[P]
Packaged Product
(a) a Life Policy; or
(b) a Family Takaful Contract; or
(с) a Unit in a Collective Investment Scheme
Partner
In relation to an Undertaking which is a Partnership, a Person occupying the position of a partner, by whatever name called.
Partnership
Any partnership, including a partnership constituted under the law of a jurisdiction other than the AIFC, but not including a Limited Liability Partnership.
PCR
Prescribed Capital Requirement
PEP
Politically Exposed Person. A PEP is a natural person (including a family member or known associate) who is or has been entrusted with a prominent public function, including but not limited to: a head of state or of government, senior politician, member of a legislative or constitutional assembly, senior government official, senior judicial official, senior military officer, ambassador, senior person in an international organisation, senior executive of a state-owned entity, a senior political party official, or an individual who has been entrusted with similar functions such as a director or a deputy director; at an international, national, or regional level.
This definition does not include middle-ranking or more junior individuals in the above categories.
Person
A Person includes any natural person, Body Corporate or body unincorporated, including a legal person, company, Partnership, unincorporated association, government or state.
Personal Transaction
A transaction in an Investment executed for or on behalf of a natural person, where at least one of the following criteria are met:
(1) that person is acting outside the scope of the activities he carried out in that capacity;
(2) the transaction is carried out for the account of any of the following persons:
- (a) the natural person;
- (b) the spouse or civil partner of the natural person or any partner of that natural person considered by national law as equivalent to a spouse;
- (c) a dependent child or stepchild of that natural person;
- (d) any other relative of that natural person who has shared the same household as that person for at least one year on the date of the personal transaction concerned;
- (e) any person with whom he has close links;
- (f) a person whose relationship with that natural person is such that the natural person has a direct or indirect material interest in the outcome of the trade, other than a fee or commission for the execution of the transaction.
Policyholder
Includes a potential policyholder.
Policyholder
The Person who for the time being is the legal holder of a Contract of Insurance, including any Person to whom, under the Contract of Insurance, a sum is due, a periodic payment is payable or any other benefit is to be provided or to whom such a sum, payment or benefit is contingently due, payable or to be provided.
Policyholder or Participant
The Person who for the time being is the legal holder of a Takaful Contract, including any Person to whom, under the Takaful Contract, a sum is due, a periodic payment is payable, or any other benefit is to be provided or to whom such a sum, payment or benefit is contingently due, payable or to be provided.
Preliminary Notice
A notice issued by the AFSA pursuant to paragraph 4 of schedule 1 of the Framework Regulations.
Premium Risk Component
The capital component identified in paragraph 7 (Premium Risk Component) of PINS Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).
The capital component identified in paragraph 7 (Premium Risk Component) of TRR Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).
Principal Representative
An individual designated by a Representative Office in accordance with REP.
Private E-currency (or Private Electronic Currency or Private E-money)
A digital representation of value that (1) can be digitally traded and functions as
- (a) a medium of exchange; or (b) a unit of account; or (c) a store of value; (2) can be exchanged back-and-forth for Fiat Currency, but is neither issued nor guaranteed by the government of any jurisdiction, and (3) fulfils the above functions only by agreement within the community of users of the Private E-currency; and accordingly (4) is to be distinguished from Fiat Currency and E-money.
Private Placement
An Offer made to a Person who is likely to be interested in the Offer having regard to:
Privileged Communication
A communication attracting a privilege arising from the provision of professional legal advice and any other privilege applicable at law, but which does not include a general duty of confidentiality.
Product Disclosure Document
For a Packaged Product produced by an Authorised Firm: a statement in writing prepared by the firm for the product in accordance with COB 5.6 (Packaged products—additional disclosure).
Professional Client
A Client that is either a Deemed Professional Client or an Assessed Professional Client.
Profit Sharing Investment Account
An account or portfolio in relation to property of any kind, including the currency of any country or territory, held for or within the account or portfolio, which:
- (a) is managed under the term of an agreement whereby:
- (i) the investor agrees to share any profit with the manager of the account or portfolio in accordance with a predetermined specified percentage or ratio; and
- (ii) the investor agrees that he alone will bear any losses in the absence of negligence or breach of contract on the part of the manager; and
- (b) is held out as being managed in accordance with Shari'ah
Property Manager
A Person appointed to provide Real Estate Management and Servicing Activities in respect of Real Properties.
Prospectus
A document referred to in MAR 1.3.
Prospectus Summary
The document referred to in MAR 1.4.
Providing Accountancy Services
The Ancillary Service as defined in paragraph 3 of Schedule 2 of GEN.
Providing Audit Services
The Ancillary Service as defined in paragraph 2 of Schedule 2 of GEN.
Providing Consultancy Services
The Ancillary Service as defined in paragraph 4 of Schedule 2 of GEN.
Providing Credit
The Regulated Activity as defined in paragraph 18 of Schedule 1 of GEN.
Providing Custody
The Regulated Activity as defined in paragraph 5 of Schedule 1 of GEN.
Providing Fund Administration
The Regulated Activity as defined in paragraph 8 of Schedule 1 of GEN.
Providing Legal Services
The Ancillary Service as defined in paragraph 1 of Schedule 2 of GEN.
Providing Money Services
A Regulated Activity defined in paragraph 21 of Schedule 1 of the GEN.
Providing Transaction Services for Decentralised Private Ecurrencies
Operating a facility that functions regularly to validate and add transaction records to the ledger of all transactions.
Providing Trust Services
The Regulated Activity as defined in paragraph 7 of Schedule 1 of GEN.
PRU Dealing Investment Firm
A Person defined as such in PRU(INV) 1.3(3).
PRU Intermediary Investment Firm
A Person defined as such in PRU(INV) 1.3(4).
PRU Investment Business
Activities defined as such in PRU(INV) 1.3(5).
PRU Investment Firm
A Person defined as such in PRU(INV) 1.3(2).
Pure Protection Contract
A Long-Term Insurance Contract that meets all of the following conditions:
- (a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;
- (b) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;
- (c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);
- (d) the contract is not a Contract of Reinsurance. A Family Takaful Contract that meets all of the following conditions:
- (a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;
- (b) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;
- (c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);
- (d) the contract is not a Contract of Retakaful.