Interpretation and Application Rulebook (INAP)

Click here to view earlier versions of Interpretation and Application Rulebook (INAP).
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Interpretation and Application Rulebook (INAP)
Background to this Rulebook
INAP Part 1: General provisions
INAP Part 2: Rules of interpretation and application
INAP Part 3: Publication of Rules and regulatory material
Glossary: Definitions for all Rules	[ A ]
	[ B ]
	[ C ]
	[ D ]
	[ E ]
	[ F ]
	[ G ]
	[ H ]
	[ I ]
	[ J ]
	[ K ]
	[ L ]
	[ M ]
	[ N ]
	[ O ]
	[ P ]
	[ Q ]
	[ R ]
	[ S ]
	[ T ]
	[ U ]
	[ V ]
	[ W ]
	[ X ]
	[ Y ]
	[ Z ]
Endnotes

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Background to this Rulebook
1. INAP-VER2-Sep06 incorporates amendments made by Prudential – Insurance Rulebook Rule Making Instrument No. 2006/01 (RM2006/01). See the endnotes for rulebook and amendment history.

INAP Part 1 General provisions [effective from 6th December 2009]

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 1.1.1 Name of Rules [effective from 6th December 2009]
These rules are the Interpretation and Application Rules 2005 (INAP).

Amended by QFCRA RM/2012-2 (as from 1st February 2013)

INAP 1.1.2 Application of INAP [effective from 6th December 2009]
(1) These rules apply to all Rules.

Note Rules is defined in the glossary.

(2) Also, part 2 (Rules of interpretation and application) applies to the following as if they were Rules:
(a) waiver or modification notices under the Financial Services Regulations;

(b) guidance issued by the Regulatory Authority.

(3) In addition, the Regulatory Authority may, by written notice published on an approved website, apply part 2 (or stated provisions of that part or definitions in the glossary) to any other document made or issued (however described) by the authority.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

INAP Part 2 Rules of interpretation and application [effective from 6th December 2009]

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.1 Provisions of pt 2 must be applied [effective from 6th December 2009]
(1) A provision of this part must be applied, in accordance with the terms of the provision, to any Rules, except so far as it is displaced expressly or by contrary intention.

(2) A provision of this part must not be taken to be displaced by a contrary intention in a provision of any Rules so far as the provisions can operate concurrently.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.2 Exercise of functions between making and commencement of Rules [effective from 6th December 2009]
(1) This rule applies to a function under a provision of any Rules in the following situations:
(a) the function is given by a provision (the authorising provision), but the provision has not commenced;

(b) the function is given by a provision (the authorising provision) as amended by another provision (the amending provision), but either or both of the provisions have not commenced.

(2) The function may be exercised at any time even though the authorising provision, or the authorising provision and amending provision (or either of them), is not in force at the time.

(3) For the exercise of the function, the authorising provision, or the authorising provision and the amending provision, are taken to be in force at the time of the exercise of the function.

(4) Also, anything else may be done in relation to the function at any time for the purpose of bringing, or in relation to bringing, the authorising provision, the authorising provision as amended by the amending provision, or any other provision of the Rules containing the provision or provisions, into operation.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.3 References to laws include references to laws as in force from time to time etc [effective from 6th December 2009]
(1) In any Rules, a reference to a law includes a reference to the following:
(a) the law as originally made, and as amended from time to time since it was originally made;

(b) if the law has been repealed and remade (with or without changes) since the reference was made — the law as remade (or last remade), as amended from time to time since it was remade (or last remade);

(c) if a relevant provision of the law has been omitted and remade (with or without changes) in another law since the reference was made — the law in which the provision was remade (or last remade), as in force when the provision was remade (or last remade), and as amended from time to time since the provision was remade (or last remade).

Note Law is defined in r (4).

(2) In any Rules, a reference to a provision of a law includes a reference to the following:
(a) the provision as originally made, and as amended from time to time since it was originally made;

(b) if the provision has been omitted and remade (with or without changes and whether in the law or another law) since the reference was made — the provision as remade (or last remade), and as amended from time to time since it was remade (or last remade).

(3) To remove any doubt, if the name of a law is amended (including by substitution), a reference in any Rules to the law by its name before the amendment includes a reference to the law by its name as amended.

(4) In this rule:

law means —
(a) a law of any jurisdiction; and

(b) any regulations, rules or other instruments (however described and whether legislative or administrative) made or in force under a law of any jurisdiction;

and includes the QFC Law or any other law of the State and any Regulations or Rules.

name, of a law, includes any citation of, or other way of referring to, the law.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.4 Material that is part of Rules [effective from 6th December 2009]
(1) The following things in, or to, any Rules are part of the Rules:
(a) a heading to a provision;

(b) an example or diagram;

(c) a schedule, appendix, dictionary or glossary;

(d) punctuation;

(e) a provision number.

(2) Any guidance in whatever form in any Rules is also part of the Rules.

(3) To remove any doubt, subrule (2) is subject to the Financial Services Regulations, article 17(4) (Guidance).

Note Financial Services Regulations, art 17(4) states that guidance issued by the Regulatory Authority is indicative of its view at the time, and in the circumstances, in which it was given and is non-binding.

(4) Subrule (1) (a) applies to a heading to a provision in any Rules only if —
(a) the Rules were made after 1 January 2007; or

(b) the heading was amended or inserted into the Rules after 1 January 2007.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.5 Effect of examples [effective from 6th December 2009]
An example in any Rules —

(a) is not exhaustive; and

(b) may extend, but does not limit, the meaning of the Rules or the particular provision of the Rules to which it relates.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.6 Material that is not part of Rules [effective from 6th December 2009]
(1) The following things in, or to, any Rules are not part of the Rules:
(a) a footnote, endnote or other note;

(b) a table of contents (however described), reader's guide or index.

(2) Anything mentioned in subrule (1) (a) or (b) does not become part of the Rules because it is amended or inserted by any Rules.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.7 Effect of notes [effective from 6th December 2009]
A note in or to any Rules is explanatory.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.8 Application of definitions [effective from 6th December 2009]
(1) A definition in the glossary to these Rules applies to any Rules, unless these Rules or any other Rules provide for the definition to have a different application.

Note To assist the reader, the application of a definition in that glossary to any word(s) would usually be indicated by the word(s) being in italics (other than bold italics).

(2) A definition in the dictionary or glossary to any other Rules applies to the entire Rules, and only to those Rules, unless the Rules or any other Rules provide for the definition to have a different application.

(3) A definition in a rule of any Rules applies to the entire rule, and only to the rule, unless the Rules provide for the definition to have a different application.

(4) A definition in any Rules applies except so far as the contrary intention appears.

(5) If Rules define a term, other parts of speech and grammatical forms of the term have corresponding meanings.

(6) In this rule:

definition means a provision (however expressed) that —
(a) gives meaning to a term; or

(b) limits or extends the meaning of a term.

rule includes any provision corresponding to a rule.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.9 Gender and number [effective from 6th December 2009]
In any Rules —

(a) words indicating gender include every other gender; and

(b) words in the singular include the plural and words in the plural include the singular.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.10 Meaning of may and must [effective from 6th December 2009]
(1) In any Rules, the word may, or a similar term, used in relation to a function indicates that the function may be exercised or not exercised, at discretion.

(2) In any Rules, the word must, or a similar term, used in relation to a function indicates that the function is required to be exercised.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.11 Working out periods of time generally [effective from 6th December 2009]
(1) This rule applies in working out a period of 1 day or longer for the purposes of any Rules, whether the period is a period in the future or past.

(2) A period of time described as starting at, on or with a stated day, act or event includes the stated day or the day of the stated act or event.

(3) A period of time described as starting from or after a stated day, act or event does not include the stated day or the day of the stated act or event.

(4) A period of time described as ending at, by, on or with, or as continuing to, a stated day, act or event includes the stated day or the day of the stated act or event.

(5) A period of time described as ending before a stated day, act or event does not include the stated day or the day of the stated act or event.

(6) A reference to a number of days between acts or events does not include the day when the acts or events happen.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.12 Doing things for which no time is fixed [effective from 6th December 2009]
(1) This rule applies if —
(a) under any Rules, something must or may be done; but

(b) no time is provided to do the thing.

(2) The thing must or may be done as soon as practicable and as often as needed.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.13 Continuing effect of obligations [effective from 6th December 2009]
If, under a provision of any Rules, an act is required to be done, the obligation to do the act continues until the act is done even if —

(a) the provision required the act to be done within a particular period or before a particular time, and the period has ended or the time has passed; or

(b) an entity has committed or been found guilty of an offence, or a penalty has been imposed, in relation to the failure to do the act.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.14 Power to make instruments [effective from 6th December 2009]
(1) If any Rules give a power that can be exercised by making an instrument, the Rules give power to make the instrument.

(2) If any Rules give power to make an instrument, the power may be exercised from time to time.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.15 Power to make instrument includes power to amend or repeal [effective from 6th December 2009]
(1) Power given under Rules to make an instrument includes power to amend or repeal the instrument.

(2) The power to amend or repeal an instrument is exercisable in the same way, and subject to the same conditions, as the power to make the instrument.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

INAP 2.1.16 Instruments may have retrospective effect [effective from 6th December 2009]
A provision of an instrument made under any Rules may commence before the day the instrument is made if the provision does not operate to the disadvantage of a person (other than the Regulatory Authority) by —

(a) adversely affecting the person's rights; or

(b) imposing liabilities on the person.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Part 3 Publication of Rules and regulatory material [effective from 6th December 2009]

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 3.1.1 Definitions — pt3 [effective from 6th December 2009]
In this part:

Chief Executive Officer means the Chief Executive Officer of the Regulatory Authority.

regulatory material means the following:

(a) a waiver or modification notice under the Financial Services Regulations (or a notice revoking or varying such a notice);

(b) guidance issued by the Regulatory Authority, other than guidance issued to an authorised firm or person individually;

(c) a form approved or otherwise prescribed (however described) by the Regulatory Authority under any Regulations;

(d) an approval, notice, policy or other instrument made or issued (however described) by the Regulatory Authority under any Regulations, other than an instrument made or issued for an authorised firm or person individually;

and includes any provision of any regulatory material.

Rules include any provision of any Rules.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

INAP 3.1.2 Approved websites [effective from 6th December 2009]
(1) The Chief Executive Officer may approve websites for this part.

(2) The Regulatory Authority may enter into agreements or arrangements to ensure that users can authenticate an approved website or material on an approved website

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 3.1.3 Publication and authorisation of Rules and regulatory material [effective from 6th December 2009]
(1) The Regulatory Authority may publish written or electronic versions of any Rules or regulatory material, whether as made or issued (however described) or as amended from time to time.

Note 'Written' includes printed (see glossary, def writing).

(2) The Regulatory Authority may authorise any of these versions (or any format of any of these versions).

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 3.1.4 Authorised electronic versions — Rules and regulatory material [effective from 6th December 2009]
(1) An electronic copy of any Rules or regulatory material is an authorised electronic version if —
(a) it is an electronic copy of a version authorised by the Regulatory Authority that is accessed at, or downloaded from, an approved website in a format authorised by the Chief Executive Officer, by notice published on an approved website; or

(b) it is an electronic copy of a version authorised by the Regulatory Authority and is in the format in which it is authorised by the authority.

Example of electronic format that may be authorised

a locked pdf file

(2) It is presumed, unless the contrary is proved —
(a) that an internet site purporting to be an approved website is an approved website; and

(b) that an electronic copy of any Rules or regulatory material accessed at, or downloaded from, an approved website and purporting to be authorised by the Regulatory Authority (however expressed) is an authorised electronic version of the Rules or regulatory material; and

(c) that any other electronic copy of any Rules or regulatory material purporting to be authorised by the Regulatory Authority (however expressed) is an authorised electronic version of the Rules or regulatory material; and

(d) that an authorised electronic version of any Rules or regulatory material purporting to be a version of the Rules or regulatory material as made or issued (however described) correctly shows the Rules or regulatory material as made or issued; and

(e) that an authorised electronic version of any Rules or regulatory material purporting to be a version of the Rules or regulatory material as in force (however described) at any time or during any period correctly shows the Rules or regulatory material as in force at that time or during that period.

Examples for par (e)
1 A statement 'Effective: 1 October 2008' or 'Effective: 1/10/08' in an authorised electronic version of any Rules means that the version correctly shows the Rules as in force on 1 October 2008.

2 A statement "Effective: 7 April 2008—30 September 2008' or 'Effective: 7/4/08—30/9/08' in an authorised electronic version of any Rules means that the version correctly shows the Rules as in force during the period from 7 April 2008 to 30 September 2008 (both dates included).

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 3.1.5 Authorised written versions — Rules and regulatory material [effective from 6th December 2009]
(1) A written copy of any Rules or regulatory material is an authorised written version if —
(a) it is a written copy of a version authorised by the Regulatory Authority; or

(b) it is a written copy produced directly from an authorised electronic version of the Rules or regulatory material.

Example

An authorised electronic version of any Rules is downloaded from an approved website and printed. The printed copy is an authorised written version of the Rules.

(2) It is presumed, unless the contrary is proved —
(a) that a written copy of any Rules or regulatory material purporting to be authorised by the Regulatory Authority (however expressed) is an authorised written version of the Rules or regulatory material; and

(b) that an authorised written version of any Rules or regulatory material purporting to be a version of the Rules or regulatory material as made or issued (however described) correctly shows the Rules or regulatory material as made or issued; and

(c) that an authorised written version of any Rules or regulatory material purporting to be a version of the Rules or regulatory material as in force (however described) at any time or during any period correctly shows the Rules or regulatory material as in force at that time or during that period.

Examples for par (c)

See examples for rule 3.1.4(2)(e).

(3) Subrule (2) does not limit rule 3.1.4(2) (Authorised electronic versions — Rules and regulatory material).

Amended by QFCRA RM/2012-2 (as from 1st February 2013)

INAP 3.1.6 Notice of certain matters [effective from 6th December 2009]
(1) Proof is not required about —
(a) the making or issue (however described) of any Rules or regulatory material; or

(b) the provisions of any Rules or regulatory material, whether as made or issued (however described) or as in force from time to time; or

(c) the commencement, amendment, repeal, modification, waiver or expiry (however described) of any Rules or regulatory material; or

(d) amendments or other changes made under rule 3.1.7 (Preparation of Rules and regulatory material for publication); or

(e) the authorisation under this part of an electronic or written version of any Rules or regulatory material; or

(f) whether a website is an approved website; or

(g) the publication of anything on an approved website.

(2) A court or tribunal may inform itself of anything mentioned in subrule (1) in any way it considers appropriate.

Examples of ways that may be appropriate
1 using a version of any Rules or regulatory material downloaded from an approved website using the internet

2 using information obtained from an approved website using the internet

3 using an authorised written version of any Rules or regulatory material

(3) However, the court or tribunal must consider whether any source that it intends to use appears to be a reliable source of information.

(4) For subrule (3), an authorised electronic or written version of any Rules or regulatory material is a reliable source of information.

(5) This rule does not limit any other provision of a law, Regulations or Rules.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 3.1.7 Preparation of Rules and regulatory material for publication [effective from 6th December 2009]
(1) In preparing a written or electronic version of any Rules or regulatory material for publication, the Regulatory Authority may —
(a) make editorial amendments, and other textual amendments of a technical or formal nature; and

(b) make other editorial changes by way of format, layout, presentation or printing style.

(2) However, this rule does not permit the making of any amendment of any Rules or regulatory material that would change the legal effect of the Rules or regulatory material.

(3) For this rule, an editorial amendment is an amendment that —
(a) updates or corrects a reference to, or to any provision of, any law or other instrument; or

(b) goes only to a matter of spelling, punctuation, or the use (or non-use) of conjunctives, disjunctives or capitals; or

(c) numbers or paragraphs (to any level) any provision, or changes the order of definitions or other provisions, of any Rules or regulatory material; or

(d) changes the naming or numbering of a provision of any Rules or regulatory material; or

(e) replaces a reference to a provision of any law or other instrument with a different form of reference to the provision; or

(f) changes the way of referring to or expressing a number, year, date, time, amount of money, quantity, measurement or any similar matter; or

(g) changes the form, layout or wording of any definition; or

(h) updates a reference to the heading of a provision of any law or other instrument; or

(i) omits the enacting or making words (however described) of any Rules or regulatory material (including any signatures); or

(j) omits a provision of any Rules or regulatory material that has expired or the operation of which is exhausted or spent; or

(k) inserts, omits or changes anything not forming part of any Rules or regulatory material, including, for example, any table of contents (however described) or endnote; or

(l) is consequential on any other editorial amendment.

(4) Any Rules or regulatory material amended or otherwise changed under this rule has effect for all purposes, on and after publication by the Regulatory Authority, as if the changes had been made by other Rules or regulatory material of the same kind.

(5) In this rule:

law means —
(a) a law of any jurisdiction; and

(b) any regulations, rules or other instruments (however described and whether legislative or administrative) made or in force under a law of any jurisdiction;

and includes the QFC Law or any other law of the State and any Regulations or Rules.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 3.1.8 Authorisation to exercise certain functions under pt 3 etc [effective from 6th December 2009]
(1) The Chief Executive Officer may authorise employees of the Regulatory Authority to exercise for the authority functions under or in relation to any of the following provisions of this part:
• rule 3.1.3 (Publication and authorisation of Rules and regulatory material)

• rule 3.1.7 (Preparation of Rules and regulatory material for publication).

(2) A function mentioned in subrule (1) that is exercised by an employee authorised under that subrule is taken to have been exercised by the Regulatory Authority.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

INAP 1 Interpretation of the Qatar Financial Centre Regulatory Authority Rulebooks [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.1 Application [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.1.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.2 Purposive Interpretation [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.2.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.2.2 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.3 General Interpretation [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.3.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.4 Use of Defined Terms [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.4.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.4.2 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.5 Cross References [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.5.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.6 Notes in rulebooks [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 1.6.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 2 Emergency [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 2.1 Event of an Emergency [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 2.1.1 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 2.1.2 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

INAP 2.1.3 [effective until 5th December 2009]

Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form INAP Part 1 and Part 2.

Glossary Definitions for all Rules

Amended by QFCRA RM02/2009 (as from 6th December 2009).

[ A ]

AAOIFI
Accounting and Auditing Organisation for Islamic Financial Institutions.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Acceptable Collateral
Those types of collateral set out in PIIB Rule A4.8.32.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

accounting reference date [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Actuarial Function
Current version: effective from Oct 1 2006 - Jun 30 2013.

Has the meaning given to it in INDI Rule 2.1.11.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Advising on Investments
The Regulated Activity described in Paragraph 11 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Advising on Relevant Investments
The Regulated Activity of Advising on Investments where the Specified Product to which the activity relates is a Relevant Investment.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

affected person [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

AML Regulations [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

AML/CFTR
AML/CFTR means the Anti-Money Laundering and Combating Terrorist Financing Rules 2010.

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

AMLG
AMLG means the Anti-Money Laundering and Combating Terrorist Financing (General Insurance) Rules 2012.

Inserted by QFCRA RM/2012-2 (as from 1st February 2013)

annual accounting period [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Annual Audited Expenditure
The expenditure calculated in accordance with PIIB Rule 2.5.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

annual income allocation date [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Appeals Body [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

Applicant
A body corporate, partnership or unincorporated association which is the subject of an application for an Authorisation made under Article 26 of the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Approved Actuary
Current version: effective from Oct 1 2006 - Jun 30 2013.

An Approved Individual registered by the Regulatory Authority to perform the Actuarial Function.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

approved asset [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

approved individual
An individual approved under the FSR, article 41 to perform 1 or more controlled functions.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

approved representative
Of an authorised firm, has the meaning given by COND, rule 2.2.3(1).

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

approved representative contract
Has the meaning given by COND, rule 2.2.3(2).

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

approved website
means a website that is approved under rule 3.1.2.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

Arranging Credit Facilities
The activity described in paragraph 7 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Arranging Deals in Investments
The Regulated Activity described in Paragraph 5 of Part 2 of Schedule 3 of the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Arranging Deals in Relevant Investments
The Regulated Activity of Arranging Deals in Investments where the Specified Product to which the activity relates is a Relevant Investment.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Arranging the Provision of Custody Services
The activity described in Paragraph 9 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

articles of association [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

ASET
ASET means the Assets Rules 2005.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

Associate
In relation to a Person holding shares in an Authorised Firm or a Parent Entity of an Authorised Firm, or entitled to exercise or control the exercise of voting power in an Authorised Firm or a Parent Entity of an Authorised Firm:

(A) the spouse of that Person;

(B) a child or stepchild of that Person;

(C) the trustee of any settlement (including any disposition or arrangement under which property is held on trust (or subject to a comparable obligation) under which that Person has a life interest in possession);

(D) an Entity of which that Person is a director;

(E) an Entity in the same Group as that Person;

(F) a Person who is an employee or partner of that Person;

(G) if that Person is an Entity:
(i) a director of that Person;

(ii) a Subsidiary of that Person;

(iii) a director or employee of such Subsidiary; or

(H) if that Person has with any other Person an agreement or arrangement with respect to the acquisition, holding or disposal of shares or other interests in the Authorised Firm or a Parent Entity of the Authorised Firm or under which they undertake to act together in exercising their voting power in relation to the Authorised Firm or a Parent Entity of an Authorised Firm (other than where the only such agreement or arrangement to which they are party forms part of the constitutional documents of the Authorised Firm or, as the case may be, the Parent Entity).

Derived from QFCRA RM07/2005 (as from 13th October 2005).

associated person [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

authorisation
An authorisation granted by the Regulatory Authority under the FSR, part 5 to carry on regulated activities.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Authorised Firm
A Person that has been granted an Authorisation in accordance with Part 5 of the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ B ]

base capital requirement
Current version: effective from Apr 7 2008 - Jun 30 2013.

Has the meaning given by —

(a) for an insurer incorporated in the QFC — PINS, rule 3.4.1; and

(b) for an authorised firm other than an insurer — PIIB, rule 2.4.1.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

base currency [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

bearer certificate [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Beneficial Owner [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Body Corporate
Any body corporate, including a Limited Liability Partnership, constituted under the Companies Regulations or the Limited Liability Partnership Regulations and a body corporate constituted under the law of a country or territory outside of the QFC.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

branch
A legal entity incorporated in a jurisdiction outside the QFC.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Bundled Brokerage Arrangement
An arrangement whereby an Authorised Firm or an Associate of the Authorised Firm receives goods or services from a broker for which the Authorised Firm does not pay a specific Charge on the understanding that Commissions for transactions Executed by the Authorised Firm via that broker will compensate the broker for the provision of those goods and services.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

business customer
has the meaning given by COND, rule 1.2.5.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

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

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

buy [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

[ C ]

calendar month
means a period beginning at the start of any day of one of the 12 months of the year (a named month) 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 next named month.

Examples

1 The period beginning at the start of 5 July 2009 and ending at midnight on 4 August 2009 is a calendar month.

2 The period beginning at the start of 30 January 2009 and ending at midnight on 28 February 2009 is a calendar month.

The calendar month ends on the last day of February because in that year February does not have a day corresponding to 29 January (because 2009 is not a leap year). If the period began at the start of 30 January 2012 (ie a leap year), the calendar month would end on 29 February 2012.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

cancellation [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

CAPI
CAPI means the Captive Insurance Business Rules 2011.

Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

capital property [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Capital Requirements
The amount of capital an Authorised Firm must hold, calculated in accordance with PIIB Rule 2.3.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Capital Resources
The total Capital Resources of an Authorised Firm calculated in accordance with PIIB section 2.6.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

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

Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

captive insurance management
captive insurance management has the meaning given by IMEB, rule 1.2.5.

Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

Captive [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Carrying out a Contract of Insurance
The activity described in Paragraph 3 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Categories
Categories of Contracts of Insurance as described in Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CCF
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CEA
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Cell [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Cell Shares [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Cellular Assets [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Cellular Liabilities [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Charge
Any payment required from or charge made to a Client in connection with Investment Business, whether levied by the Authorised Firm or any other Person, including a Mark-up or Mark-down.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Chief Executive Officer
in INAP, part 3 (Publication of Rules and regulatory material), has the meaning given by rule 3.1.1.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

Chinese Wall
An arrangement that requires information held by a Person in the course of carrying on one part of its business to be withheld from, or not to be used for, Persons with or for whom it acts in the course of carrying on another part of its business.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CIC [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

CIP [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

CIT [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Civil and Commercial Court
means the Civil and Commercial Court of the QFC established under the QFC Law.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

class [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Class 1 Captive Insurer [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Class 2 Captive Insurer [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Class 3 Captive Insurer [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

class meeting [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

client
has the meaning given by COND, rule 1.2.1.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Client Bank Account [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Client Money
client money—

(a) in relation to the conduct of insurance mediation in or from the QFC—has the meaning given by IMEB, rule 1.2.9; and

(b) in relation to the conduct of other investment business in or from the QFC—has the meaning given by ASET, rule 1.2.1.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

Client Money Distribution Rules [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Client Money Protection Rules [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Close Links
A Person (person A) has close links with a Person (person B) if:

(A) person B:
(i) is a Holding Company of person A;

(ii) is a Subsidiary of person A;

(iii) is a Holding Company of the Subsidiary of person A;

(iv) is a Subsidiary of a Holding Company of person A; or

(v) owns and controls 20% or more of the voting rights or shares of person A; or

(B) person A owns and controls 20% or more of the voting rights or shares of person B.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

closely related counterparties
Counterparties that are closely related under PIIB, Rule A4.8.8.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

close out [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Close Out Netting
A process whereby the claims and obligations of two Counterparties are accelerated, netted to form a single net sum and become immediately due upon the default, bankruptcy, liquidation or other similar circumstance of either of the Counterparties.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

cold call
A financial promotion made during a personal visit, telephone conversation or other interactive dialogue that —

(a) was not initiated by the recipient of the financial promotion; and

(b) does not take place in response to an express request from the recipient of the financial promotion.

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

COLL
means the Collective Investment Schemes Rules 2010.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Collateral
Any form of asset, guarantee, or indemnity which is held or controlled by an Authorised Firm and is subject to a security interest or arrangement in favour of that Authorised Firm.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

collective investment company (or CIC) [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Collective Investment Fund
[deleted]

Deleted by QFCRA RM01/2008 (as from 7th April 2008).

collective investment fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

collective investment partnership (or CIP) [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

collective investment scheme
collective investment scheme has the meaning given by COLL, rule 1.2.1.

Inserted by QFCRA RM/2010-07 (as from 1st January 2011)

collective investment trust (or CIT) [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

commercial customer
has the meaning given by COND, rule 1.2.4.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

commission
Any form of commission, including a benefit of any kind offered or given.

Amended by QFCRA RMI/2008-2 (as from 1st October 2008).

Commodities Risk Capital Requirement
A component of the Market Risk Capital Requirement to cover the risk of holding or taking positions in commodities, including precious metals, but excluding gold, calculated in accordance with PIIB section 5.7.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

commodity [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Companies Regulations
The QFC Companies Regulations 2005.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Company
A company incorporated under the Companies Regulations or under the law of a country or territory outside the QFC where the liability of each of its members (in its capacity as a member) is limited, under the laws of that jurisdiction, to the amount of its capital contribution to the company.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Compliance Oversight Function
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Concentration Risk
The risk faced by an Authorised Firm arising out of its Large Exposures.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

COND
Conduct of Business Rulebook.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Connected Counterparties
Has the meaning given in PIIB Rule A4.8.11.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

constitutional document [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Contingent Liability Transaction
contingent liability transaction, in relation to a client of an authorised firm, means a transaction in a relevant investment if under the terms of the transaction the client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction is to be completed or on the earlier closing out of the client's position.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

Contract for Differences
The Specified Product described in Paragraph 9 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Contract of Insurance
The Specified Product described in Paragraph 10 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

contravene
contravene includes fail or refuse to comply with.

Inserted by QFCRA RM/2010-04 (as from 1st October 2010)

Control
Control over an Authorised Firm as described in Article 37 of the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

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

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Controller
Current version: effective from Oct 13 2005 - Jun 30 2013.

A Person having or acquiring, either along or together with one or more Associate(s), Control over an Authorised Firm.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Control Notice
A notice relating to a change in control of an Authorised Firm or Parent Entity of an Authorised Firm as required by Article 36 of the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Convertible
An investment that gives the investor the right to convert the Security into equity at an agreed price or on an agreed basis.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Correspondent Account [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Correspondent Bank [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Correspondent Banking Client [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Counterparty
Any Person with or for whom an Authorised Firm carries on or intends to carry on, any regulated business or associated business.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Counterparty Risk
The risk that an Authorised Firm's Counterparty does not perform its obligations under the terms of a contract.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Counterparty Risk Capital Component (CPCOM)
A component of the Credit Risk Capital Requirement calculated in accordance with PIIB section 4.4.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Court
Qatar Financial Centre Civil and Commercial Court.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

CPCOM
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CPW
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CPX
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CRCOM
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Default Product
A swap or Option, which has a payout linked to changes in an underlying Reference Asset's creditworthiness and protects the Protection Buyer against the risk of credit loss over a specified time period with the payout being conditional on some form of Credit Event.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Derivatives
An over the counter financial Derivative instrument, which enables the isolation and separate transfer of Credit Risk and whose payout is linked to changes in the Reference Assets' creditworthiness.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Enhancement
Has the meaning given in PIIB Rule A4.10.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Equivalent Amount (CEA)
The proportion of the nominal amount of an OTC derivative contract at risk if an Authorised Firm's Counterparty fails.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Event
An event related to the creditworthiness of Reference Assets or Reference Entities in a Credit Derivatives contract, which triggers the termination or a payout under the contract.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Event Payment
The consideration, which the Protection Seller pays to the Protection Buyer under a Credit Derivatives contract upon occurrence of a Credit Event.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Facility
The Specified Product described in Paragraph 3 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Risk
In relation to an Authorised Firm, the risk of loss if another party fails to perform on its financial obligation to the Authorised Firm.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Risk Capital Component (CRCOM)
A component of the Credit Risk Capital Requirement calculated in accordance with PIIB section 4.3.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Risk Capital Requirement
The requirement calculated in accordance with PIIB Rule 2.3.3.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Credit Spread Option
A type of contract where one Counterparty sells an Option to another Counterparty on a nominal amount of an asset swap on a specified Security, exercisable during a set period of time, in exchange for a payment of a premium where the Option gives the buyer the right to put the asset swap back to the seller at a strike spread over a predetermined benchmark rate.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Criminal Conduct [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Criminal Property [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

CRO
The Companies Registration Office established pursuant to Article 7 of the QFC Law.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CTRL
Current version: effective from Apr 7 2008 - Jun 30 2013.

Controls Rulebook

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Custody Investments [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

customer
customer, in relation to an authorised firm, has the meaning given by —

(a) for insurance business and insurance mediation business in relation to non-investment insurance contracts — COND, rule 1.2.3 (1); and

(b) for any other business —COND, rule 1.2.3(2).

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

Customer Assets [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

customer dispute resolution scheme
The Interim Customer Dispute Resolution Scheme established under COND, chapter 8 or, if a replacement body is established by rule under FSR, article 86 (2), that body.

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

Customer Facing Function
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Customer Order
(1) An order to an Authorised Firm from a Customer to Execute a transaction as agent;

(2) any other order to an Authorised Firm from a Customer to Execute a transaction in circumstances giving rise to duties similar to those arising on an order to Execute a transaction as agent; or

(3) a decision by an Authorised Firm in the exercise of discretion to Execute a transaction with or for a Customer.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

CV
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ D ]

Data Protection Regulations
The QFC Data Protection Regulations 2005.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

day
A period of 24 hours starting at midnight.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

dealing [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

dealing day [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Dealing in Investments
The Regulated Activity described in Paragraph 4 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Dealing in Relevant Investments as Agent
The Regulated Activity of Dealing in Investments in the capacity of agent where the Specified Product to which the activity relates is a Relevant Investment.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Dealing in Relevant Investments as Principal
The Regulated Activity of Dealing in Investments in the capacity of principal where the Specified Product to which the activity relates is a Relevant Investment.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

dealing period [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Debt Instrument
The Specified Product described in paragraph 2 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

dedicated [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Delta
The measure of an Option's sensitivity to a change in value of the underlying Investment, asset or property.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Deposit
The Specified Product described in Paragraph 11 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Deposit Taking
The Regulated Activity described in Paragraph 1 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Deposit Taking Business
The business of engaging in Deposit Taking.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Derivative
A Future, an Option or a Contract for Differences.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Designated Bank [deleted]

Deleted by QFCRA RMI/2008-2 (as from 1st October 2008).

Designated Clearing House [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

Designated Exchange [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

Designated Jurisdiction [deleted]

Deleted by QFCRA RMI/2008-2 (as from 1st October 2008).

dilution [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

dilution adjustment [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

dilution levy [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Director
In relation to any Body Corporate, unincorporated association or Partnership a Person appointed to direct its affairs including a Person named as director or any Person in accordance with whose instructions that Body Corporate or Partnership is accustomed to act.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Displaced Commercial Risk Capital Requirement (PSIACOM)
The requirement calculated in accordance with PIIB section 3.4.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

distribution account [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

document
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.

Inserted by QFCRA RM/2010-04 (as from 1st October 2010)

document evidencing title [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Duration Method
A measure of General Market Risk calculated in accordance with PIIB Rule A5.2.19.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

dual-priced fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

DvP Transaction
A transaction in which the transfer between the buyer and seller of investments and the payment of the purchase monies for those investments are intended to occur at, or around, the same time.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ E ]

Effecting a Contract of Insurance
The Regulated Activity described in paragraph 2 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

eligible bank
A person that is an authorised firm with an authorisation for deposit taking, or a person in relation to whom all of the following requirements are satisfied:

(a) the person is incorporated in a jurisdiction outside the QFC;

(b) the Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction;

(c) the person is regulated as a bank, and principally regulated for prudential purposes, by an overseas regulator in the jurisdiction;

(d) the person is required to prepare audited accounts;

(e) the person has minimum assets of US $10 million (or its equivalent in any other currency at the relevant time);

(f) the person had surplus revenue over expenditure for the person's last 2 financial years;

(g) the person's latest annual audit report is not materially qualified.

Derived from QFCRA RMI/2008-2 (as from 1st October 2008).

Eligible Capital
Current version: effective from Oct 1 2006 - Jun 30 2013.

The total Eligible Capital of an Insurer calculated in accordance with PINS section 4.2.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

eligible clearing house
means a clearing house through which transactions on a regulated exchange may be cleared if —

(a) the clearing house is incorporated or otherwise established in a jurisdiction outside the QFC; and

(b) the Regulatory Authority has not, by notice published on an approved website, declared that this definition does not apply to the jurisdiction.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

eligible custodian [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

eligible exchange
means a regulated exchange if the Regulatory Authority has not, by notice published on an approved website, declared that this definition does not apply to the jurisdiction in which the exchange is incorporated or otherwise established.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

eligible third party
A person (other than an eligible bank) that is an authorised firm, or in relation to whom all of the following requirements are satisfied:

(a) the person is authorised (however described) under the law of a jurisdiction outside the QFC to carry on any investment business;

(b) the person is principally regulated for prudential purposes by an overseas regulator in the jurisdiction;

(c) the Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction.

Amended by QFCRA RMI/2008-2 (as from 1st October 2008).

Emergency [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

Employee
An individual:

(A) who is employed or appointed by a Person in connection with that Person's business, whether under a contract of service or for services or otherwise; or

(B) whose services, under an arrangement between that Person and a third party, are placed at the disposal and under the control of that Person.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Entity
A body corporate or partnership or un-incorporated association carrying on a trade or business with a view to profit.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Equity Risk Capital Requirement
A component of the Market Risk Capital Requirement, calculated in accordance with PIIB section 5.5.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Execute
execute a transaction includes —

(a) carry into effect or perform the transaction; and

(b) instruct another person to execute the transaction.

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

Execution-Only Transaction
execution-only transaction, in relation to an authorised firm, means a transaction executed by the firm on the specific instructions of a client if the firm did not give advice on relevant investments relating to the merits of the transaction.

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

Executive Governance Function
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

exercise
In relation to a function — includes perform the function.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

Existing Customer Order
(1) A Customer Order to be Executed immediately; or

(2) a Customer Order which is to be Executed only on fulfilment of a condition, after that condition has been fulfilled.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Expenditure Based Capital Minimum [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Exposure
The maximum loss that an Authorised Firm (and, where applicable, its PSIA holders) might suffer as a result of the default or failure of a Counterparty, or a group of Closely Related Counterparties or an issuer or group of Closely Related issuers.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ F ]

FATF [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

FATF Country [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

feeder fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Finance Function
Current version: effective from Oct 13 2005 - Jun 30 2013.

Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial Communication
Any communication (made via any medium including brochures, telephone calls and presentations) the purpose or effect of which is:

(A) to promote or advertise:
(i) Specified Products; or

(ii) any Regulated Activity (or any activity that would be a Regulated Activity if it was carried on in or from the QFC ); or

(B) to invite or induce any Person:
(i) to enter into an agreement with any Person in relation to a Specified Product ; or

(ii) to engage in any Regulated Activity (or an activity that would be a Regulated Activity if it was carried on in or from the QFC ).

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial Condition Report
Current version: effective from Oct 1 2006 - Jun 30 2013.

The report prepared by an Insurer's Approved Actuary as required under PINS Rule 9.3.1.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Financial Crime
financial crime means the use of the financial system for criminal, fraudulent or dishonest purposes, including, for example, insider trading, market abuse, handling the proceeds of crime, money laundering and terrorist financing.

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

Financial Group
A group of entities which includes an Authorised Firm and:

(A) any Parent Entities incorporated in the QFC;

(B) any Financial Institution subsidiaries (whether direct or indirect) of the Parent Entity or Parent Entities in (A) or of the Authorised Firm;

(C) any Financial Institution in which the Parent Entity or Parent Entities in (A), the Financial Institution subsidiaries in (B) or the Authorised Firm (whether direct or indirect) hold 20% or more of the voting rights or capital; and

(D) any entity which the Regulatory Authority directs the Authorised Firm to include in accordance with PIIB Rule 7.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial Group Capital Requirement
The Capital Requirement of a Financial Group calculated in accordance with PIIB Rule 7.3.3.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial Institution
A regulated or unregulated entity, whose activities are primarily financial in nature.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial Instrument
Any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

financial promotion
A communication made using any medium (for example, brochures, telephone calls, the internet, emails and presentations) if the purpose or effect of the communication is —

(a) to promote or advertise —
(i) specified products; or

(ii) any regulated activity (or any activity that would be a regulated activity if it was conducted in or from the QFC); or

(b) to invite or induce any person —
(i) to enter into an agreement with any person in relation to a specified product; or

(ii) to engage in any regulated activity (or an activity that would be a regulated activity if it was carried on in or from the QFC).

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

Financial Services Regulations
The QFC Financial Services Regulations 2005 relating to the management, objectives, duties, functions, powers and constitution of the Regulatory Authority.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial Services Regulator
A regulator of financial services activities established in a jurisdiction other than the QFC.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Financial System
The financial system operating in or from the QFC.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Firm-Related Distribution Event [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

First Loss Facility
Has the meaning given in PIIB Rule A4.10.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

First to Default
In relation to 'First to Default' baskets, the situation when the entire Credit Derivative contract terminates following the first Credit Event on any of the Reference Assets or entities.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Fitness and Propriety
(1) In relation to an individual, fitness and propriety as assessed in accordance with INDI section 4.1.

(2) In relation to an Authorised Firm or an Applicant, the criteria described in Article 29(2)-(5) of the FSR and chapter 2 of the GENE Rulebook.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

FIU [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Foreign Currency
The currency of any country or territory other than the currency in which the Authorised Firm, to whom the expression relates reports.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Foreign Exchange Risk Capital Requirement
A component of the Market Risk Capital Requirement and as calculated in accordance with PIIB section 5.6.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

foreign fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

FSR
The QFC Financial Services Regulations 2005 relating to the management, objectives, duties, functions, powers and constitution of the Regulatory Authority.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

function
Includes authority, duty and power.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

fund depository [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

fund manager [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

fund of funds [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

fund property [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Future
The Specified Product described in Paragraph 8 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ G ]

Gamma
The rate of change in an Option's Delta with respect to a change in the price of the underlying Securities.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

GENE
Current version: effective from Apr 7 2008 - Jun 30 2013.

General Rulebook

Amended by QFCRA RM01/2008 (as from 7th April 2008).

General Insurance Business
general insurance business means insurance business in relation to general insurance contracts.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

General Insurance Contract
general insurance contract means a contract of insurance that is a General Insurance Contract under the Financial Services Regulations, schedule 3, part 3, paragraph 10.3.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

General Market Risk
(1) For the purposes of the Interest Rate Risk Capital Requirement, means the risk that losses may arise from price changes in Securities caused by parallel or non-parallel shifts in the yield curve or from price movements in the equity market for a given country;

(2) For the purposes of the Equity Risk Capital Requirement, means the risk that losses may arise from a price movement in the equity market for a given country; or

(3) For the purposes of internal models, means both of the above risks.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

General Market Risk Requirement
The measure of risk for the purposes of the Interest Rate Risk Capital Requirement and the Equity Risk Capital Requirement calculated in accordance with PIIB Rule A5.2.15 and PIIB Rule A5.3.2 respectively.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Glossary
The glossary of defined terms contained in chapter 3 of the INAP Rulebook.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Governing Body
The board of Directors, committee of management or other governing body of an Authorised Firm.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

government or public security
government or public security means a debt instrument issued by or on behalf of—

(a) a jurisdiction; or

(b) a public, regional or local authority of a jurisdiction.

Inserted by QFCRA RM/2010-07 (as from 1st January 2011)

Grade
The counterparty grade calculated in accordance with the table in PINS Rule A3.1.1.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Group
With respect to an Entity:

(A) that Entity;

(B) any Parent Entity of the Entity; and

(C) any Subsidiary (direct or indirect) of that Entity or of any Parent Entity of that Entity.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Group Risk
The risk of loss to the Authorised Firm as a result of its membership of, or linkages within a Group.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Gross Outstanding Claims
In relation to an Insurer as at a date, the amount of the Insurer's provision for claims incurred but not yet paid as at that date, including claims incurred but not yet reported and provision for direct and indirect claims settlement expenses in respect of those claims.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Gross Written Premium
(1) In relation to a Contract of Insurance, the amount of premium payable by the insured in respect of that contract, excluding any excise taxes levied on premiums and receivable by the Insurer but without any deduction for commissions or other acquisition expenses; and

(2) in relation to an Insurer during a period:
(A) in respect of General Insurance Business, the aggregate amount of Gross Written Premium in respect of insurance and reinsurance contracts entered into by the Insurer as Insurer during that period, together with any adjustments arising in that period in respect of contracts effected in previous periods; and

(B) in respect of Long Term Insurance Business, the aggregate amount of Gross Written Premium becoming due for payment in that period.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

[ H ]

half-yearly accounting period [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

hedge fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

historic price [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Holding Company
An Entity is a Holding Company of another Entity if the second Entity is a Subsidiary of the first Entity.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ I ]

Identifiable Natural Person [Deleted]
[Deleted]

Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

IFRS
International Financial Reporting Standards.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

IMEB
IMEB means the Insurance Mediation Business Rules 2011.

Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

INAP
INAP means these rules.

Amended by QFCRA RM/2012-2 (as from 1st February 2013)

income equalisation [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

income property [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

independent entity [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Independent Person
A Person appointed by the Regulatory Authority to investigate and deal with complaints against the Regulatory Authority in accordance with paragraph 25 of Schedule 1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

INDI
Individuals Rulebook.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

initial disclosure document
Of an authorised firm for a retail customer, a statement in writing or printable format containing the information required by COND, rule 4.2.3 (Initial disclosure document — content).

Amended by QFCRA RM01/2008 (as from 7th April 2008).

initial offer [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

initial outlay [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Inside Information
(1) Information which:
(A) relates to:
(i) particular Securities;

(ii) a particular Issuer of Securities; or

(iii) a particular class of Securities or a particular class of Issuers;

(B) is specific or precise;

(C) has not been made public;

(D if it were made public would be likely to have a significant effect on the price of any Securities; and

(E) is obtained from a source which is closely connected to the Issuer of the Securities or one or more Issuers of a class of Securities; and

(2) any other information which is classified as such by Rules made by the Regulatory Authority under Article 82 of the FSR (rules relating to market abuse).

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Insolvency Regulations
The QFC Insolvency Regulations 2005.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

instrument
means —

(a) in relation to a derivative — any investment, asset or thing on which the value of the derivative may be based; and

(b) in any other case — any instrument of any kind, and includes, for example, any writing or other document.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

insurance bank account [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

insurance broker [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Insurance Broking Business [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Insurance Business
insurance business means the business of conducting either or both of the following regulated activities:

(a) effecting contracts of insurance;

(b) carrying out contracts of insurance.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

Insurance Liabilities
General Insurance Business liabilities and Long Term Insurance Business liabilities.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

insurance management [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Insurance Manager [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Insurance Mediation Business
insurance mediation has the meaning given by IMEB, rule 1.2.2.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

insurance money [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Insurance Risk Requirement
Has the meaning given in PINS Rule 3.6.1.

Derived from e (as from 1st October 2006).

Insurer
insurer (or QFC insurer) means an authorised firm with an authorisation to conduct insurance business.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

Interest Rate Risk Capital Requirement
A component of Market Risk Capital Requirement and as calculated in accordance with PIIB section 5.4.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

interim accounting period [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

interim income allocation date [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Internal Model
The model of an Insurer approved by the Regulatory Authority under PINS Rule 3.8.1 for the purposes of calculating all or part of the Insurer's Risk Based Capital Requirement.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Invested Asset
Any asset, right or interest of an Insurer that is held by the Insurer for the primary purpose of generating revenues or for directly providing funds to meet the Insurer's cash outflows in the future.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

investment [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

investment adviser [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Investment Analyst [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

investment business
(1) Any of the following:
(a) arranging deals in relevant investments;

(b) dealing in relevant investments as principal;

(c) dealing in relevant investments as agent;

(d) advising on relevant investments;

(e) managing investments;

(f) providing custody services;

(g) arranging the provision of custody services;

(h) operating collective investment schemes.

(2) For the application of this definition to COND, a relevant investment does not include a long term insurance contract unless the contract is a life policy.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Investment Grade
A credit rating applied to debt items in accordance with PIIB Rule A5.2.14.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Investment Linked Insurance
Contracts of Insurance where the benefits are wholly or partly to be determined by reference to the value of, or the income from, Property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of Property of any description (whether or not so specified).

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Investment Manager
A Person who, acting only on behalf of a Client:

(A) manages Relevant Investments in an account or portfolio on a discretionary basis under the terms of a discretionary management agreement; or

(B) manages Relevant Investments in an account or portfolio on a non-discretionary basis under the terms of a non-discretionary management agreement.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Investment Research
A publication (other than a personal recommendation) which contains:

(A) the results of research into a Relevant Investment or its Issuer;

(B) analysis of factors likely to influence the future performance of a Relevant Investment or its Issuer; or

(C) advice or recommendations based on those results or analysis.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Investment Risk Requirement
Has the meaning given in PINS Rule 3.6.1.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Investment Risk Reserve
Represents the amount that is appropriated out of the income of investment account holders, after allocating the Mudarib's share, in order to meet future losses attributable to investment account holders.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

ISFI
ISFI means the Islamic Finance Rules 2005

Amended by QFCRA RM/2012-3 (as from 1st February 2013)

Islamic Contract [Deleted]

Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

Islamic Financial Business
The Business of carrying on one or more Regulated Activities in accordance with Shari'a.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Islamic Financial Institution
Islamic financial institution has the meaning given by ISFI, rule 1.2.2.

Amended by QFCRA RM/2012-3 (as from 1st February 2013)

Islamic fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Islamic subfund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Islamic Window
Islamic window has the meaning given by ISFI, rule 8.1.1.

Amended by QFCRA RM/2012-3 (as from 1st February 2013)

issue [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Issuer
issuer means—

(a) for a security other than a unit in a collective investment scheme—the person that issued, or is to issue, the security; and

(b) for a unit in a collective investment scheme—the operator of the scheme; and

(c) for an interest in a limited partnership—the partnership; and

(d) for a certificate or another instrument that gives contractual or property rights (other than rights consisting of options) in relation to any share, debt instrument, government or public security, or warrant—the person that issued, or is to issue, the security to which the instrument relates.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

[ J ]

jurisdiction
Includes —

(a) country or territory; and

(b) the QFC or a similar jurisdiction.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

[ K ]

No terms yet defined.

[ L ]

Large Exposure
An Exposure, whether in an Authorised Firm's Non-Trading Book or Trading Book, or both, to a Counterparty or Group of Closely Related Counterparties or a Group of Counterparties connected to the Authorised Firm which in aggregate equals or exceeds 10% of the Authorised Firm's Capital Resources.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

latest filed prospectus [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

latest filed translation [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Law
Law means a law of the State.

Inserted by QFCRA RM/2010-04 (as from 1st October 2010)

Licence
An authorisation or licence to incorporate or establish in the QFC or to carry on Permitted Activities in or from the QFC granted in accordance with Article 11 of the QFC Law.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

life policy
A long term insurance contract other than a reinsurance contract or a pure protection contract but including a long term care insurance contract.

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

Limited Liability Partnership
A partnership incorporated under the Limited Liability Partnership Regulations or under the law of a country or territory outside the QFC where the liability of each of those partners (in its capacity as a partner) is limited, under the laws of that jurisdiction, to the amount of its capital contribution to the partnership.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Limited Liability Partnership Regulations
The QFC Limited Liability Partnership Regulations 2005.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Liquidity Risk
The risk of loss to an Authorised Firm as a result of inability to meet its obligations as they fall due.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

listed fund [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

Local Authorities
Government or municipal authorities, which do not operate at a national level.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Local Firm
An Authorised Firm which is a QFC Entity.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Long Term Care Insurance Contract
A Long Term Insurance Contract which:

(1)
(A) provides (or would at the policyholder's option provide) benefits for the policyholder which are payable or provided in the event that the policyholder's mental or physical health has deteriorated to the extent that he is incapacitated so that he is unable to live independently without assistance, and is not expected to recover to the extent that he can live independently without assistance; and

(B) those benefits are payable or provided in respect of:
(i) services;

(ii) accommodation; or

(iii) goods;

which are necessary or desirable for the continuing care of the policyholder because of the incapacity referred to in (A); and

(C) the benefits under the contract are capable of being paid periodically for all or part of the period during which the policyholder is unable to live independently without assistance; or

(2) is sold or held out as providing benefits for the policyholder as set out in (1).

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Long Term Insurance Business
long term insurance business means insurance business in relation to long term insurance contracts.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

Long Term Insurance Contract
long term insurance contract means a contract of insurance that is a Long Term Insurance Contract under the Financial Services Regulations, schedule 3, part 3, paragraph 10.4.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

Long Term Insurance Fund
A fund in respect of Long Term Insurance Business established and maintained in accordance with PINS chapter 5.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Lower Tier Two Capital
Has the meaning given as follows:

(A) capital referred to as Lower Tier Two Capital in the table set out under PINS Rule 4.2.2; and

(B) for all other Authorised Firms, in PIIB section 2.8.

Amended by QFCRA RM01/2006 (as from 1st October 2006).

[ M ]

Managing Investments
The Regulated Activity described in Paragraph 10 of Part 2 of Schedule 3 to the FSR

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Mandate [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

market counterparty
has the meaning given by COND, rule 1.2.7.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Market Risk
The risk of loss that arises from fluctuations in the values of, or income from, assets or in interest or exchange rates.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Market Risk Capital Requirement
The requirement calculated in accordance with PIIB Rule 2.3.4.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Mark-up or Mark-down
(1) When an Authorised Firm receives instructions from a Client in relation to a transaction and takes a principal position in a Relevant Investment in order to complete the transaction, the difference, if any, between:
(A) the price at which the Authorised Firm takes a principal position in the Relevant Investment; or

(B) the price at which the Authorised Firm Executes the transaction with its Client; or

(2) when an Authorised Firm Executes a transaction with its Client against its own book and owes a duty of best execution, the difference between:
(A) the price at which best execution would be achieved; and

(B) the price at which the Authorised Firm Executes the transaction with its Client.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

material interest
material interest, in relation to a transaction, means any interest of a material nature, other than disclosable commission on the transaction.

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

Material Outsourcing
material outsourcing, for an authorised firm, means the outsourcing of a function of such importance that weakness or failure in the exercise of the function would cast serious doubt on—
(a) the firm's ability to comply with—
(i) any Regulations, Rules or Principles; or

(ii) any condition, restriction or requirement of its authorisation; or

(b) its financial performance or position; or

(c) its ability to continue its operations.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Maturity Ladder
A table that ordinally ranks the maturity time bands and assets and liabilities within them.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Maturity Method
This is an advance approach that an Authorised Firm may use to measure the risk of holding or taking positions in debit Securities and other interest rate-related instruments calculated in accordance with PIIB Rule A5.2.17.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Maturity Mismatch
A difference between the maturity of an asset and the corresponding liability.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Minimum Capital Requirement
The amount of capital an Insurer must hold, calculated in accordance with PINS Rule 3.3.1.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Minister
means the Minister of Economy and Finance of the State.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

MLRO [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Modified Duration
The time period calculation for the purposes of the Duration Method in accordance with PIIB Rule A5.2.21.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

money [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Money Laundering [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Money Laundering Reporting Function [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

month
means a calendar month.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Multilateral Development Bank
Any one of the following banks:

(A) African Development Bank (AfDB);

(B) Asian Development Bank (ASB);

(C) Caribbean Development Bank (CDB);

(D) Council of Europe Development Bank;

(E) European Bank for Reconstruction and Development (EBRD);

(F) European Investment Bank (EIB);

(G European Investment Fund (EIF);

(H) Inter-American Development Bank (IADB);

(I) Inter-American Investment Corporation (IAIC);

(J) International Bank for Reconstruction and Development (IBRD);

(K) International Finance Corporation (IFC); or

(L) Nordic Investment Bank (NIB).

Derived from QFCRA RM07/2005 (as from 13th October 2005).

MV
Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ N ]

Net Outstanding Claims
In respect of an Insurer as at a date, Gross Outstanding Claims of the Insurer as at that date, less the amount of reinsurance and other recoveries expected to be received in respect of those claims.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Net Written Premium
In respect of an Insurer during a period, the Gross Written Premium of the Insurer during that period less the amount of premium on reinsurance contracts entered into by the Insurer as cedant during the same period.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Netting
A process by which the claims and obligations between two Counterparties are offset against each other to leave a single net sum.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Nominee
A body corporate whose business consists solely of acting as a nominee holder of Relevant Investments or other Property.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Non-Cellular Assets [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Non-Cellular Base Capital Requirement [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Non-Cellular Eligible Capital [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Non-Cellular Liabilities [Deleted]

Deleted by QFCRA RM/2011-2 (as from 1st July 2011).

Non-Executive Director
A Director who has no responsibility for implementing the decision or the policies of the Governing Body of the Authorised Firm.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Non-Executive Governance Function
Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Non-FATF Country [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Non-Investment Insurance Contract
A Contract of Insurance which is a General Insurance Contract or a Pure Protection Contract but which is not a Long Term Care Insurance Contract.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Non-Local Firm
non-local firm means an authorised firm that is not a QFC entity.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

Non-Market-Price Transaction
non-market-price transaction, in relation to an authorised firm, means a transaction in relation to which the dealing rate or price paid by the firm or a client differs from the prevailing market rate or price to a material extent.

Amended by QFCRA RM/2010-03 (as from 30th April 2010).

Non-performing
(1) In the case of loans and other Financial Instruments to which an Authorised Firm is exposed, having either of the following qualities:
(A) Contractual payments of interest or principal are 90 days or more past the date on which they were due and payable, and the current value of any security held in respect of the loan or other financial instrument is insufficient, after making allowance for expenses of realisation, to meet the total amount of principal and accrued interest; or

(B) having an enhanced risk of default, assessed on the basis of reasonable criteria.

(2) In regard to (1)(A), if a loan or other Financial Instrument has a regular payment schedule, the loan or other instrument is 90 days past due when 90 calendar days have elapsed since the due date of a contractual payment that has not been met in full; and the total amount that is due but has not yet been paid is equivalent to at least 90 days' worth of contractual payments.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Non-Trading Book
Describes positions, exposures and on-and off-balance sheet items, which are not in the Trading Book.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

non-QFC intermediary
Of an authorised firm, has the meaning given by COND, rule 2.2.5(1).

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

non-QFC intermediary contract
Has the meaning given by COND, rule 2.2.5(3).

Derived from QFCRA RM/2007-01 (as from 1st July 2007).

notional principal
In relation to a contract for differences —

(a) if the contract is an index derivative that resembles a future contract — the current mark-to-market valuation of the contract; or

(b) if the contact is an index derivative that resembles an option contract — the exercise value of the contract; or

(c) in any other case — the notional lot size of the contract.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

NP
Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ O ]

Objectives
The regulatory objectives of the Regulatory Authority as set out in Article 12(3) of the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

OFAC [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

on-exchange
In relation to a transaction — effected by means of the facilities and services of, or governed by the rules of, an exchange.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

Operating a Collective Investment Fund
operating collective investment schemes means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 12 as Operating a Collective Investment Fund.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

operator
operator, of a collective investment scheme, has the meaning given by COLL, rule 1.2.8.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Option
The Specified Product described in Paragraph 7 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Option Risk Capital Requirement
A component of the Market Risk Capital Requirement and calculated in accordance with PIIB section 5.8.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Order
An order or instruction to buy, sell, subscribe for, underwrite or exercise rights under a Relevant Investment.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

ordinary resolution [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Original Maturity
(1) The time period between the date an offer is made and the date it expires or lapses.

(2) In relation to Debentures, the interval between its issue date and the date on which it becomes due and payable.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Originator
As defined in PIIB Rule A4.10.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

OTC
Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

OTC derivative
OTC derivative means a derivative traded solely in transactions over the counter.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

outsourcing
outsourcing, for an authorised firm, means any form of arrangement that involves the firm relying on a third party service provider (including a member of the firm's group) for the exercise of a function relating to regulated activities of the firm that would otherwise be exercised by the firm, but does not include the following arrangements:

(a) discrete advisory services (including, for example, the provision of legal advice), audit services, procurement of specialised training, billing, and physical security;

(b) supply arrangements and functions (including, for example, the supply of electricity or water and the provision of catering and cleaning services);

(c) the purchase of standardised services (including, for example, market information services and the provision of prices);

(d) the appointment of a group employee to exercise a controlled function for the firm.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Overseas Regulator
A regulatory or governmental authority, body or agency in a jurisdiction outside the QFC (whether in the State or otherwise).

Derived from QFCRA RM07/2005 (as from 13th October 2005).

over the counter
over the counter, for a transaction, means—

(a) not effected by means of the facilities and services of an exchange; and

(b) not governed by the rules of an exchange.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Own Account Order
An Order which relates to an Own Account Transaction.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Own Account Transaction
A transaction executed by the Authorised Firm for its own benefit or for the benefit of its Associate.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Owner's Equity [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

[ P ]

packaged product
packaged product means—
(a) a life policy; or

(b) a unit in a collective investment scheme.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Parent Entity
An Entity which, with respect to another Entity:

(A) holds a majority of the voting rights in that other Entity;

(B) is a member of that other Entity (whether direct or indirect, or through legal or beneficial entitlement) and has the right to appoint or remove a majority of the board of directors of that other Entity;

(C) has the right to exercise a dominant influence over the management and operation of that other Entity through:
(i) provisions contained in the constitutive documents of that other Entity, or

(ii) any contractual arrangement relating to the management and operation of that other Entity,

(D) is a member of that other Entity (whether direct or indirect, or through legal or beneficial entitlement) and alone, or together with one or more Associate(s) holds a majority of the voting rights in that other Entity;

or is a Parent Entity of any Entity which is a Parent Entity of that other Entity.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

participant [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Partnership
Any partnership, including a partnership constituted under the law of a country or territory outside the QFC, but not including a Limited Liability Partnership.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

partnership agreement [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Permanent Share Capital
Ordinary paid-up share capital or similar shareholders' or members' equity, including retained earnings, however called.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Person
Any person and includes a natural or legal person, body corporate, or body unincorporate, including a branch, company, partnership, unincorporated association or other undertaking, government or state.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Personal Account Transaction
A transaction for the account of an Employee or agent of an Authorised Firm.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Personal Data
personal data means any information relating to an individual who can be identified, directly or indirectly, in particular by reference to an identification number or to 1 or more factors specific to the individual's physical, physiological, mental, economic, cultural or social identity.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

PFCE
Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

PIIB
PIIB means the Investment and Banking Business Rules 2005.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

PIIB Category [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

PIIB Category 1 [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

PIIB Category 2 [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

PIIB Category 3 [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

PIIB Category 4 [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

PIIB Category 5 [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

PINS
PINS means the Insurance Business Rules 2006.

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

PINS Category
The collective term for PINS Category 1, PINS Category 2, PINS Category 3 and PINS Category 4.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

PINS Category 1
General Insurance Business that falls under General Insurance Categories 1 and 2.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

PINS Category 2
General Insurance Business that falls under General Insurance Categories 3 and 18.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

PINS Category 3
General Insurance Business that falls under General Insurance Categories 4, 5, 6, 7, 8, 9, 16 and 17.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

PINS Category 4
General Insurance Business that falls under General Insurance Categories 10, 11, 12, 13, 14 and 15.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Policy Benefit
An amount payable under a Contract of Insurance as a result of the occurrence of an event insured under the contract.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Politically Exposed Persons [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Potential Future Credit Exposure (PFCE)
An amount calculated by multiplying the nominal principal amount of an OTC derivative contract by a specified percentage dependent on the nature and Residual Maturity of the contract.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Premium Liability
The liability referred to in PINS Rule 8.6.7.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

price [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

PRIN
Principles Rulebook.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

principal
principal, in relation to an option, future or forward contract, means—

(a) if the contract is an option on a future—the amount or value of the property that must be delivered to satisfy settlement of the future; or

(b) in any other case—the amount or value of the property that must be delivered to satisfy settlement of the contract.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

Principle
One of the principles set out in the PRIN Rulebook.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Principles of Conduct
The principles for Approved Individuals set out in the INDI Rulebook.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

PRIV
PRIV means the Private Placement Schemes Rules 2010.

Inserted by QFCRA RM/2010-07 (as from 1st January 2011)

private equity fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

private placement fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

product disclosure document
For a packaged product produced by an authorised firm, a statement in writing or printable format that is prepared by the firm for the product in accordance with COND, division 4.3.B (Packaged products — additional disclosure).

Amended by QFCRA RM01/2008 (as from 7th April 2008).

product provider
product provider means an authorised firm that is—

(a) an insurer conducting long term insurance business; or

(b) the operator of a collective investment scheme.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Profit Equalisation Reserve [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

profit sharing investment account (PSIA) [Deleted]

Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

Project Finance [Deleted]

Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

project finance business [Deleted]

Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

Property
Property of any form including:

(A) money;

(B) all forms of property, real or personal, heritable or moveable; and

(C) things in action and other intangible or incorporeal property.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

property-related assets [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

prospectus [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

protected cell company
A company incorporated as, or converted into, a protected cell company under the Companies Regulations.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Protection Buyer
The Counterparty to a Credit Derivative contract that wishes to reduce the exposure to Credit Risk by protecting itself from potential loss suffered as a result of deterioration in the creditworthiness of the reference assets.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Protection Seller
The Counterparty to a Credit Derivative contract that wishes to take on Credit Risk arises from potential loss suffered as a result of deterioration in the creditworthiness of the reference assets in return for compensation from the Protection Buyer.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Providing Credit Facilities
The Regulated Activity described in Paragraph 6 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Providing Custody Services
The Regulated Activity described in Paragraph 8 of Part 2 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

providing fund administration
providing scheme administration has the meaning given by COLL, glossary.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

provision
, of a law, any Rules or any other instrument, means any words or anything else that is part of the law, Rules or other instrument, and includes, for example —

(a) provisions that consist of groups of words (for example, rules, subrules and paragraphs); and

(b) provisions that consist of groups of other provisions (for example, parts).

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

PSIA [Deleted]

Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

PSIACOM
Displaced Commercial Risk Capital Requirement.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

PSIACOMcredit
Has the meaning given in PIIB Rule 3.4.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

PSIACOMmarket
Has the meaning given in PIIB Rule 3.4.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Public Sector Entities
Bodies owned by central or regional governments or Local Authorities which perform regulatory and other noncommercial functions.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

pure protection contract
means a long term insurance contract that meets all of the following conditions:

(a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;

(b) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;

(c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);

(d) the contract is not a reinsurance contract.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

[ Q ]

QFC
The Qatar Financial Centre.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

QFC Authority
The Qatar Financial Centre Authority established pursuant to Article 3 of the QFC Law.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

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

Inserted by QFCRA RM/2011-2 (as from 1st July 2011).

QFC Entity
A Company incorporated under the Companies Regulations or a Limited Liability Partnership incorporated under the Limited Liability Partnership Regulations.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

QFC insurer (or insurer)
QFC insurer (or insurer) means an authorised firm with an authorisation to conduct insurance business.

Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

QFC Law
Law No. 7 of 2005 of the State.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

QFC Licensed Firm
An Entity which has been granted a Licence by the QFCA.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

qualified investor [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

qualifying holding
Of an authorised firm — any holding in the capital of a non-financial undertaking if the undertaking is controlled by the authorised firm.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

[ R ]

Rated
In the case of an instrument or a counterparty, assigned a rating by a Rating Agency in respect of the counterparty credit risk associated with the instrument or counterparty.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Rating Agency
Standard & Poor's, Moody's, AM Best, Fitch Ratings or another agency approved in writing by the Regulatory Authority.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

readily realisable investment
means any of the following:

(a) a debt instrument issued by or on behalf of a jurisdiction, or a public, regional or local authority of a jurisdiction, if the instrument is denominated in the jurisdiction's currency;

(b) any other security that is admitted to official listing on, or regularly traded on or under the rules of, a regulated exchange;

(c) a newly issued security that can reasonably be expected to fall within paragraph (b) when trading in it starts.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

redemption [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Reference Asset
The asset against which payments under a Derivative contract are calculated.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Reference Date
The date at which the Financial Condition Report is signed by the Approved Actuary according to PINS Rule 9.3.1(2).

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Reference Entity
The entity against which payments under a Derivative contract are calculated.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

registered CIC [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

registered CIP [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

registered CIT [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

registered fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

registered qualified investor fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

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

Amended by QFCRA RM/2011-4 (as from 1st July 2011).

regulated exchange
means an exchange —

(a) that is incorporated or otherwise established in a jurisdiction outside the QFC; and

(b) that is regulated as an exchange by an overseas regulator in that jurisdiction.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

Regulated Financial Institution
A Person who is not an Authorised Firm but who is authorised in a jurisdiction other than the QFC to carry on any financial service by another Overseas Regulator.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Regulations
Regulations enacted by the Minister in accordance with Article 9 of the QFC Law.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Regulatory Authority
The Regulatory Authority of the QFC established in accordance with Article 9 of the QFC Law.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

regulatory material
in INAP, part 3 (Publication of Rules and regulatory material), has the meaning given by rule 3.1.1.

Inserted by QFCRA RM02/2009 (as from 6th December 2009).

regulatory system
The arrangements, in or under regulations or rules, for regulating authorised firms.

Amended by QFCRA RM/2007-01 (as from 1st July 2007).

Regulatory Tribunal
means the QFC Regulatory Tribunal established under the QFC Law.

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Reinsurance Contract
A Contract of Insurance covering all or part of a risk to which a Person is exposed under a Contract of Insurance.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

related
A person (the second person) is related to another person (the first person) if —

(a) the second person is a subsidiary, associate or holding company of the first person; or

(b) the second person is a subsidiary or associate of the holding company of the first person; or

(c) the second person is a director or officer of the first person or of a person related to the first person because of paragraph (a) or (b); or

(d) the second person is the spouse or minor child of a natural person mentioned in paragraph (c); or

(e) the second person is a company that is a subsidiary of or subject to significant influence by or from a natural person mentioned in paragraph (c) or (d).

Amended by QFCRA RM/2007-01 (as from 1st July 2007).

relevant investment
relevant investment means—

(a) for ASET, any of the following—
(i) a share;

(ii) a debt instrument;

(iii) a warrant;

(iv) a securities receipt;

(v) a unit in a collective investment scheme;

(vi) an option;

(vii) a future;

(viii) a contract for differences;

(ix) rights in investments relating to a product mentioned in any of subparagraphs (i) to (viii); and

(b) for COND and IMEB—
(i) each product mentioned in paragraph (a); and

(ii) a life policy; and

(iii) rights in investments relating to such a policy; and

(c) for all Rules other than ASET, COND and IMEB—
(i) each product mentioned in paragraph (a); and

(ii) a long term insurance contract, and

(iii) rights in investments relating to such a contract.

Amended by QFCRA RM/2011-2 (as from 1st July 2011).

Relevant Issuer [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

Relevant Person [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Relevant Requirement
Has the meaning given to it in Article 84 of the FSR.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Relevant Scheme
Has the meaning given to it in Article 94(4) of the FSR.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

remuneration
Any form of remuneration, including benefits of any kind.

Derived from QFCRA RM/2007-02 (as from 15th July 2007).

repo agreement [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Reporting Actuary
The actuary preparing and signing off an independent actuarial report commissioned under PINS section 9.4.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Research Recommendation
Research or other information:

(A) concerning one or several Relevant Investments admitted to trading on Designated Exchanges, or in relation to which an application for admission to trading has been made, or Issuers of such Relevant Investments;

(B) intended for distribution so that it is, or is likely to become, accessible by a large number of Persons, or for the public, but not including:
(i) an informal short-term investment personal recommendation expressed to Clients, which originates from inside the sales or trading department, and which is not likely to become publicly available or available to a large number of persons; or

(ii) advice given by an Authorised Firm to a Body Corporate in the context of a takeover bid and disclosed only as a result of compliance with a legal or regulatory obligations; and

(C) which:
(i) explicitly or implicitly, recommends or suggests an investment strategy;

(ii) directly or indirectly, expresses a particular investment recommendation; or

(iii) expresses an opinion as to the present or future value or price of such Relevant Investments.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Residual Maturity
The period of time until an asset or an off-balance sheet item matures or expires.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Restricted Profit Sharing Investment Accounts
A PSIA in respect of the investment account holder imposes certain restrictions as to where, how and for what purpose his funds are to be invested.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

retail customer
in relation to an authorised firm, has the meaning given by —

(a) for insurance business and insurance mediation business in relation to non-investment insurance contracts — COND, rule 1.2.6(1); and

(b) for any other business — COND, rule 1.2.6(2).

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Revolving Securitisation
Has the meaning given in PIIB Rule A4.10.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Revolving Securitisations
Has the meaning given in PIIB Rule A4.10.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Rho
The measure of an Option's sensitivity to a change in interest rates.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Right to Use [Deleted]
[Deleted]

Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

Rights in Investments
The Specified Product described in Paragraph 12 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Risk Based Capital Requirement
The requirement calculated in accordance with PINS Rule 3.5.1.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Risk Management Function
Has the meaning given to it in INDI Section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Risk Management Strategy
A high level, strategic document intended to describe the key elements of an Insurer's risk management policy, including the risk appetite, policies, procedures, management responsibilities and controls and prepared in accordance with PINS section 2.3.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Rules
means any rules made by the Regulatory Authority, and include —

(a) any standard, principle or code of practice made by the Regulatory Authority; and

(b) any other instrument made or in force under any rules, standard, principle or code of practice made by the Regulatory Authority; and

(c) for INAP, part 3 (Publication of Rules and regulatory material) — any provision of any rules made by the Regulatory Authority or any standard, principle or code of practice or other instrument mentioned in paragraph (a) or (b).

Amended by QFCRA RM02/2009 (as from 6th December 2009).

Rulebooks
The rulebooks issued by the Regulatory Authority pursuant to its powers to issue rules under the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ S ]

sale [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

scheme of arrangement [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Scheme Report
Is the report accompanying a Relevant Scheme as required by Article 97 of the FSR.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

Securities Receipt
The Specified Product described in Paragraph 5 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Securities Underwriting Capital Requirement
A component of the Market Risk Capital Requirement and defined in PIIB section 5.9.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Securitisation
Has the meaning given in PIIB Rule A4.10.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

security
security means any of the following:

(a) a share;

(b) a debt instrument;

(c) a warrant;

(d) a securities receipt;

(e) a unit in a collective investment scheme.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

sell [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Senior Executive Function
Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Senior Management
One or more Senior Managers.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Senior Management Function
Has the meaning given to it in INDI section 2.1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Senior Manager
In relation to an Authorised Firm, an individual employed by the Authorised Firm or a member of the Authorised Firm's Group who has responsibility either alone or with others for management and supervision of one or more elements of the firm's business relating to Regulated Activities.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Servicer
A Servicer is a Person that administers the securitised items.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Share
The Specified Product described in Paragraph 1 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Shari'a Supervisory Board
Shari'a Supervisory Board, of an authorised firm, means the board appointed for the firm under ISFI, rule 6.1.1.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Shell Bank [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

single-priced fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

single property fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Soft Dollar Agreement
An agreement, in any form, under which a Person agrees to pay for the supply of goods or services that a third party provides to an Authorised Firm, in return for an agreed volume of business at an agreed commission rate.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Solvency Reference Date
A date at which an Insurer's compliance with the capital adequacy requirements in PINS chapter 3 is assessed.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

special purpose vehicle
A body corporate if —

(a) its sole purpose, either generally or when acting in a particular capacity, is to carry out 1 or more of the following functions:
(i) issuing investments;

(ii) redeeming, terminating or repurchasing an issue of investments, in whole or part, with a view to reissue or cancellation;

(iii) entering into transactions, or terminating transactions, involving investments in connection with the issue, redemption, termination or repurchase of investments; and

(b) it has been explicitly established for securitising assets; and

(c) it has assessed by a rating agency.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

special resolution [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Specific Risk
The risk that losses on an Authorised Firm's net long or short position in an individual equity or Security may arise from a negative or positive price movement of that equity or Security relative to the relevant market generally.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Specified Product
specified product means any of the following products:

(a) share;

(b) debt instrument;

(c) credit facility;

(d) warrant;

(e) securities receipt;

(f) unit in a collective investment scheme;

(g) option;

(h) future;

(i) contract for differences;

(j) contract of insurance;

(k) deposit;

(l) rights in investments.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

Sponsor
An Authorised Firm acts as sponsor when it repackages third party assets directly into a scheme. Where an Authorised Firm repackages non- Investment Grade third party assets, it may fall within the definition of an Originator unless it originates or repackages no more than 10% of the scheme's total assets.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

SPV
Special purpose vehicle

Amended by QFCRA RM01/2008 (as from 7th April 2008).

.

standing independent valuer [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

State
The State of Qatar.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

stock lending
An arrangement between a person (the borrower) and another person (the lender) under which —

(a) the lender transfers securities to the borrower otherwise than by way of sale; and

(b) a requirement is imposed on the borrower to transfer back to the lender, otherwise than by way of sale, securities in the same quantity, with the same rights, and of the same type and nominal value, as the transferred securities (or, if agreed between the borrower and lender, assets into which the transferred securities have been transformed following a stock split, consolidation, conversion, merger, takeover, redemption or similar event).

Amended by QFCRA RMI/2008-2 (as from 1st October 2008).

structured capital at risk investment
An investment, other than a derivative, that provides an agreed level of income or growth over a specified investment period and displays the following characteristics:

(a) the customer is exposed to a range of outcomes in relation to the return of initial capital invested;

(b) the return of initial capital invested at the end of the investment period is linked by a preset formula to the performance of —
(i) an index; or

(ii) a combination of indices; or

(iii) a basket of selected investments (typically from an index or indices); or

(iv) another factor or combination of factors;

(c) if the performance mentioned in paragraph (b) is within specified limits, initial capital invested is returned, but, if not, the customer may lose some or all of the initial capital invested.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

subfund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Subsidiary
An Entity is a "Subsidiary" of another Entity if that other Entity is the Parent Entity of the first Entity.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

suspicious transaction report [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Synthetic Securitisation
A securitisation which uses Credit Derivatives to transfer the credit risk associated with the underlying assets.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ T ]

T
Has the meaning given in PIIB Rule 4.1.2.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Takaful Business [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Takaful Entity [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

Takaful Fund [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

TDR Regulations [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

terms of business
Of an authorised firm for a customer, a statement in writing or printable format of the terms on which the firm will conduct investment business or deposit taking business with or for the customer.

Amended by QFCRA RM/2007-01 (as from 1st July 2007).

Theta
The ratio of the change in an Option price to the decrease in time to expiration. Theta can also be referred to as time decay.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Third Party
A Person other than the data subject, the controller, the processor and the persons who, under the direct authority of the controller or the processor, are authorised to process the data.

Amended by QFCRA RMI/2008-2 (as from 1st October 2008).

Third Party Account [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

third party-related distribution event [Deleted]

Deleted by QFCRA RM/2011-4 (as from 1st July 2011).

tier one capital
Capital that is Tier One Capital under —

(a) for an insurer incorporated in the QFC — the table in PINS, rule 4.2.2; or

(b) for an authorised firm other than an insurer — the table in PIIB, rule 2.6.2.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

tier two capital
Capital that is Upper Tier Two Capital or Lower Tier Two Capital under —

(a) for an insurer incorporated in the QFC — the table in PINS, rule 4.2.2; or

(b) for an authorised firm other than an insurer — the table in PIIB, rule 2.6.2.

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Total Return Swap
A contract under which two parties exchange their positive or negative returns on a notional amount of a Reference Asset for a specified period of time.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Trading Book
The positions and exposures including, on and off-balance sheet items eligible for inclusion in the Trading Book, as described in PIIB chapter 1.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Transaction [Deleted]

Deleted by QFCRA RM/2010-03 (as from 30th April 2010).

Tribunal [Deleted]

Deleted by QFCRA RM02/2009 (as from 6th December 2009).

trust instrument [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

[ U ]

UK GAAP
UK GAPP means generally accepted accounting principles in the United Kingdom.

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

umbrella fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Underlying Customer
[deleted]

Deleted by QFCRA RM/2007-01 (as from 1st July 2007).

Underwriting
An arrangement under which a party agrees to buy, before issue, a specified quantity of Securities in an issue of Securities on a given date at a given price, if no other party has purchased or acquired them.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

unit
unit in a collective investment scheme has the meaning given by COLL, rule 1.2.4.

Note This is the specified product described in the Financial Services Regulations, sch 3, pt 3, para 6 as a Unit in a Collective Investment Fund.

Amended by QFCRA RM/2010-07 (as from 1st January 2011)

unitholder [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

unitholder register [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Unit in a Collective Investment Fund [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

units in existence [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Unrestricted Profit Sharing Investment Account
A PSIA in respect of which the investment account holder authorises the Authorised Firm to invest the account holder's funds in a manner which the Authorised Firm deems appropriate without laying down any restrictions as to where, how and for what purpose the funds should be invested.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Unsettled Transaction
A transaction where delivery of an instrument is due to take place against the receipt of cash but remains outstanding.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Upper Tier Two Capital
Capital referred to as Upper Tier Two Capital in the table set out under PINS Rule 4.2.2.

Derived from QFCRA RM01/2006 (as from 1st October 2006).

US GAAP
Generally accepted accounting principles in the United States.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ V ]

valuation point [Deleted]

Deleted by QFCRA RM/2010-07 (as from 1st January 2011)

Vega
The measure of an Option's sensitivity to a change in the volatility of the underlying Investment, asset or property.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

[ W ]

Waiver or Modification Notice [Deleted]
[Deleted]

Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

Walkaway Clause
A provision which permits a non-defaulting party to make payments, or no payments at all, to the estate of the defaulter, even if the defaulter is a net creditor.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

Warrant
The Specified Product described in Paragraph 4 of Part 3 of Schedule 3 to the FSR.

Derived from QFCRA RM07/2005 (as from 13th October 2005).

writing
writing means any form of writing, and includes, for example, any way of representing or reproducing words, numbers or symbols or anything else in legible form (for example, by printing or photo copying).

Amended by QFCRA RM/2010-04 (as from 1st October 2010)

[ X ]

No terms yet defined.

[ Y ]

No terms yet defined.

[ Z ]

zone 1 country
Any of the following countries:

Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and USA.

Amended by QFCRA RM01/2010 (as from 3rd March 2010).

zone 2 country
means a country that is not a zone 1 country.

Amended by QFCRA RM01/2010 (as from 3rd March 2010).

Endnotes

1 Abbreviation key

a = after	om = omitted/repealed
am = amended	orig = original
amdt = amendment	par = paragraph/subparagraph
app = appendix	prev = previously
art = article	pt = part
att = attachment	r = rule/subrule
b = before	renum = renumbered
ch = chapter	reloc = relocated
def = definition	s = section
div = division	sch = schedule
g = guidance	sdiv = subdivision
hdg = heading	sub = substituted
ins = inserted/added

2 Rulebook history

Interpretation and Application Rulebook (INAP)

made by

Interpretation and Application Rulebook Rule Making Instrument No. 7, 2005 (RM07/2005)
Issued: 13 October 2005
Commenced: 13 October 2005
Version: INAP-VER1-Oct05

as amended by

Prudential-Insurance Rulebook Rule Making Instrument No. 2006/01 (RM2006/01 annex D)
Made: 5 September 2006
Commenced: 1 October 2006
Version: INAP-VER2-Sep06

Conduct of Business Rulebook Rule Making Instrument 2007 (RM2007/01 att F)
Made/Issued: 28 June 2007
Commenced: 1 July 2007
Version: INAP-VER3-June07

Collective Investment Funds Rulebook Rule Making Instrument 2007 (RM2007/02 att E)
Made/Issued: 28 June 2007
Commenced: 15 July 2007
Version: INAP-VER4-July07

Rulebooks (Miscellaneous Amendments) Rules 2008 (RM2008/01 sch1, pt1.5 and sch2, pt2.8)
Made: 30 March 2008
Commenced: 7 April 2008
Version: INAP-VER5-Feb08

3 Amendment history

s 1.4 Use of Defined Terms
r 1.4.1 sub RM2007/01
s 1.6 Notes in rulebooks
s 1.6 ins RM2007/01
r 1.6.1 ins RM2007/01
ch 3 Glossary of Defined Terms
def accounting reference date ins RM2007/02
def Actuarial Function ins RM2006/01
def affected person ins RM2007/02
def AMLR sub RM2008/01
def annual accounting period ins RM2007/02
def annual income allocation date ins RM2007/02
def Approved Actuary ins RM2006/01
def approved individual sub RM2008/01
def approved representative ins RM2007/01
def approved representative contract ins RM2007/01
def articles of associations ins RM2007/02
def ASET sub RM2008/01
def associated person ins RM2007/02
def Base Capital Requirementauthorisation sub RM2008/01
def base capital requirement am RM2006/01
sub RM2008/01
def base currency ins RM2007/02
def bearer certificate ins RM2007/02
def Branchbranch ins RM2006/01
sub RM2008/01
def business customer sub RM2007/01
am RM2008/01
def buy ins RM2007/02
def cancellation ins RM2007/02
def capital property ins RM2007/02
def Captive ins RM2006/01
def Cellular Assets ins RM2006/01
def Cellular Liabilities ins RM2006/01
def CIC ins RM2007/02
def CIP ins RM2007/02
def CIT ins RM2007/02
def Class ins RM2007/02
def Class 1 Captive Insurer ins RM2006/01
def Class 2 Captive Insurer ins RM2006/01
def Class 3 Captive Insurer ins RM2006/01
def class meeting ins RM2007/02
def close out ins RM2007/02
def closely related counterparties sub RM2008/01
def COLL ins RM2007/02
def collective investment
company (or CIC) ins RM2007/02
def1 Collective Investment Fund om RM2008/01
def collective investment fund ins RM2007/02
def collective investment
partnership (or CIP) ins RM2007/02
def collective investment trust ins RM2007/02
def cold call ins RM2007/01
def commodity ins RM2007/02
def COND sub RM2008/01
def constitutional document ins RM2007/02
def Controller reloc RM2008/01
def controlled function sub RM2008/01
deg Court ins RM2007/02
def CTRL sub RM2008/02
def customer dispute resolution scheme ins RM2007/01
def day ins RM2007/02
def dealing ins RM2007/02
def dealing day ins RM2007/02
def dealing period ins RM2007/02
def dedicated ins RM2007/02
def Designated Bank reloc RM2008/01
def Designated Clearing House reloc RM2008/01
def dilution ins RM2007/02
am RM2008/01
def dilution adjustment ins RM2007/02
def dilution levy ins RM2007/02
def distribution account ins RM2007/02
def document ins RM2007/02
def document evidencing title ins RM2007/02
def dual-priced fund ins RM2007/02
def Eligible Capital ins RM2006/01
def exercise ins RM2007/02
def feeder fund ins RM2007/02
def Financial Condition Report ins RM2006/01
def financial promotion ins RM2007/01
def foreign fund ins RM2007/02
def function ins RM2007/02
def fund depository ins RM2007/02
def fund manager ins RM2007/02
def fund of funds ins RM2007/02
def fund property ins RM2007/02
def GENE subRM2008/01
def Grade ins RM2006/01
def Gross Outstanding Claims ins RM2006/01
def Gross Written Premium ins RM2006/01
def half-yearly accounting period ins RM2007/02
def hedge fund ins RM2007/02
def historic price ins RM2007/02
def INAP sub RM2008/01
def income equalisation ins RM2007/02
def income property ins RM2007/02
def independent entity ins RM2007/02
def INDI sub RM2008/01
def initial disclosure document ins RM2007/01
am RM2008/01
def initial offer ins RM2007/02
def initial outlay ins RM2007/02
def insurance broker sub RM2008/01
def Insurance Liabilities ins RM2006/01
def insurance management sub RM2008/01
def insurance money sub RM2008/01
def Insurance Risk Requirement ins RM2006/01
def interim accounting period ins RM2007/02
def interim income allocation date ins RM2007/02
def Internal Model ins RM2006/01
def Invested Asset ins RM2006/01
def investment ins RM2007/02
def investment adviser ins RM2007/02
def investment business sub RM2007/01
def Investment Linked Insurance ins RM2006/01
def Investment Risk Requirement ins RM2006/01
def ISFI sub RM2008/01
def Islamic fund ins RM2007/02
def Islamic subfund ins RM2008/01
def issue ins RM2007/02
def jurisdiction ins RM2007/02
def latest filed prospectus ins RM2007/02
def latest filed translation ins RM2007/02
def life policy ins RM2007/01
def listed fund ins RM2007/02
def Long Term Insurance Fund ins RM2006/01
def Lower Tier Two Capital am RM2006/01
def market counterparty sub RM2008/01
def material interest ins RM2007/01
def Minimum Capital Requirement ins RM2006/01
def money ins RM2007/02
def month ins RM2007/02
def Netting reloc RM2008/01
def Net Outstanding Claims ins RM2006/01
def Net Written Premium ins RM2006/01
def Non-Cellular Assets ins RM2006/01
def Non-Cellular Base Capital
Requirement ins RM2006/01
def Non-Cellular Eligible Capital ins RM2006/01
def Non-Cellular Liabilities ins RM2006/01
def Non-performing ins RM2006/01
def non-QFC intermediary ins RM2007/ 01
def non-QFC intermediary contract ins RM2007/01
def notional principal ins RM2007/02
def on-exchange ins RM2007/02
def operator ins RM2007/02
def ordinary resolution ins RM2007/02
def OTC derivative ins RM2007/02
def Outsourcingoutsourcing sub RM2007/02
def over the counter ins RM2007/02
def Owner's Equity ins RM2006/01
def packaged product sub RM2007/01
def participant ins RM2007/02
def partnership agreement ins RM2007/02
def PIIB sub RM2008/01
def PIIB Category 1 ins RM2007/02
def PIIB Category 2 ins RM2007/02
def PIIB Category 3 ins RM2007/02
def PIIB Category 4 ins RM2007/02
def PIIB Category 5 ins RM2007/02
def PINS ins RM2006/01
sub RM2008/01
def PINS Category ins RM2006/01
def PINS Category 1 ins RM2006/01
def PINS Category 2 ins RM2006/01
def PINS Category 3 ins RM2006/01
def PINS Category 4 ins RM2006/01
def Policy Benefit ins RM2006/01
def Premium Liability ins RM2006/01
def price ins RM2007/02
def PRIN sub RM2008/01
def principal ins RM2007/02
def private equity fund ins RM2007/02
def private placement fund ins RM2007/02
def product disclosure document ins RM2007/01
am RM2008/01
def product provider ins RM2007/01
def1 Profit Sharing Investment Account om RM2008/01
def project finance business sub RM2008/01
def property-related assets ins RM2007/02
def protected cell company sub RM2008/01
def providing fund administration ins RM2007/02
def prospectus ins RM2007/02
def qualified investor ins RM2007/02
def qualifying holding sub RM2008/01
def redemption ins RM2007/02
def Reference Date ins RM2006/01
def registered CIC ins RM2007/02
def registered CIP ins RM2007/02
def registered CIT ins RM2007/02
def registered fund ins RM2007/02
def registered qualified
investor fund ins RM2007/02
def regulatory system sub RM2007/01
def Regulatory Tribunal ins RM2007/02
def related ins RM2006/01
def relevant instrument sub RM2007/01
def relevant investment sub RM2007/01
def Relevant Person am RM2008/01
def Relevant Requirement ins RM2006/01
def Relevant Scheme ins RM2006/01
def remuneration ins RM2007/02
def repo agreement ins RM2007/02
am RM2008/01
def Rights in Investments reloc RM2008/01
def Reporting Actuary ins RM2006/01
def Risk Based Capital Requirement ins RM2006/01
def Risk Management Strategy ins RM2006/01
def sale ins RM2007/02
def scheme of arrangement ins RM2007/02
def Scheme Report ins RM2006/01
def security sub RM2008/01
def sell ins RM2007/02
def single-priced fund ins RM2007/02
def single property fund ins RM2007/02
def Solvency Reference Date ins RM2006/01
def special resolution ins RM2007/02
def special purpose vehicle sub RM2008/01
def SPV sub RM2008/01
def standing independent valuer ins RM2007/02
def stock lending ins RM2007/02
def2 stock lending om RM2008/01
def structured capital at risk investment sub RM2008/01
def subfund ins RM2007/02
def suspicious transaction report sub RM2008/01
def Takaful Business ins RM2006/01
def Takaful Entity ins RM2006/01
def Takaful Fund ins RM2006/01
def terms of business sub RM2007/01
def Tier One Capitaltier one capital am RM2006/01
sub RM2008/01
def Tier Two Capitaltier two capital am RM2006/01
sub RM2008/01
def trust instrument ins RM2007/02
def umbrella fund ins RM2007/02
def Underlying Customer om RM2007/01
def unit ins RM2007/02
def unitholder ins RM2007/02
def unitholder register ins RM2007/02
def units in existence ins RM2007/02
def Upper Tier Two Capital ins RM2006/01
def valuation point ins RM2007/02

Amended by QFCRA RM01/2008 (as from 7th April 2008).

Interpretation and Application Rulebook (INAP)

Background to this Rulebook

INAP Part 1 General provisions [effective from 6th December 2009]

INAP 1.1.1 Name of Rules [effective from 6th December 2009]

INAP 1.1.2 Application of INAP [effective from 6th December 2009]

INAP Part 2 Rules of interpretation and application [effective from 6th December 2009]

INAP 2.1.1 Provisions of pt 2 must be applied [effective from 6th December 2009]

INAP 2.1.2 Exercise of functions between making and commencement of Rules [effective from 6th December 2009]

INAP 2.1.3 References to laws include references to laws as in force from time to time etc [effective from 6th December 2009]

INAP 2.1.4 Material that is part of Rules [effective from 6th December 2009]

INAP 2.1.5 Effect of examples [effective from 6th December 2009]

INAP 2.1.6 Material that is not part of Rules [effective from 6th December 2009]

INAP 2.1.7 Effect of notes [effective from 6th December 2009]

INAP 2.1.8 Application of definitions [effective from 6th December 2009]

INAP 2.1.9 Gender and number [effective from 6th December 2009]

INAP 2.1.10 Meaning of may and must [effective from 6th December 2009]

INAP 2.1.11 Working out periods of time generally [effective from 6th December 2009]

INAP 2.1.12 Doing things for which no time is fixed [effective from 6th December 2009]

INAP 2.1.13 Continuing effect of obligations [effective from 6th December 2009]

INAP 2.1.14 Power to make instruments [effective from 6th December 2009]

INAP 2.1.15 Power to make instrument includes power to amend or repeal [effective from 6th December 2009]

INAP 2.1.16 Instruments may have retrospective effect [effective from 6th December 2009]

Part 3 Publication of Rules and regulatory material [effective from 6th December 2009]

INAP 3.1.1 Definitions — pt3 [effective from 6th December 2009]

INAP 3.1.2 Approved websites [effective from 6th December 2009]

INAP 3.1.3 Publication and authorisation of Rules and regulatory material [effective from 6th December 2009]

INAP 3.1.4 Authorised electronic versions — Rules and regulatory material [effective from 6th December 2009]

INAP 3.1.5 Authorised written versions — Rules and regulatory material [effective from 6th December 2009]

INAP 3.1.6 Notice of certain matters [effective from 6th December 2009]

INAP 3.1.7 Preparation of Rules and regulatory material for publication [effective from 6th December 2009]

INAP 3.1.8 Authorisation to exercise certain functions under pt 3 etc [effective from 6th December 2009]

INAP 1 Interpretation of the Qatar Financial Centre Regulatory Authority Rulebooks [effective until 5th December 2009]

INAP 1.1 Application [effective until 5th December 2009]

INAP 1.1.1 [effective until 5th December 2009]

INAP 1.2 Purposive Interpretation [effective until 5th December 2009]

INAP 1.2.1 [effective until 5th December 2009]

INAP 1.2.2 [effective until 5th December 2009]

INAP 1.3 General Interpretation [effective until 5th December 2009]

INAP 1.3.1 [effective until 5th December 2009]

INAP 1.4 Use of Defined Terms [effective until 5th December 2009]

INAP 1.4.1 [effective until 5th December 2009]

INAP 1.4.2 [effective until 5th December 2009]

INAP 1.5 Cross References [effective until 5th December 2009]

INAP 1.5.1 [effective until 5th December 2009]

INAP 1.6 Notes in rulebooks [effective until 5th December 2009]

INAP 1.6.1 [effective until 5th December 2009]

INAP 2 Emergency [effective until 5th December 2009]

INAP 2.1 Event of an Emergency [effective until 5th December 2009]

INAP 2.1.1 [effective until 5th December 2009]

INAP 2.1.2 [effective until 5th December 2009]

INAP 2.1.3 [effective until 5th December 2009]

Glossary Definitions for all Rules

[ A ]

AAOIFI

Acceptable Collateral

accounting reference date [Deleted]

Actuarial Function

Advising on Investments

Advising on Relevant Investments

affected person [Deleted]

AML Regulations [Deleted]

AML/CFTR

AMLG

annual accounting period [Deleted]

Annual Audited Expenditure

annual income allocation date [Deleted]

Appeals Body [Deleted]

Applicant

Approved Actuary

approved asset [Deleted]

approved individual

approved representative

approved representative contract

approved website

Arranging Credit Facilities

Arranging Deals in Investments

Arranging Deals in Relevant Investments

Arranging the Provision of Custody Services

articles of association [Deleted]

ASET