• GENE Part 10.8 GENE Part 10.8 Fees for failure to comply with certain requirements

    Inserted by QFCRA RM/2017-3 (as from 1st April 2017).

    • GENE 10.8.1 Application of Part 10.8

      (1) This Part applies if a person fails to comply with a written requirement by the Regulatory Authority that specifies:
      (a) an action that the firm is to take; and
      (b) a date by which the action is to be taken.
      Example

      A failure to comply with a requirement to take an action under a risk mitigation program.
      (2) For subrule (1), a person fails to comply with a requirement if the person:
      (a) does not take the specified action by the specified date; or
      (b) purports to take the action but does so in a way that the authority regards as inadequate.
      Inserted by QFCRA RM/2017-3 (as from 1st April 2017)
      Amended by QFCRA RM/2020-6 (as from 15th October 2020).

    • GENE 10.8.2 Late Fees

      (1) A fee, of the relevant amount, is payable by the person concerned if a failure referred to in rule 10.8.1 continues for 2 business days or longer after the specified date for compliance.
      (2) The relevant amount is the total of:
      (a) QR 800; and
      (b) QR 400 for each business day (or part of a business day) after the 2nd business day during which the failure continues.
      Note The Regulatory Authority may reduce, waive or refund such a fee (see rule 10.2.3).
      Inserted by QFCRA RM/2017-3 (as from 1st April 2017)
      Amended by QFCRA RM/2020-6 (as from 15th October 2020).

    • GENE 10.8.3 Other action not prevented

      Nothing in this Part prevents the Regulatory Authority taking action under the FSR, article 31 or Part 8 or 9, in relation to such a failure.

      Inserted by QFCRA RM/2017-3 (as from 1st April 2017).