1. Meaning of Legislation Administered by the AFSA

Each of the following is Legislation Administered by the AFSA:

• (a) the AIFC Financial Services Framework Regulations and the rules adopted under those Regulations;
• (b) any other AIFC Regulations or AIFC Rules if the Regulations or Rules declare that they are administered by the AFSA;
• (c) a provision of any other AIFC Regulations or AIFC Rules if the provision gives a Function to the AFSA or relates to the Exercise of a Function given to the AFSA by another provision of the AIFC Regulations or AIFC Rules.

2. Definitions for these Rules

In these Rules:

Company service provider means a Person authorised (however described) to conduct corporate services business in the AIFC or another jurisdiction approved by the AFSA or the Registrar of Companies.

Exempt Activity, in relation to a Special Purpose Company, means any of the following activities, whether undertaken in an Islamic or conventional way:

• (a) the acquisition (by way of leasing, title transfer, risk transfer or otherwise), the holding and the disposal of any asset (tangible or intangible, including, for example, receivables and Shares) in connection with and for the purpose of a Transaction;
• (b) the obtaining of any type of financing (banking or capital markets), the granting of any type of security interest over its assets, the providing of any indemnity or similar support for the benefit of its Shareholders or any of its Subsidiaries, or the entering into any type of hedging arrangements, in connection with and for the purpose of a Transaction;
• (c) the financing of the Initiator or another Special Purpose Company;
• (d) the acting as trustee or agent for any participant in the Transaction;
• (e) any other activity approved in Writing by the Registrar;
• (f) any activity ancillary to an activity mentioned in paragraphs (a) to (e).

Initiator, in relation to a Special Purpose Company, means the Person for whose Transaction the company has been established.

Investment Company means a Company that is an Investment Company under the AIFC Companies Rules.

Investment Partnership means a limited partnership under the AIFC Limited Partnership Regulations formed for the sole purpose of collective investment.

Investment Trust means a trust created under the Legislation Administered by the AFSA for the purpose of collective investment.

Legislation Administered by the AFSA has the meaning given by section 1 of this Schedule.

Nominee means a Person authorised (however described) to conduct trust or fiduciary business in the AIFC or another jurisdiction approved by the AFSA or the Registrar of Companies.

Special Purpose Company means a Company Limited by Shares that is incorporated as Special Purpose Company (with or without other relevant Persons).

Transaction, in relation to a Special Purpose Company, means the Islamic or conventional structured finance transaction for the benefit of the Initiator in connection with which the company has been established, and includes, for example, any type of securitisations or other capital markets transaction.