• BANK Chapter 13 BANK Chapter 13 Transitional

    • BANK 13.1.1 Definitions for Chapter 13

      modification means a declaration by the Regulatory Authority under FSR, article 16 (1) (a).

      PIIB means the Investment and Banking Business Rules 2005 (as in force immediately before 1 January 2015).

      waiver means a declaration by the Regulatory Authority under FSR, article 16 (1) (b).

      Derived from QFCRA RM/2014-2 (as from 1st January 2015).

    • BANK 13.1.2 Authorised firms to remain authorised

      (1) An entity that was an authorised firm immediately before 1 January 2015 continues to be an authorised firm in accordance with this rule.
      (2) [Deleted]
      (3) [Deleted]
      (4) [Deleted]
      (5) Any condition attached to the firm's authorisation that was in effect immediately before 1 January 2015 continues to have effect according to its terms.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • BANK 13.1.3 BANK 13.1.3 Modifications and waivers

      (1) A modification of a provision of PIIB that was in effect immediately before 1 January 2015 continues to have effect, according to its terms, as a modification of the provision of these rules corresponding as nearly as possible to the provision of PIIB.
      (2) A waiver of a provision of PIIB (other than a waiver in relation to an authorised firm that is a branch, the effect of which was that the firm was not required to hold capital) that was in effect immediately before 1 January 2015 continues to have effect, according to its terms, as a waiver of the provision of these rules corresponding as nearly as possible to the provision of PIIB.
      Derived from QFCRA RM/2014-2 (as from 1st January 2015).

      • BANK 13.1.3 Guidance

        A waiver the effect of which was that an authorised firm was not required to hold capital lapses on 1 January 2015 if the firm is a branch, because there is no requirement under these rules for a branch to hold capital.

        Derived from QFCRA RM/2014-2 (as from 1st January 2015).

    • BANK 13.1.4 Powers of Regulatory Authority not diminished

      Nothing in this Chapter prevents the Regulatory Authority from withdrawing a firm’s authorisation or revoking a condition, waiver or modification.

      Derived from QFCRA RM/2014-2 (as from 1st January 2015).