INMA 3.3.8 Application of rule 3.3.4 to financial groups

(1) If an INMA firm is part of a financial group, the financial group must comply with rule 3.3.4 on a consolidated basis.
(2) The financial group of an INMA firm is made up of:
(a) the firm;
(b) any subsidiary (direct or indirect) of the firm, if the subsidiary belongs to a sector of the financial industry; and
(c) any entity that the Regulatory Authority directs the firm to include.

Note The instructions for preparing returns divide the financial industry into the following sectors: banking, non-life insurance, life insurance, financial services, equity investments and non-equity investments.
(3) An INMA firm may apply to the Regulatory Authority for approval to exclude an entity from its financial group. The authority will grant such an approval only after the firm satisfies the authority that inclusion of the entity would be misleading or inappropriate for the purposes of supervision.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).