1.1 For the purposes of these Regulations:

1. "Licensed person"; means any natural or juridical person authorised to conduct exchange business under these Regulations.
    
2. "Licence"; means licence issued by the Central Bank for the carrying out of exchange business.
    
3. “Exchange Business”; shall mean:
    
   1. Dealing in sale and purchase of foreign currencies and travelers cheques.
       
   2. Executing remittance operations in local and foreign currencies.
       
   3. Payment of wages through establishing a link to the operating system of "wages protection" (WPS).
       
   4. Other businesses licensed by the Central Bank.
4. "Exempted person"; means any entity which is defined as a "commercial bank" in accordance with Union Law No. (10) of 1980.
    
5. "Juridical person"; means an established entity in accordance with and recognised by the Federal Laws of the United Arab Emirates and the laws of the Emirate in which it is so incorporated or an entity established in and recognised under the laws of other UAE authorities.
    
6. “Paid Up Capital”; shall mean cash paid by the owner (or partners) into the account of the entity, as per requirements of these Regulations.
    
7. “Remittances Intermediate Account” shall mean an account where remittance funds are deposited temporarily, prior to execution of remittance.
    
8. “Agent”; shall mean a natural or juridical person appointed by the owner (or the partners) of the entity to manage the entity or to perform a specific task for its benefit.

1.2 The terms defined in Federal Law No. (10) of 1980 shall, unless otherwise defined herein, bear the same meanings when used herein.