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FINANCIAL SERVICES LEGISLATION
RULES
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Leverage Ratio

Has the meaning given in BBR 4.37

Licence

A licence granted by the AFSA under Part 3 of the Framework Regulations.

Liquid Assets

The amount determined as such in accordance with PRU(INV) 4.3.

Liquidity Coverage Ratio (LCR)

Has the meaning given in BBR 9.16

Liquidity Risk

The risk of loss to an Authorised Firm as a result of inability to meet its obligations as they fall due.

Listed Fund

A Fund whose Units have been admitted to the Official List.

Listing Rules

(In AMI) the rules prepared by an Authorised Investment Exchange in accordance with AMI 3.6.

Loan Administrator

A Person appointed by an Authorised Crowdfunding Platform to administer the collection of amounts due and payable under a loan or Debenture pursuant to AMI 7.4.2.

Loan Crowdfunding Platform

An electronic platform or a facility referred to in paragraph 4(1) of Schedule 4 the AIFC General Rules.

Long-Term Captive Insurance Business

Captive Insurance Business in relation to Long-Term Insurance Contracts.

Long-Term Care Insurance Contract

A Long-Term Insurance Contract:

  • (a) that satisfies the following conditions:
  • (i) it provides (or would at the Policyholder’s option provide) benefits for the Policyholder in the event that the Policyholder’s mental or physical health deteriorates to the extent that he or she is incapacitated, is unable to live independently without assistance, and is not expected to recover to the extent that he or she could live independently without assistance;
  • (ii) those benefits are payable or provided for services, accommodation or goods that are necessary or desirable for the continuing care of the Policyholder because of that incapacity;
  • (iii) those benefits can be paid periodically for all or part of the period during which the Policyholder is unable to live independently without assistance; or
  • (b) that is sold or held out as providing benefits for the Policyholder as set out in paragraph (a).

A Family Takaful Contract that:

  • (a) satisfies the following conditions:
  • (i) it provides (or would at the Policyholder’s option provide) benefits for the Policyholder in the event that the Policyholder’s mental or physical health deteriorates to the extent that he or she is incapacitated, is unable to live independently without assistance, and is not expected to recover to the extent that he or she could live independently without assistance;
  • (ii) those benefits are payable or provided for services, accommodation or goods that are necessary or desirable for the continuing care of the Policyholder because of that incapacity;
  • (iii) those benefits can be paid periodically for all or part of the period during which the Policyholder is unable to live independently without assistance; or
  • (b) is sold or held out as providing benefits for the Policyholder as set out in paragraph (a).

Long-Term Insurance Business

Insurance Business in relation to Long-Term Insurance Contracts.

Long-Term Insurance Contract

A Contract of Insurance that falls within one of the categories set out in Schedule 2 of PINS.

Long-Term Insurance Fund

A fund established by an Insurer for the purposes of PINS 7 (Segregation of Long-Term Insurance assets and liabilities).

Long-Term Insurance Risk Component

The capital component identified in paragraph 9.2 (Long-Term Insurance Risk Component) of PINS Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).

Legal Adviser

In relation to the provision of legal services, an individual:

(a)who is employed or appointed by an AIFC Body, its organisation, or an AIFC Participant in connection with the business of an AIFC Body, its organisation, or AIFC Participant 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 an AIFC Body, its organisation, or an AIFC Participant and a third party, are placed at the disposal and under the control of an AIFC Body, its organisation, or an AIFC Participant; or

(c)  who is otherwise specified to be eligible for the purposes of these Regulations by the AIFC Legal Services Board, including one particular class of such individuals being legal advisers or counsel based outside Kazakhstan who spend a limited amount of time in the AIFC for the purposes of, for example, a corporate transaction.

In the AIFC Legal Services Regulations, rules made thereunder and in any other document produced by any Person in connection with the AIFC Legal Services Regulations, the expression “Counsel” may be substituted for “Legal Adviser” if that appears preferable in the context.