REPO 1.1.5 Operating representative office to be regulated activity
(1) For FSR, article 23 (2), the activity of operating a representative office is a regulated activity.
(2) The regulated activity of operating a representative office consists of doing any 1 or more of the following in or from the QFC:
(a) subject to subrule (3), providing information (but not advice) in relation to financial services or financial products offered by the representative office’s head office if (and only if) the information is general in nature (such as, for example, providing a general market or risk study, investment research or a published prospectus);
(b) on behalf of the representative office’s head office or a member of the same corporate group, doing any of the following:
(i) acting as a channel of communication between the head office or member and actual or potential customers of the head office or member in Qatar;
(ii) carrying out market research or feasibility studies in relation to financial products or financial services on behalf of the head office or member;
(iii) reporting to the head office or member on business trends, opportunities and developments in the Qatari market;
(c) subject to subrule (3), marketing 1 or more financial products or financial services offered by the head office or member.
Note For the meaning, in these rules, of marketing a financial product or financial service, see the Glossary.
(3) Providing information about, or marketing, a financial product or financial service by a representative office is within the regulated activity of operating a representative office if and only if the product or service falls within the description of a specified product or specified activity.
Note For the description of the specified products and specified activities, see FSR, Schedule 3 Part 3 and Schedule 3 Part 2 respectively.
|Derived from QFCRA RM/2020-5 (as from 1st October 2020)|