INMA 5.2.3 Eligible banks

In these rules:

eligible bank means:

(a) a QFC bank; or

Note QFC bank is defined in the glossary.
(b) an entity for which all of the following requirements are satisfied:
(i) it is incorporated in a jurisdiction outside the QFC;
(ii) it is regulated as a bank, and 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;
(iv) the entity is required to prepare audited accounts;
(v) it has assets of QR35 million or more;
(vi) it had surplus revenue over expenditure for its last 2 financial years;
(vii) its latest annual audit report is not materially qualified.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).