The following terms shall have the meaning assigned to them below for the purposes of this Regulation:

1. Account: an account held by a User with a Licensee relating to one or more of the Products specified in Article 5 of this Regulation.
2. Advice: advice on Products or Accounts and includes any method of communication that provides an opinion, evaluation, recommendation, and/or biased information / comparisons to a User or when acting as a User’s agent, provided that it could reasonably be regarded as having the intent to influence a User’s choice or decision to select, buy, sell, hold or subscribe to a particular Product or Account, related options or an interest in a particular Product or Account.
3. AML Laws: Decree Federal Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations and Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Federal Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations, as amended, and any instructions, guidelines and notices issued relating to their implementation.
4. API Hub: the centralized Application Programming Interface Hub established by the Central Bank, through which parties will be able to access the Open Finance Framework.
5. Applicant: any juridical person duly incorporated in the State which submits an Application.
6. Application: a written request for obtaining an Open Finance License.
7. Bank: any juridical person licensed in accordance with the provisions of the Central Bank Law to primarily carry on the activity of taking deposits and any other Licensed Financial Activities.
8. Board: the board of directors of an Applicant or Open Finance Provider in accordance with applicable State law.
9. Central Bank: the Central Bank of the United Arab Emirates.
10. Central Bank Law: the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Services, as amended.
11. Chief Executive Officer: the most senior executive appointed by the Board.
12. Common Infrastructural Services: the services specified in Schedule 1 of this Regulation.
13. Confidential Data: data relating to a User, who is or can be identified, either from the confidential data, or from the confidential data in conjunction with other information that is in, or is likely to come into, the possession of a Person or entity that is granted access to the confidential data.
14. Controller: a Person that alone or together with the Person’s associates has an interest in at least 20% of the shares in an Open Finance Provider or is in a position to control at least 20% of the votes in an Open Finance Provider.
15. Data Holder: a Licensee holding User Data.
16. Data Sharing: an on-line service to provide a User with consolidated User Data relating to one or more Accounts and/or Products held with a Data Holder.
17. Data Sharing Provider: a juridical person who is licensed by the Central Bank to carry on Data Sharing activities.
18. Finance Company: the juridical person who is licensed as a Finance Company under the Finance Companies Regulation.
19. Finance Companies Regulation: Central Bank Circular No. 3/2023, as amended.
20. Initiate: (1) an electronic instruction to a Service Owner to effect a transfer, credit, debit, placement, withdrawal, redemption, sale, order or cancellation; or (2) communicating a User’s agreement to open, effect, enter into or take any other action in relation to an Account or Product. Initiate does not include the execution of any Transaction.
21. Insurance Broker: a juridical person licensed to practice insurance brokerage activity in the State, under the Insurance Law.
22. Insurance Company: any juridical person licensed to engage in insurance business in the State, under the Insurance Law.

23.  Insurance Intermediation: the activity of soliciting, negotiating or selling insurance contracts through any medium where:

    (a)	“solicit” means attempting to sell insurance or asking a Person to apply for a particular kind of insurance from a particular insurer for compensation;
    (b)	“negotiate” means the act of conferring directly with, or offering Advice directly to, a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers;
    (c)	“sell” means to exchange a contract of insurance by any means for money or its equivalent on behalf of an Insurance Company.

24. Insurance Law: the Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities and its Executive Regulations, and any amendments thereof.
25. Insurance Underwriting: evaluating the risk and establishing the price of insurance.
26. Licensed Financial Activities: the financial activities subject to Central Bank licensing and supervision, which are specified in Article (65) of the Central Bank Law.
27. Licensed Financial Institution: Banks and Other Financial Institutions licensed in accordance with the provisions of the Central Bank Law to carry on a Licensed Financial Activity, including those which carry on the whole or a part of their business in compliance with the provisions of Islamic Shari`ah, and are either incorporated inside the State or have branch offices inside the State.
28. Licensees: Banks, Insurance Companies, Insurance Brokers and Other Financial Institutions.
29. Master System of Record: the collection of all data, including Confidential Data, required to conduct all core activities of a Licensee, including the provision of services to clients, managing all risks, and complying with all legal and regulatory requirements.
30. Open Finance Framework: the framework for Open Finance Services established and operated under this Regulation.
31. Open Finance License: the license granted under this Regulation to provide Data Sharing and/or Service Initiation.
32. Open Finance Provider: a juridical person who is licensed by the Central Bank to carry on Open Finance Services.
33. Open Finance Service: Data Sharing and/or Service Initiation.
34. Other Financial Institutions: any juridical person, other than Banks, licensed, in accordance with the provisions of the Central Bank Law, to carry on a financial activity or more, of the Licensed Financial Activities.
35. Outsourcing: an agreement with another party either within or outside the UAE, including a party related to the Open Finance Provider, to perform on a continuing basis an activity which currently is, or could be, undertaken by the Open Finance Provider itself.
36. Payee: a Person who is the intended recipient of funds, which have been the subject of a Transaction.
37. Payer: a Person who holds a Payment Account and gives a payment order from that Payment Account, or, where there is no Payment Account, a Person who gives a payment order.
38. Payment Account: an account with a Payment Service Provider held in the name of at least one user of a Retail Payment Service which is used for the execution of payment Transactions.
39. Payment Service Provider: a juridical person that has been licensed in accordance with the Retail Payment Services and Card Schemes Regulation to provide one or more Retail Payment Services and has been included in the register of Licensed Financial Institutions as per Article (73) of the Central Bank Law.
40. Person: a natural or juridical person, as the case may be.
41. Personal Data: any information, which is related to an identified or identifiable natural person.
42. Person Deemed Licensed: a Person specified in Article 3 of this Regulation as deemed licensed under this Regulation.
43. Processing: in relation to Personal Data and for the purposes of Article 22 of this Regulation, any operation or set of operations which is performed on Personal Data or on sets of Personal Data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.
44. Product: a product specified in Article 5 of this Regulation.
45. Regulations: any resolution, regulation, circular, rule, standard or notice issued by the Central Bank.
46. Retail Payment Service: any business activity set out in Annex I of the Retail Payment Services and Card Schemes Regulation, as amended.
47. Retail Payment Services and Card Schemes Regulation: Central Bank Circular No. 15/2021, as amended.
48. Senior Management: the executive management of the Open Finance Provider responsible and accountable to the Board for the sound and prudent day-to-day management of the Open Finance Provider, generally including, but not limited to, the Chief Executive Officer, chief financial officer, chief risk officer, and heads of the compliance and internal audit functions.
49. Sensitive Data: any Personal Data related to the health of a person, such as his/her physical, psychological, mental, genetic or sexual condition, including information related to healthcare services provided thereto that reveals his/her health status.
50. Service Initiation: the service of initiating by electronic means a Transaction relating to an Account or Product.
51. Service Initiation Provider: a juridical person who is licensed by the Central Bank to carry on Service Initiation activities.
52. Service Owner: a Licensee that holds an Account or Product for a User.
53. State: the United Arab Emirates (UAE).
54. Stored Value Facilities Regulation: Central Bank Circular No. 6/2020, as amended.
55. Technical Service Provider: a Person who provides technical support to third parties for the provision of Open Finance Services, including information technology services, communication network provision, the processing and storage of data, the obtaining and processing of Account and Product information and trust and privacy protection services.
56. Transaction: an act Initiated by a User through the Service Initiation Provider to effect a transfer, credit, debit, placement, withdrawal, redemption, sale, order or cancellation in relation to an Account or a Product.
57. Trust Framework: the trust framework established and operated pursuant to Article 2 and Schedule 1 of this Regulation.
58.  Unauthorized Transaction: a transaction, the execution or initiation of which, the User has not given consent for.
59. User: a Person who uses Data Sharing or Service Initiation.
60. User Data: information relating to a User that is: (1) in relation to Accounts and Products as specified in Article 5 of this Regulation; and (2) data more particularly described in the relevant Regulations issued by the Central Bank for that purpose.