Part 9: Part 9: Other Provisions Relating to the CRO
Article 130 - Direction to Company to comply with these Regulations(1) If a
Companyor any Officerof it fails to comply with:(A) a provision of these Regulationsor any other Regulationsgiving functions to the CRO; or(B) a requirement made by the CROpursuant to any power under any such Regulationswhich requires either or both of them to deliver to or file with the CROany Documentor to give notice to it of any matter, the CROmay issue a direction that the Companyor any Officerof 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 Companyor any Officerof it fails to comply with a provision of these Regulations, or any other Regulationswhich requires either or both of them to comply with a lawful requirement in relation to another person, the CROmay issue a direction that the Companyor any Officerof 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 CROconsiders that the Companyor any Officerof it has failed to comply with a direction, it may apply to the Regulatory Tribunalfor one or more of the following orders:(A) an order directing the Companyor Officerto comply with the direction or with any provision of the Regulationsor any other Regulationsgiving functions to the CROrelevant to the issue of the direction;(B) an order directing the Companyor Officerto pay any costs incurred by the CROor other person relating to the issue of the direction by the CROor the breach of these Regulationsor such other Regulationsrelevant to the issue of the direction; or(C) any other order that the Regulatory Tribunalconsiders appropriate.(4) Nothing in this Article 130 shall prejudice the operation of any Article of these or any other Regulationsproviding for the imposition of financial penalties on a Companyor any Officerin respect of a failure mentioned above, nor any powers that the CROor other person or the Regulatory Tribunalmay have under any other provision of these Regulationsor any other Regulations. Amended by QFCA RM2012-1 (as from 11th April 2012)
Article 131 - Deregistration of Companies and Branches(1) If the
CROhas reason to believe that:(A) a Companyor Branchis not carrying on Businessor is not in operation;(B) a Companyor Branchis acting in contravention of these Regulations;(C) it is prejudicial to the interests of the QFCfor a Companyor Branchto remain on the register; or(D) a Companyor Branchhas failed for a period of 3 months to pay the financial penalties imposed by the CROpursuant to these Regulationsit may give notice to the Companyor Branchthat at the conclusion of 3 months from the date of the notice, the Companyor Branchshall 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 Companyor Branchis no longer carrying on Businessor is not in operation; or(B) has not received from the Companyor Branchsufficient reasons as to why the Companyor Branchshould not be struck off the register;the CROmay strike the name of the Companyor Branchoff the register and the Companyor Branchshall be dissolved.(3) Where a Companyor Branchis struck off the register under this Article, the liability of every director and Memberof the Companyor relevant Body Corporate, and in the case of the striking off of a Branch, the Body Corporateitself continues and may be enforced as if the Companyor Branchhad not been dissolved.(4) A Companyor Branchmay apply to the CROfor voluntary deregistration, at the conclusion of 3 months from the date of the application, the Companyor Branchmay be struck off the register. If the Companyor the Branchis not carrying on Businessor is not in operation, the CROmay elect, at its absolute discretion, to strike off the Companyor Branchprior to the conclusion of the 3 months period provided that the Companyor Branchhas complied with any requirement under the Insolvency Regulationsand 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.