

CII Award in General Insurance (AGI) means the award for passing the examination given by the Chartered Insurance Institute on general insurance, as revised from time to time.

CISI Regulatory qualification means the award for passing the examination on the QFC Rules and Regulations, developed by the Regulatory Authority in conjunction with the Chartered Institute for Securities and Investments, as revised from time to time.

collective investment scheme has the meaning given by the Collective Investment Schemes Rules 2010, rule 1.2.1.

competencies has the meaning given by:

(a) for a controlled function — rule 3.1.3; or
(b) for the customer-facing function — rule 4.1.3.

compliance oversight function means the function described in CTRL, rule 1.2.13.

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

CTRL means the Governance and Controlled Functions Rules 2020.

customer means a person to whom an authorised firm provides, has provided or offers to provide a service or product, and includes a retail customer and a business customer of the firm.

customer-facing function has the meaning given by rule 1.1.5.

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;
(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.

executive governance function means the function described in CTRL, rule 1.2.6.

finance function means the function described in CTRL, rule 1.2.9.

fitness and propriety, of an individual, has the same meaning as in FSR, article 29.

FSR means the Financial Services Regulations.

GENE means the General Rules 2005.

general insurance contract has the meaning given by PINS, rule 1.2.6 (1).

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

insurance intermediary has the meaning given by the Insurance Mediation Business Rules 2011, rule 1.2.1.

internal audit function means the function described in CTRL, rule 1.2.14.

investment-linked insurance has the same meaning as in PINS.

long term insurance contract has the meaning given by PINS, rule 1.2.6 (2).

MLRO function means the function described in CTRL, rule 1.2.11.

month means calendar month — that is, the 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 the next named month.

non-discretionary customer-facing activities has the meaning given by rule 4.1.6.

non-executive governance function means the function described in CTRL, rule 1.2.7.

PINS means the Insurance Business Rules 2006.

QFC means the Qatar Financial Centre.

qualification includes the membership of a professional body or association.

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

Regulatory Authority means the Regulatory Authority of the QFC.

regulatory system means the arrangements, in or under Regulations made under the QFC Law, article 9, or Rules, for regulating authorised firms.

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 schemes;
(f) options;
(g) futures;
(h) contracts for differences.

retail customer means a customer of the firm who is neither a market counterparty within the meaning of the Investment Management and Advisory Rules 2014 nor a business customer.

risk management function means the function described in CTRL, rule 1.2.12.

Rules means rules made by the Regulatory Authority under FSR, article 15 (1), and includes:

(a) any standard, principle or code of practice made by the authority; and
(b) any other instrument made or in force under any Rules.

senior executive function means the function described in CTRL, rule 1.2.8.

senior management, of an authorised firm, means the firm's senior managers, jointly and separately.

senior management function means the function described in CTRL, rule 1.2.10.

senior manager, of an authorised firm, means an individual employed by the firm or a member of the firm's group who has responsibility either alone or with others for management and supervision of 1 or more elements of a firm's business relating to regulated activities.

specified product has the meaning given by FSR, article 110.

training and competency document means the document required under rule 5.2.3.

training and competency programme means the programme required under rule 5.2.1.

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 QFCRA RM/2019-4 (as from 1st January 2020).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)