Location: Qatar Financial Centre Legislation > QFCRA Rules > Insurance Mediation Business Rules 2011 (IMEB) > Chapter 6 Collateral > IMEB 6.1.3 Reports on relevant investments held as collateral

Chapter 6 Collateral

IMEB 6.1.1 Application of ch 6
(1) This chapter applies to a takaful entity.

(2) In the case of a takaful entity that is not an Islamic financial institution, this chapter applies only to the part of the entity's business that is Islamic financial business.

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

IMEB 6.1.1 Guidance
1 A takaful entity is required to comply with the requirements in ISFI and any other relevant regulatory requirements.

2 This chapter sets out additional requirements applying to takaful entities. A takaful entity must also comply with all the other requirements in these rules relevant to the takaful business it conducts.

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

IMEB 6.1.2 Records for relevant investments held as collateral
(1) A firm must keep adequate records to enable it to meet any future obligations to clients in relation to relevant investments, including any return of equivalent relevant investments to clients.

(2) If the relevant investments are received by the firm under an arrangement described in rule 6.1.1 (1) (b), this rule applies only if the firm has exercised its right to use the investments as if the client's entire legal and beneficial interest in them had been transferred to the firm.

Derived from QFCRA RM/2011-3 (as from 1st July 2011)

IMEB 6.1.3 Reports on relevant investments held as collateral
(1) A firm must prepare, and send to the client concerned, periodic statements listing the investments and their market values.

(2) Each statement must be prepared as at a date (the reporting date) that is not more than—
(a) 6 months after the last statement; or

(b) if another interval is agreed with the client—the agreed interval after the last statement.

(3) Each statement must be sent to the client within 1 month after the reporting date.

Derived from QFCRA RM/2011-3 (as from 1st July 2011)