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FINANCIAL SERVICES LEGISLATION
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[F]

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:

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:
  • (i) members of the Single Family;
  • (ii) charities;
  • (iii) Family Entities; or
  • (iv) other Family Fiduciary Structures related to the Single Family

Family Member

In relation to an individual:

  • (a) his spouse;
  • (b) his child, step-child, parent, step-parent, brother, sister, step-brother, or stepsister; or
  • (c) a spouse of any individual within (b).

Family Takaful Business

Takaful Business in relation to Family Takaful Contracts.

Family Takaful Contract

A Shari’ah-Compliant Takaful Contracts that falls within one of the categories set out in Schedule 2 of TRR.

Family Takaful Risk Component

The capital component identified in paragraph 9.2 (Family Takaful Risk Component) of TRR Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).

FATF

Financial Action Task Force, as described in AML 1.4(a).

FATF Recommendations

The publication entitled the "International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation" as published and amended from time to time by FATF.

Fiat Currency

Currency which is issued by or on behalf of the government in its country (or countries) of issuance, and which is designated as legal tender in that or those countries through government decree, regulation or law.

Finance Officer

The individual performing the Controlled Function specified in GEN 2.2.4.

Financial Condition Report

The report identified in PINS 9.1.2 (Financial Condition Reports).

The report identified in TRR 9.1.2 (Financial Condition Reports).

Financial Crime

Any kind of conduct relating to money or to financial services or markets that would amount to criminal conduct under Kazakh law (whether or not such conduct takes place in the Republic of Kazakhstan), including any offence involving:

  • (a) fraud or dishonesty; or
  • (b) misconduct in, or misuse of information relating to, a financial market; or
  • (c) handling the proceeds of crime; or
  • (d) the financing of terrorism.

Financial Group

A group of entities which includes an Authorised Firm and:

Financial Institution

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

Financial Product

A Contract of Insurance or Investment.

Financial Promotion

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

Financial Service

A Regulated Activity or a Market Activity.

Financial Services Regulator

A regulator of Financial Services established in a jurisdiction other than the AIFC.

FinTech

Means technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services.

FinTech Lab Activities

Activities specified in GEN 1.4. carried out for the purposes of Developing or Testing FinTech Activities.

FinTech Lab Participant

Means an Authorised Person who was issued a Licence to carry on one or more FinTech Activities within the FinTech Lab.

Foreign Exchange Risk Capital Requirements

A component of Market Risk Capital Requirement and calculated in accordance with BBR 6.5 and chapter 6 of BPG.

Foreign Fund

A Collective Investment Scheme that is not established or domiciled in the AIFC.

Foreign Fund Manager

A Fund Manager not located in the AIFC.

Framework Regulations

The Financial Services Framework Regulations.

Fund

A Collective Investment Scheme.

Fund Manager

A Person responsible for the management of the property held for or within a Fund and (or) who operates the Fund.

Fund Property

The property held for or within a Fund.

Future

An instrument comprising rights under a contract:

  • (a) for the sale of a commodity or property of any other description under which delivery is to be made at a future date and at a price agreed on when the contract is made, and that contract:
  • (i) is made or traded on a regulated exchange;
  • (ii) is made or traded on terms that are similar to those made or traded on a regulated exchange; or
  • (iii) would, on reasonable grounds, be regarded as made for investment and not for commercial purposes; or
  • (b) where the value of the contract is ultimately determined by reference, wholly or in part, to fluctuations in:
  • (i) the value or price of property of any description; or
  • (ii) an index, interest rate, any combination of these, exchange rate or other factor designated for that purpose in the contract; and which is wholly settled by cash or set-off between the parties but excludes:
  • (iii) rights under a contract where one or more of the parties takes delivery of any property to which the contract relates;
  • (iv) a contract under which money is received by way of deposit or an acknowledgement of a debt on terms that any return to be paid on the sum deposited or received will be calculated by reference to an index, interest rate, exchange rate or any combination of these or other factors; or
  • (v) a Contract of Insurance.