• Part 7: Part 7: Provisions Relating to QFC Authority

    • Article 36 - Prescribed Forms and Prescribed Fees

      The forms and fees prescribed in Rules are the forms and fees issued by the QFC Authority under Article 6.

      Derived (as from 22nd September 2016).

    • Article 37 - General Contraventions

      (1) A person who:
      (A) does an act or thing that the person is prohibited from doing under an Article of these Regulations referred to in the Rules; or
      (B) does not do an act or thing that the person is required or directed to do under an Article of these Regulations referred to in the Rules; or
      (C) otherwise contravenes these Regulations referred to in the Rules
      commits a contravention of these Regulations.
      (2) In this Article 37, "person" does not include the QFC Authority, the Regulatory Authority, or the CRO.
      Derived (as from 22nd September 2016).

    • Article 38 - Involvement in Contraventions

      (1) If a Person is knowingly concerned in the contravention of these Regulations or any other Regulations conferring functions on the QFC Authority committed by another Person, the aforementioned Person as well as the other person, commits the contravention and is liable to be proceeded against and dealt with accordingly.
      (2) For the purposes of this Article 36, a Person is "knowingly concerned" in a contravention if, and only if, the Person:
      (A) has aided, abetted, counselled or procured the contravention;
      (B) has induced, whether by threats or promises or otherwise, the contravention;
      (C) has in any way, by act or omission, directly or indirectly, been knowingly involved in or been party to, the contravention;
      (D) has conspired with another or others to effect the contravention; or
      (E) has, alone or in concert with others, directly or indirectly, done, attempted or planned any of the following:
      (i) to conceal the existence or nature of a contravention; or
      (ii) to obstruct, impede or prevent the QFC Authority, the Regulatory Authority or the CRO from detecting, investigating or prosecuting a contravention.
      (3) In this Article 36, "Person" does not include the QFC Authority, the Regulatory Authority or the CRO.
      Derived (as from 22nd September 2016).

    • Article 39 - Imposition of Financial Penalties

      (1) The QFC Authority may in Rules prescribe procedures in relation to the imposition and recovery of financial penalties under these Regulations.
      (2) Where the QFC Authority considers that a Person has contravened a provision in these Regulations referred to in the Rules and in relation to which a penalty is stipulated in that Schedule, the QFC Authority may impose by written notice given to the person a penalty, in respect of the contravention, of such amount as it considers appropriate but not exceeding the amount of the maximum penalty specified in the Rules in respect of each contravention.
      (3) If, within the period specified in the notice:
      (A) the Person pays the prescribed penalty to the CRO, then no proceedings may be commenced by the CRO against the Person in respect of the relevant contravention; or
      (B) the Person takes such action as is prescribed in any rules made by the QFC Authority to object to the imposition of the penalty or has not paid the prescribed penalty to the QFC Authority, the QFC Authority may apply to the Regulatory Tribunal for, and the Regulatory Tribunal may so order, the payment of the penalty or so much of the penalty as is not paid and make any further order as the Regulatory Tribunal sees fit for recovery of the penalty.
      (4) A certificate that purports to be signed by or on behalf of the QFC Authority and states that a written notice was given to the Person pursuant subsection (1) a penalty on the basis of specific facts is:
      (A) conclusive evidence of the giving of the notice to the person; and
      (B) prima facie evidence of the facts contained in the notice in any proceedings commenced under this Article.
      (5) In this Article 36, "Person" does not include the QFC Authority, the Regulatory Authority, or the CRO.
      Derived (as from 22nd September 2016).