[I]
ICAAP
Internal Capital Adequacy Assessment Process, as defined in Pillar II of the Basel framework for banking supervision
IFAC
The International Federation of Accountants.
IFR
The Islamic Finance Rules.
Individual Capital Requirement
Has the meaning given in BBR 11.3.
Inside Information
Information of a precise nature which:
- (a) has not been made public; and
- (b) relates directly or indirectly, to one or more Issuers or Listed Funds or to one or more Securities or Units in a Listed Fund; and
- (c) would, if it were made public, be likely to have a significant effect on the prices of those Securities or Units in a Listed Fund or on the price of related derivative Securities or Units in a Listed Fund.
Insider Dealing
- (a) The use, by a Person who possesses Inside information, of that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, Securities or Units in a Listed Fund to which that information relates; or
- (b) the use of Inside Information by cancelling or amending an order concerning a Security or Units in a Listed Fund to which the information relates where the order was placed before the Person concerned possessed the Inside Information; or
- (c) the use of recommendations or inducements to engage in Insider Dealing, where the Person using the recommendation or inducement knows or ought to know that it is based on Inside Information.
Insurance Business
The business of conducting either or both of the following regulated activities: (a) effecting Contracts of Insurance; (b) carrying out Contracts of Insurance.
Insurance Intermediary
An Authorised Firm whose Licence authorises it to carry on the Regulated Activity of Insurance Intermediation
Insurance Intermediary Audit Report
The report specified in COB 11.8.15.
Insurance Intermediation
The Regulated Activity as defined in paragraph 15 of Schedule 1 of GEN.
Insurance Liabilities
Liabilities of an Insurer arising out of its General Insurance Business and LongTerm Insurance Business.
Insurance Risk Requirement
The capital component identified in 2.3 (Insurance Risk Requirement) of PINS Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).
Insurer
An Authorised Firm with an authorisation to conduct Insurance Business.
Interest Rate Risk Capital Requirement
A component of Market Risk Capital Requirement and calculated in accordance with BBR 6.5 and chapter 6 of BPG.
Internal Auditor
The Approved Individual performing the role identified at PINS 2.2.4 (Internal Auditor).
The Approved Individual performing the role identified at TRR 2.4.4 (Internal Auditor).
International Standards on Auditing
The international standards on auditing issued by the International Auditing and Assurance Standards Board (IAASB) of IFAC.
International Standards on Quality Control
The international standards on quality control issued by the International Auditing and Assurance Standards Board (IAASB) of IFAC.
Investment
A Security, Unit, Derivative or a Private E-currency and a right or interest in the relevant Security, Unit, Derivative or a Private E-currency.
Investment Business
The business of:
- (a) Dealing in Investments as Principal;
- (b) Dealing in Investments as Agent;
- (c) Managing Investments;
- (d) Managing a Collective Investment Scheme;
- (e) Providing Custody;
- (f) Arranging Custody;
- (g) Acting as the Trustee of a Fund;
- (h) Advising on Investments;
- (j) Managing a Restricted Profit Sharing Investment Account; or
- (k) Operating an Exchange.
(i) Arranging Deals in Investments;
Investment Crowdfunding Platform
An electronic platform or a facility referred to in paragraph 5(1) of Schedule 4 of the AIFC General Rules.
Research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Investments or the issuers of Investments, including any opinion as to the present or future value or price of such Investments, intended for distribution channels or for the public, and in relation to which the following conditions are met:
- (a) it is labelled or described as investment research or in similar terms, or is otherwise presented as an objective or independent explanation of the matters contained in the recommendation; and
- (b) if the recommendation in question were to be made by an Authorised Firm to a Client, it would not constitute Advising on Investments.
Investment Risk Requirement
The sum of an AIFC-Incorporated Insurer’s Asset Risk Component, Off-Balance Sheet Asset Risk Component and Off-Balance Sheet Liability Risk Component.
The sum of an AIFC-Incorporated Takaful Operator’s Asset Risk Component, Off-Balance Sheet Asset Risk Component and Off-Balance Sheet Liability Risk Component.
Investment Service
The service of:
- (a) Dealing in Investments as Principal;
- (b) Dealing in Investments as Agent;
- (c) Managing Investments;
- (d) Advising on Investments; or
- (e) reception and transmission of orders in relation to Investments.
IRRBB
Interest Rate Risk in the Banking Book as defined in chapter 8 of BBR.
Islamic Finance Business
Any part of the financial business of an Authorised Person which is carried out in accordance with Shari’a.