| Accepting Deposits | The Regulated Activity as defined in paragraph 17 of Schedule 1 of GEN. |
| Accredited Investor | (In MAR) means: (і) any natural person who acquires or intends to acquire Securities for a total consideration of at least USD100,000 (or an equivalent amount in another currency) per Person for each separate offer; or (ii) an Authorised Person; or (iii) a Body Corporate. |
| Acting as the Trustee of a Fund | The Regulated Activity as defined in paragraph 9 of Schedule 1 of GEN. |
| Admission to Clearing Rules | (In AMI) rules prepared by an Authorised Clearing House in accordance with AMI 4.1. |
| Admission to Trading Rules | (In AMI) rules prepared by an Authorised Investment Exchange in accordance with AMI 3.2. |
| Advising on a Credit Facility | The Regulated Activity as defined in paragraph 19 of Schedule 1 of GEN. |
| Advising on Investments | The Regulated Activity as defined in paragraph 10 of Schedule 1 of GEN. |
| Affiliate | In relation to a Firm, any entity of which the Firm holds directly or indirectly or controls 10% or more but less than a majority of the voting power. |
| AFSA | Astana Financial Services Authority |
| AIFC | Astana International Financial Centre |
| AIFC Court | The court specified under Article 13 of the Constitutional Law. |
| AIFC Operation | The PRU Investment Business of an Externally Regulated PRU Investment Firm that is (a) carried on through an establishment in the AIFC or (b) carried on through an establishment outside the AIFC but with customers who are resident in the AIFC. |
| AIFC-Incorporated Insurer | An Insurer that is incorporated as a legal entity under the laws of the AIFC |
| AIFC-Incorporated Takaful Operator | A Takaful Operator that is incorporated as a legal entity under the laws of the AIFC |
| AMI | The Authorised Market Institution Rules. |
| AML | The Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules. |
| AML Return | A report in a prescribed format to be filed on an annual basis as described in AML 13.7. |
| Ancillary Service | An activity specified in Schedule 2 of GEN. |
| Ancillary Service Provider | A Centre Participant which has been licensed by the AFSA to carry on one or more Ancillary Services. |
| Annual Operating Expenditure | The amount determined as such in accordance with PRU(INV) 4.4. |
| Approved Actuary | The Approved Individual performing the role identified at PINS 2.2.5 (Approved Actuary) The Approved Individual performing the role identified at TRR 2.4.5 (Approved Actuary). |
| Approved ECAI | An External Credit Assessment Institution in respect of which the AFSA has given approval for its ratings to be relied on by PRU Investment Firms in relation to PRU(INV) 4. |
| Approved Individual | An individual who is approved by the AFSA to carry out a Controlled Function. |
| Arranging a Credit Facility | The Regulated Activity as defined in paragraph 20 of Schedule 1 of GEN. |
| Arranging Custody | The Regulated Activity as defined in paragraph 6 of Schedule 1 of GEN. |
| Arranging Deals in Investments | The Regulated Activity as defined in paragraph 11 of Schedule 1 of GEN. |
| Assessed Professional Client | Has the meaning given in COB 2.5.1 and 2.5.6. |
| Asset Risk Component | The capital component identified in paragraph 4.1 of PINS Schedule 5 (Calculation of Prescribed Capital Requirement) The capital component identified in paragraph 4.1 of TRR Schedule 5 (Calculation of Prescribed Capital Requirement |
| Associate | In respect of a Person ‘A’, any Person, including an affiliated company which is: (a) an Undertaking in the same Group as A; or (b) any other person whose business or domestic relationship with A or his Associate might reasonably be expected to give rise to a community of interest between them which may involve a conflict of interest in dealings with third parties. |
| Associated Party | PINS: (a) a holding company, subsidiary or related company of an AIFC-Incorporated Insurer, (b) a subsidiary or related company of a holding company of an AIFC-Incorporated Insurer, (c) a holding company of a subsidiary of an AIFC-Incorporated Insurer, or (d) a company that, alone or with associates, is entitled to exercise, or control the exercise of, more than 50% of the voting power in the general meeting of an AIFC-Incorporated Insurer. TRR: (a) a holding company, subsidiary or related company of an AIFC-Incorporated Takaful Operator, (b) a subsidiary or related company of a holding company of an AIFC-Incorporated Takaful Operator, (c) a holding company of a subsidiary of an AIFC-Incorporated Takaful Operator, or (d) a company that, alone or with associates, is entitled to exercise, or control the exercise of, more than 50% of the voting power in the general meeting of an AIFC-Incorporated Takaful Operator. |
| AT1 Capital | Additional Tier 1 Capital, as defined in BBR 4.16 |
| Audit Personnel | An individual: (a) who is employed or appointed by an Auditor in connection with the Auditor's business in the AIFC, whether under a contract of service or for services or otherwise; or (b) whose services provided in the AIFC, under an arrangement between the Auditor and a third party, are placed at the disposal and under the control of the Auditor. |
| Audit Principal | A natural person who is appointed by an Auditor under AUD 2.1.3(d). |
| Auditor | (a) in relation to an Authorised Person which is incorporated in the AIFC has the meaning given in AUD 1. (b) in relation to an Authorised Person which is a Recognised Company or Recognised Partnership – an auditor of that Authorised Person; (c) in relation to a Reporting Entity – an auditor. |
| Authorised Clearing House | A Centre Participant which has been licensed by the AFSA to carry on the Market Activity of Operating a Clearing House. |
| Authorised Crowdfunding Platform | A Centre Participant which has been licensed by the AFSA to carry on the Market Activity of Operating a Loan Crowdfunding Platform and/or the Market Activity of Operating an Investment Crowdfunding Platform. |
| Authorised Firm | A Centre Participant which has been licensed by the AFSA to carry on one or more Regulated Activities. |
| Authorised Investment Exchange | A Centre Participant which has been licensed by the AFSA to carry on the Market Activity of Operating an Investment Exchange. |
| Authorised Market Institution | A Centre Participant which has been licensed by the AFSA to carry on one or more Market Activities. |
| Authorised Person | Either an Authorised Firm or an Authorised Market Institution |
| Authorised Private Digital Asset Trading Facility | A Centre Participant which has been licensed by the AFSA to carry on the Market Activity of Operating a Digital Asset Trading Facility. |
| Authorised Promoter | Has the meaning given in COB 3.3.1. |
| Bank | A Regulated Financial Institution that is authorised to accept deposits or Open and Operate Bank Accounts or both, as defined in BBR 1.5. |
| Bank Account | A Correspondent Account, Current Account, or Savings Account. |
| Banking Book | Includes all on and off-balance sheet positions, exposures, items, which are not included in the Trading Book. |
| Banking Business Firm | Has the meaning given in AIFC BBR rule 1.4 |
| Base Capital Requirement | The meaning given in PRU(INV) 3.3(3). For Banking Business Firms has the meaning given in BBR 4.10. |
| Basel Requirements | The rules and guidance from time to time published by the Basel Committee on Banking Supervision. |
| BBR | AIFC Banking Business Prudential Rules |
| Beneficial owner | The beneficial owner, in relation to a customer, is a natural person: (a) who ultimately controls, directly or indirectly, a customer; (b) who, in relation to a customer which is a legal person or arrangement, exercises (whether directly or indirectly) ultimate effective control over the person or arrangement, or the management of such person or arrangement; (c) who ultimately owns or has an ownership interest in the customer, whether legally or beneficially, directly or indirectly; (d) on whose behalf or for whose benefit a transaction is being conducted; or (e) on whose instructions the signatories of an account, or any intermediaries instructing such signatories, are for the time being accustomed to act. A person not falling into (a) or (b) is not a beneficial owner by reason of (c) or (d) if, having regard to a risk-based assessment of the customer, the ownership interest is small and in the circumstances poses an insignificant (or no) risk of money laundering. In (a) to (e), a reference to a «customer» includes a customer account, customer assets, and the underlying legal person or arrangements which constitute or make up the customer, customer account, or customer assets. |
| Board | In reference to a corporation, the board of directors of the corporation. |
| Body Corporate | Any body corporate, including a limited liability partnership and a body corporate constituted under the law of a country or territory outside the AIFC. |
| Borrower | A Person who seeks and/or receives funding in the form of one or more loans under an agreement with a lender via the sale of a Debenture which may be facilitated via a Loan Crowdfunding Platform as set out in paragraph 4 of Schedule 4 of AIFC General Rules. |
| BPG | AIFC Banking Business Prudential Guideline |
| Branch | A Centre Participant which is incorporated pursuant to the law of a jurisdiction other than the AIFC. |
| Broker Dealer | Has the meaning given in BBR 1.6 |
| Business Rules | (In AMI) rules established and maintained by an Authorised Market Institution in accordance with AMI 2.5.1. (In MOTF) rules established and maintained by a MTF Operator or an OTF Operator in accordance with MOTF 6.1. |
| Capital Conservation Buffer | Has the meaning given in BBR 4.31 |
| Capital Floor | The minimum paid up share capital, or equivalent in any currency acceptable to the AFSA, which must be maintained by an AIFC-Incorporated Insurer pursuant to paragraph 1.1 (The Capital Floor) of PINS Schedule 4 (Calculation of Minimum Capital Requirement (MCR)). The minimum paid up share capital, or equivalent in any currency acceptable to the AFSA, which must be maintained by an AIFC-Incorporated Takaful Operator pursuant to paragraph 1.1 (The Capital Floor) of TRR Schedule 4 (Calculation of Minimum Capital Requirement (MCR)). |
| Capital Resources | In PRU(INV) has the meaning given in PRU(INV) 3.2. In PRU(INT) has the meaning given in PRU(INT) 3.1(1). |
| Captive Insurance Business | The business of Effecting or Carrying out Contracts of Insurance only for the business or operations of the Group to which the Captive Insurer belongs. |
| Captive Insurer | An Authorised Firm with a Licence to carry on Insurance Business only for the business or operations of the Group to which it belongs. |
| Captive Takaful Business | The business of Effecting or Carrying out Takaful Contracts only for the business or operations of the Group to which the Captive Takaful Operator belongs. |
| Captive Takaful Operator | An Authorised Firm with a Licence to carry on Takaful Business only for the business or operations of the Group to which it belongs. |
| CDD | Customer Due Diligence, as described generally in AML 6 |
| Central Counterparty | A legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer. |
| Central Securities Depository | A Person who holds Securities or Units in a Listed Fund in uncertificated (dematerialised) form so as to act as a repository of ownership entitlements to such Investments to enable book entry transfer of such Investments for the purposes of settlement of transactions. |
| Centralised Digital Asset | Digital Asset issued by a single or several administrating authorities that establish the rules for its use, maintain a central payment ledger, and have authority to redeem the Currency (withdraw it from circulation). |
| Centre Bodies | The bodies identified in Article 9 of the Constitutional Law. |
| Centre Participant | As defined in Article 1(5) of the Constitutional Law: «legal entities incorporated pursuant to the acting law of the Centre, and other legal entities accredited by the Centre» |
| Certificate | An instrument: (a) which confers on the holder contractual or property rights to or in respect of a Share, Debenture or Warrant held by a Person; and (b) the transfer of which may be effected by the holder without the consent of that other Person; but excludes rights under an Option. |
| CIS | The Collective Investment Scheme Rules. |
| Client | A Person to whom a Centre Participant provides, intends to provide or has provided a service in the course of carrying on a Regulated Activity, Market Activity or Ancillary Service. |
| Client Investment | An investment as defined in COB 8.3.1. |
| Client Investment Account | An account as defined in COB 8.3.4. |
| Client Investments Auditor's Report | The report specified in COB 8.3.14. |
| Client Investments Rule | The Rules contained in COB 8.3. |
| Client Money | In COB 8, has the meaning given in Rule 8.2.1; In COB 11, Money of any currency that an Insurance Intermediary receives or holds for, or on behalf of, a Client in the course of, or in connection with, Insurance Intermediation, except Money which is: (a) due and payable by the Client to the Insurance Intermediary: (і) for its own account; or (ii) in its capacity as agent of an insurer where the Insurance Intermediary acts in accordance with COB 11.8.4; (b) otherwise received by the Insurance Intermediary under an arrangement made between an insurer and another Person that has authority to underwrite risks, settle claims, or handle refunds of premiums on behalf of that insurer outside the AIFC and where the Money relates to that business. |
| Client Money Account | Has the meaning given in COB 8.2.4 |
| Client Money Auditor's Report | The report specified in COB 8.2.19. |
| Client Money Distribution Rules | In COB 8, the Rules contained in COB 8.2.16; In COB 11, the Rules contained in COB 11.8.14. |
| Client Money Rules | The Rules contained in COB 8.2. |
| COB | The Conduct of Business Rules. |
| Code of Ethics for Professional Accountants | The code of ethics for accountants issued by the International Ethics Standard Board for Accountants (IESBA) of IFAC. |
| Cold Digital wallet | A Digital wallet that is stored in a platform (device) that is not connected to the Internet. |
| Collateral | An Investment which belongs to a Client has been paid for in full by the Client and which is held or controlled by the Authorised Firm under the terms of a deposit, pledge, charge or other security arrangement. |
| Collective Investment Scheme | As defined in section 92 of the Framework Regulations, which is, in summary, any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable Persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income. |
| Commitment Period | The period specified by an Authorised Crowdfunding Platform in which lenders or Investors may commit to lending to a particular Borrower or investing with a particular Issuer. |
| Commodities Risk Capital Requirement | A component of Market Risk Capital Requirement and calculated in accordance with BBR 6.5 and chapter 6 of BPG. |
| Company service provider | A Company service provider is a Person, not captured by (a) to (e) of the definition of DNFBP that, by way of business, provides any of the following services to a customer: (a) acting as an agent of legal persons to form a company; (b) acting as, or arranging for another Person to act as, a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons; (c) providing a registered office, business address, or accommodation, correspondence or administrative address for a company, a partnership, or any other legal person or arrangement; or (d) acting as, or arranging for another Person to act as, a nominee shareholder for another Person, including through acting on trust for discretionary purposes. |
| Compliance Officer | The individual performing the Controlled Function identified in GEN 2.2.5. |
| Connected Person | In relation to a Person (A), a Person which has or at any relevant time had the following relationship to A: (a) a member of A’s Group; (b) a Controller of A; (c) a member of a partnership of which A is a member; (d) an Employee or former Employee of A; (e) if A is a Body Corporate: (і) an officer or manager of A or of a parent of A; (ii) an agent of A or of a parent of A; (f) if A is a Partnership is or has been a member, manager or agent of A; or (g) if A is an unincorporated association of persons which is not a Partnership, is or has been an officer, manager or agent of A. |
| Consolidated Return | A Consolidated prudential return means a prudential return which reflects the accounts, statements and reports of a Bank consolidated with those of the other members of its Financial Group |
| Constitution | In relation to a Fund: (a) which is in the form of a Body Corporate, the instrument of incorporation; (b) which is in the form of a Trust, the trust deed; (c) which is in the form of a Partnership, the partnership deed; or (d) adopting a form other than one specified in (a) to (c), any instrument creating the legal form of the Fund to which the Fund Manager is a party setting out provisions relating to any aspect of the operation or management of the Fund. |
| Contingency Funding Plan | Has the meaning given in BBR 9.10 |
| Contingent Liability Transaction | A Derivative under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of his position. |
| Contract for Differences | (1) Subject to sub‐paragraph (2), rights under— (a) a contract for differences; or (b) any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in— (і) the value or price of property of any description; or (ii) an index or other factor designated for that purpose in the contract. (2) There are excluded from sub‐paragraph (1) — (a) rights under a contract if the parties intend that the profit is to be secured or the loss is to be avoided by one or more of the parties taking delivery of any property to which the contract relates; (b) rights under a contract under which money is received by way of deposit on terms that any interest or other return to be paid on the sum deposited will be calculated by reference to fluctuations in an index or other factor; (c) rights under a Contract of Insurance. |
| Contract of Insurance | Any contract of insurance or contract of reinsurance. |
| Contract of Insurance | Any enforceable contract under which a 'provider' undertakes: (1) in consideration of one or more payments; (2) to pay money or provide a corresponding benefit (including in some cases services to be paid for by the provider) to a 'recipient'; (3) in response to a defined event the occurrence of which is uncertain (either as to when it will occur or as to whether it will occur at all) and adverse to the interests of the recipient |
| Contract of Reinsurance | A Contract of Insurance covering all or part of a risk to which a Person is exposed under a Contract of Insurance |
| Contravention | The conduct identified in section 119 of FSFR. |
| Control | In relation to a Family Business or Family Entity, the exercise of at least 75 per cent of voting control or other direct or indirect control over the affairs of that Family Business or Family Entity by: (a) one or more members of a Single Family; (b) one or more Family Fiduciary Structures; (c) one or more Family Entities; or (d) a combinations of any of the above. |
| Controlled Function | A function of an Authorised Person that may only be carried out by an Approved Individual. |
| Controller | A Person who, either alone or with any Associate: (a) holds 10% or more of the shares in either the Authorised Person or a Holding Company of that Authorised Person; or (b) is entitled to exercise, or controls the exercise of, 10% or more of the voting rights in either the Authorised Person or a Holding Company of that Authorised Person; or (c) is able to exercise significant influence over the management of the Authorised Person as a result of holding shares or being able to exercise voting rights in the Authorised Person or a Holding Company of that Authorised Person or having a current exercisable right to acquire such shares or voting rights. |
| Corporate Governance Principles | The principles prescribed in MAR 2.2. |
| Correspondent Account | An arrangement under which a Bank (correspondent) holds funds on behalf of other bank (respondent) to make payments and other related services for or on behalf of the respondent bank. |
| Counterparty Grade | The grade of an asset according to the rating of its counterparty, in accordance with the table at paragraph 3.1 (Table A Grade of assets according to counterparty ratings) of PINS Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)) The grade of an asset according to the rating of its counterparty, in accordance with the table at paragraph 3.1 (Table A Grade of assets according to counterparty ratings) of TRR Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)) |
| Credit Conversion Factor | In relation to an off-balance sheet exposure of a PRU Dealing Investment Firm. |
| Credit Equivalent Amount | Has the meaning given in BBR 5.11 |
| Credit Facility | Any facility which includes any arrangement or agreement which extends monetary credit whether funded or unfunded to a Person including but not limited to any loan or syndicated loan, mortgage, overdraft, financial lease, letter of credit, financial guarantee, trade finance, transaction finance, project finance or asset finance. |
| Credit Provider | Has the meaning given in BBR 1.7 |
| Credit Rating | An opinion regarding the creditworthiness of an entity, Security, debt or other financial obligation which is disseminated to the public or distributed to a Person by subscription and expressed using an established and defined ranking system regarding the creditworthiness of the rating subject. |
| Credit Risk | In relation to an Authorised Firm, the risk of loss if a counterparty fails to perform or on (or) meet its financial obligation to the Authorised Firm. |
| Credit Risk Capital Requirement | The meaning given in PRU(INV) 3.3(4). For Banking Business Firms has the meaning given in BBR 4.11 and in Chapter 5 of BBR. |
| Credit Risk Mitigation | Has the meaning given in BBR 5.14 |
| Crowdfunding Platform | An Investment Crowdfunding Platform or a Loan Crowdfunding Platform. |
| CTF | Counter-Terrorist Financing. |
| Current Account | An account with a Bank held in the name of a Client through which the Client can place funds, withdraw cash and execute and receive payment transactions. |
| Customer | Unless otherwise indicated, a customer is: (a) A person where, in relation to a business relationship between the person and a Relevant Person, there is a firm intention or commitment by each party to enter into a contractual relationship or where there is a firm commitment by each party to enter into a transaction, in connection with a product or service provided by the Relevant Person; (b) A client of an Authorised Firm; (c) A member, prospective member, or an applicant for admission of Investments to trading on an Authorised Market Institution; or (d) A person with whom a Relevant Person is otherwise establishing or has established a business relationship. |
| Dealing in Investments as Agent | The Regulated Activity as defined in paragraph 2 of Schedule 1 of GEN. |
| Dealing in Investments as Principal | The Regulated Activity as defined in paragraph 1 of Schedule 1 of GEN. |
| Debenture | An instrument creating or acknowledging indebtedness, whether secured or not, but excludes: (a) an instrument creating or acknowledging indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services; (b) a cheque or other bill of exchange, a banker’s draft or a letter of credit (but not a bill of exchange accepted by a banker); (c) a banknote, a statement showing a balance on a bank account, or a lease or other disposition of property; and (d) a Contract of Insurance. |
| Decentralised Digital Asset | Digital Asset that has no central administrating authority, and no central monitoring or oversight, gives rise to no claims on their issuer, and contains no contractual right to receive Fiat Currency or another financial asset. |
| Decision Notice | A notice issued by the AFSA pursuant to paragraph 5 of schedule 1 of the Framework Regulations. |
| Deemed Professional Client | Has the meaning given in COB 2.4.1. |
| Default Rules | (In AMI) rules prepared by an Authorised Market Institution in accordance with AMI 3.5 or AMI 4.6. (In MOTF) rules prepared by a MTF Operator or OTF Operator in accordance with MOTF 17.1. |
| Delivery Versus Payment Transaction (DVP) | A transaction in which the transfer of Investments and the payment of Money between the buyer and the seller are intended to occur simultaneously. |
| Deposit | 1. A Deposit means a sum of money paid on terms: (a) under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the Person making the payment and the Person receiving it; and (b) which is not relevant to the provision of property (other than currency) or services or the giving of security. 2. In (1) money is paid on terms which are relevant to the provision of property or services or the giving of security if: (a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services are not in fact sold, hired or otherwise provided; (b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or (c) without prejudice to (b), it is paid by way of security for the delivery up of property, whether in a particular state of repair or otherwise. Exclusions 3. A sum is not a Deposit if it is paid: (a) by a Person in the course of carrying on a business consisting wholly or to a significant extent of lending money; (b) by one company to another at a time when both are members of the same Group; (c) by an Authorised Firm authorised to carry on the Regulated Activity of Accepting Deposits; (d) by a Person who is a close relative of the Person receiving it or who is a director, manager or Controller of that Person 4. A sum is not a Deposit if it is received: (a) by a lawyer acting in his professional capacity; (b) by an accountant acting in his professional capacity; (c) by an Authorised Firm or an Authorised Market Institution authorised to carry on any one or more of the Regulated Activities defined in Schedule 1 of the GEN, except Accepting Deposits, in the course of or for the purpose of any such Regulated Activity disregarding any applicable exclusions; or by a Person as consideration for the issue by him of a Debenture. |
| Derivative | An Option, a Future or a Contract for Differences. |
| Designated Functions | Any of the functions specified in GEN 2.3. |
| Designated Individual | An individual who is appointed by an Authorised Person to carry out a Designated Function |
| Developing FinTech Activities | The activity as defined in paragraph 2.3.1 of FINTECH |
| Digital wallet (or E-wallet) | A means (software application, electronic device or other mechanism/medium) for holding, storing and transferring Digital Asset, E-money and/or other assets, investments. |
| Direct Electronic Access | Direct Electronic Access means: (a) an arrangement (called direct market access), through which a Member or a client of a member is able to electronically transmit, using the Member’s trading code, an order relating to a Security, Unit in a Listed Fund or Qualified Investment directly to the facility operated by the Authorised Market Institution or MTF or OTF Operator. It includes arrangements for the use, by a Person, of the infrastructure (or connecting system) of the Member, client of the Member or another participant; or (b) an arrangement (called sponsored access) through which a Member or a client of a member is able to electronically transmit, using the Member’s trading code, an order to the facility operated by the Authorised Market Institution or MTF or OTF Operator without using the infrastructure (or connecting system) of the Member or another participant or client. |
| Direct Electronic Access Rules | (In AMI) the rules prepared by an Authorised Market Institution in accordance with AMI 2.7. |
| Director | A Person, by whatever name called, who is: (a) appointed to the position of a director; or (b) appointed to the position of an alternate director, and is acting in that capacity; or (c) not validly appointed as a director but is acting in the position of a director (і.e. a de-facto director). |
| Distribution Event | A distribution event is: (a) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over the Authorised Firm or its Nominee Company; (b) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over a Third-Party Account Provider of the Authorised Firm or its Nominee Company; or (c) the coming into force of a direction by the AFSA in respect of all Client Assets held by the Authorised Firm. |
| DNFBP | Designated Non-Financial Business and Profession. The following class of persons whose business or profession is carried on in or from the AIFC constitute DNFBPs: (a) A real estate developer or agency which carries out transactions with a customer involving the buying or selling of real property; (b) A dealer in precious metals or precious stones; (c) A dealer in any saleable item of a price equal to or greater than USD 15,000; (d) A law firm, notary firm, or other independent legal business; (e) An accounting firm, audit firm, or insolvency firm; or (f) A Company service provider; or (g) A Single Family Office. A person who is an Authorised Person or a Registered Auditor is not a DNFBP. |
| Domestic Fund | A Collective Investment Scheme that is established or domiciled in the AIFC. |
| Domestic Fund Manager | A Fund Manager located in the AIFC. |
| ECRA | External Credit Rating Agency |
| E-currency (or E-money) | A digital representation of Fiat Currency used to electronically transfer value denominated in Fiat Currency. |
| EDD | Enhanced Due Diligence, as described in AML 7.1.1. |
| Eligible Capital | The capital instruments that may be recognised by an AIFC-Incorporated Insurer for the purpose of meeting its MCR and PCR in accordance with PINS Schedule 3 (Calculation of Eligible capital) The capital instrument that may be recognised by an AIFC-Incorporated Takaful Operator for the purpose of meeting its MCR and PCR in accordance with TRR Schedule 3 (Calculation of Eligible capital) |
| Eligible Custodian | A custodian of a Fund's property appointed in accordance with CIS. |
| Employee | As defined in the Employment Regulations, an individual who works or will work in the service of another person under an express or implied contract of hire under which the other person has the right to control the details of work performance. The other person is the Employee’s Employer. |
| Employee Share Scheme | A scheme or arrangement for encouraging or facilitating the holding of Shares or Debentures in a Company by or for the benefit of: (a) the bona fide Employees or former Employees of the Company, the Company’s subsidiary or Holding Company or a subsidiary of the Company’s Holding Company; or (b) the wives, husbands, widows, widowers or minor children or minor step-children of the individuals referred to in (a). |
| Equity Risk Capital Requirement | A component of Market Risk Capital Requirement and calculated in accordance with BBR 6.5 and chapter 6 of BPG. |
| Equity Securities | (In MAR) Include, but are not limited to, Securities which are Shares, Warrants over Shares, Certificates over Shares and Depository Receipts (where the Depository Receipt is over Shares). |
| Equivalent Regulated Exchange | An exchange as defined in MAR 1.2.2(2) |
| Equivalent Regulated Exchange for Listed Funds | A Regulated Exchange in relation to which the AFSA has determined, either on the application of a Fund Manager or upon its own initiative, that is equivalent to an Authorised Investment Exchange in relation to the listing of Listed Funds. The AFSA may publish a list from time to time identifying Regulated Exchanges it has determined to be Equivalent Regulated Exchanges. |
| Exempt Fund | A Collective Investment Scheme identified in CIS 2.2(a). |
| Exempt Offeror | The Persons identified in MAR 1.2.1. |
| Exempt Securities | The Securities listed in MAR 1.2.2. |
| Externally Regulated PRU Investment Firm | A Person who is specified as such in a direction made by the AFSA under PRU(INV) 1.3(9). |
| Family Business | In relation to a Single Family, a business controlled by a Single Family. |
| Family Captive Takaful Business | Captive Takaful Business in relation to Family Takaful Contracts. |
| Family Client | In relation to a Single Family: (a) a member of the Single Family; (b) a Family Fiduciary Structure; (c) a Family Entity; or (d) a Family Business. |
| Family Entity | In relation to a Single Family, an entity controlled by a Single Family. |
| Family Fiduciary Structure | In relation to a Single Family, a Trust, Foundation or similar entity: (a) of which a member of the Single Family or a Family Entity related to the Single Family is the settler or Founder; and (b) the beneficiaries of which, or Persons otherwise capable of benefiting from which, are all: (і) members of the Single Family; (ii) charities; (iii) Family Entities; or (iv) other Family Fiduciary Structures related to the Single Family. |
