[S]
SAR
Suspicious Activity Report. A report in a prescribed format regarding suspicious activity or suspicious transactions made to the AFSA.
Savings Account
An account with a Bank held in the name of a Client through which the Client can place and withdraw Deposits.
SDD
Simplified Due Diligence, as described in AML 8.1.1.
Securities Note
In relation to a Prospectus structured as multiple documents, the document referred to in MAR 1.3.1(a)(iii).
Securities Settlement System
A system operated by a Person which enables Investments held in accounts to be transferred and settled by book entry according to a set of laws and predetermined multilateral rules to provide legal certainty.
Security
- 1. A Security is:
- (a) a Share;
- (b) a Debenture;
- (c) a Warrant;
- (d) a Certificate; or
- (e) a Structured Product.
- 2. For the purposes of article 6 of the Constitutional Law, a Security shall be treated as if it includes a Unit.
Segregated Client
A Client whose assets or Money is required to be held in compliance with either COB 8.2, COB 8.3 or COB 11.8.
Senior Executive Officer
The individual performing the Controlled Function specified in GEN 2.2.2.
Senior Manager
The individual performing the Designated Function specified in GEN 2.3.2.
Share
A share or stock in the share capital of any Body Corporate or any unincorporated body (excluding a Unit).
Shell Bank
A bank that has no physical presence in the country in which it is incorporated or licensed and which is not affiliated with a regulated financial group that is subject to effective consolidated supervision. In this definition, physical presence in a jurisdiction is a presence involving meaningful decision-making and management and not merely the presence of a local agent or low level staff.
Single Family
In relation to a Single Family Office, means a group of individuals, who at the time of estanlishment of the Single Family Office in the AIFC, are the legitimate or illegitimate lineal descendants of a common ancestor who is no more than 3 generations removed from the youngest generation of descendants.
The individuals who make up the Single Family may include stepchildren, foster children, children adopted under judicial proceedings or by legal guardianship and the spouses of the individuals that make up the Single Family (including widows or widowers, whether or not remarried).
An individual who, after the Single Family Office is established in the AIFC, becomes:
(a) a descendant of the common ancestor; or
(b) a spouse of the descendant (including a widow or widower, whether or not remarried);
is a member of the Single Family even if the individual is more than 3 generations removed from the common ancestor.
Single Family Office
a Body Corporate established in the AIFC that:
- (a) is indirectly or wholly owned by members of a Single Family; and
- (b) does not hold itself out to the public as carrying on Regulated Activities; and
- (c) carries on Regulated Activities on behalf of Family Clients only.
Skilled Person
A Person appointed to make a report required by the AFSA under section 97 of the Framework Regulations.
Smart-Contract
A computer code that represents a contract, and that executes and enforces the terms of such contract on an automated basis, without the need for intermediation by any person.
Solo Prudential Return
A prudential return is referred to as a Solo Prudential Return if it reflects the individual Bank’s accounts, statements and reports.
Solvency Reference Date
The date at which an Insurer’s compliance with the requirements of PINS 5 (Capital adequacy requirements) is assessed. The date at which a Takaful Operator’s compliance with the requirements of TRR 5 is assessed.
Source(s) of Funds
The origin of the customer's funds which relate to a transaction or service and includes how such funds are connected to a customer's source of wealth.
Source(s) of Wealth
How the customer's global wealth or net worth is or was acquired or accumulated.
Structured Product
An instrument comprising rights under a contract where:
- (a) the gain or loss of each party to the contract is ultimately determined by reference to the fluctuations in the value or price of property of any description, an index, interest rate, exchange rate or a combination of any of these as specified for that purpose in the contract (“the underlying factor”) and is not leveraged upon such fluctuations;
- (b) the gain or loss of each party is wholly settled by cash or setoff between the parties;
- (c) each party is not exposed to any contingent liabilities to any other counterparty; and
- (d) there is readily available public information in relation to the underlying factor; but excludes any rights under an instrument:
- (e) where one or more of the parties takes delivery of any property to which the contract relates;
- (f) which is a Debenture; or
- (g) which is a Contract of Insurance.
Subsidiary
In accordance with paragraph 1 of Schedule 1 of the Companies Regulations, a Body Corporate (the first Body Corporate) is a Subsidiary of another Body Corporate (the second Body Corporate) if:
- (a) the second Body Corporate:
- (i) holds a majority of the voting rights in the first Body Corporate; or
- (ii) is a shareholder of the first Body Corporate and has the right to appoint or remove a majority of the board of Directors or managers of the first Body Corporate; or
- (iii) is a shareholder of the first Body Corporate and controls alone, under an agreement with other shareholders, a majority of the voting rights in the first Body Corporate; or
- (b) the first Body Corporate is a subsidiary of another Body Corporate that is itself a subsidiary of the second Body Corporate, which is its Holding Company.
Sub-Fund
A separate pool of Fund Property within an Umbrella Fund.
Supplementary Prospectus
An updated or replacement Prospectus produced in accordance with in section 73 of the Framework Regulations.