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  • Part 9: Part 9: Other Provisions Relating to the CRO

    • Article 130 - Direction to Company to comply with these Regulations

      (1) If a Company or any Officer of it fails to comply with:
      (A) a provision of these Regulations or any other Regulations giving functions to the CRO; or
      (B) a requirement made by the CRO pursuant to any power under any such Regulations
      which requires either or both of them to deliver to or file with the CRO any Document or to give notice to it of any matter, the CRO may issue a direction that the Company or any Officer of it or both of them make good the failure within a time specified in that direction. Any person who fails to comply with such direction contravenes these Regulations.
      (2) If a Company or any Officer of it fails to comply with a provision of these Regulations, or any other Regulations which requires either or both of them to comply with a lawful requirement in relation to another person, the CRO may issue a direction that the Company or any Officer of it or both of them make good the failure within a time specified in that direction. Any person who fails to comply with such direction contravenes these Regulations.
      (3) If the CRO considers that the Company or any Officer of it has failed to comply with a direction, it may apply to the Regulatory Tribunal for one or more of the following orders:
      (A) an order directing the Company or Officer to comply with the direction or with any provision of the Regulations or any other Regulations giving functions to the CRO relevant to the issue of the direction;
      (B) an order directing the Company or Officer to pay any costs incurred by the CRO or other person relating to the issue of the direction by the CRO or the breach of these Regulations or such other Regulations relevant to the issue of the direction; or
      (C) any other order that the Regulatory Tribunal considers appropriate.
      (4) Nothing in this Article 130 shall prejudice the operation of any Article of these or any other Regulations providing for the imposition of financial penalties on a Company or any Officer in respect of a failure mentioned above, nor any powers that the CRO or other person or the Regulatory Tribunal may have under any other provision of these Regulations or any other Regulations.
      Amended by QFCA RM2012-1 (as from 11th April 2012)

    • Article 131 - Deregistration of Companies and Branches

      (1) If the CRO has reason to believe that:
      (A) a Company or Branch is not carrying on Business or is not in operation;
      (B) a Company or Branch is acting in contravention of these Regulations;
      (C) it is prejudicial to the interests of the QFC for a Company or Branch to remain on the register; or
      (D) a Company or Branch has failed for a period of 3 months to pay the financial penalties imposed by the CRO pursuant to these Regulations
      it may give notice to the Company or Branch that at the conclusion of 3 months from the date of the notice, the Company or Branch shall be struck off the register unless reason is shown to the contrary.
      (2) If, by the end of the 3 month period, the CRO:
      (A) has received confirmation that the Company or Branch is no longer carrying on Business or is not in operation; or
      (B) has not received from the Company or Branch sufficient reasons as to why the Company or Branch should not be struck off the register;
      the CRO may strike the name of the Company or Branch off the register and the Company or Branch shall be dissolved.
      (3) Where a Company or Branch is struck off the register under this Article, the liability of every director and Member of the Company or relevant Body Corporate, and in the case of the striking off of a Branch, the Body Corporate itself continues and may be enforced as if the Company or Branch had not been dissolved.
      (4) A Company or Branch may apply to the CRO for voluntary deregistration, at the conclusion of 3 months from the date of the application, the Company or Branch may be struck off the register. If the Company or the Branch is not carrying on Business or is not in operation, the CRO may elect, at its absolute discretion, to strike off the Company or Branch prior to the conclusion of the 3 months period provided that the Company or Branch has complied with any requirement under the Insolvency Regulations and Insolvency Rules.
      Amended (as from 5th April 2015).

    • Article 132 - False or Misleading Information

      A person shall not:

      (1) provide information which is false, misleading or deceptive to the CRO; or
      (2) conceal information where the concealment of such information is likely to mislead or deceive the CRO.