Part 13: Part 13: Provisions Relating to QFC Authority and the Regulatory Authority
Inserted (as from 24th December 2017).
Article 63 - Prescribed Forms and Prescribed Fees
Prescribed Formsand Prescribed Feesare issued by the QFC Authorityunder these Regulations. Inserted (as from 24th December 2017).
Article 64 - General Contraventations(1) For the purposes of these
Regulations, a Personcontravenes a relevant requirement if it:(A) fails to comply with any prohibition or requirement imposed on it by the QFC Authorityor any undertaking given by it to the QFC Authorityand in particular the requirement to maintain current and up-to-date information as set out in Article 39(7) and Article 39(8);(B) does anything that is prohibited under, or that contravenes any provision of, any law, regulations or rules;(C) does not do something that the Personis required to do under any law, regulations or rules;(D) otherwise commits any contravention described as such in these Regulations.(2) In this Article 64, "Person" does not include the QFC Authority, the Regulatory Authority, or the CRO. Inserted (as from 24th December 2017).
Article 65 - Involvement in Contraventions(1) A
Personwho is knowingly concerned in a contravention of these Regulationsor any other Regulationsconferring functions on the QFC Authoritywhich is committed by another Personalso commits the contravention.(2) For the purposes of this Article 65, a Personis "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 Authorityor the CROfrom detecting, investigating or prosecuting a contravention.(3) In this Article 65, "Person" does not include the QFC Authority, the Regulatory Authorityor the CRO. Inserted (as from 24th December 2017).
Article 66 - Imposition of Financial Penalties(1) The
QFC Authoritymay, in Rules, prescribe procedures in relation to the imposition and recovery of financial penalties under these Regulations.(2) Where the QFC Authorityconsiders that a Personhas contravened a provision in these Regulationsand in relation to which a penalty is stipulated in the Rules (or elsewhere), the QFC Authoritymay impose by written notice given to the Persona 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 Personpays the prescribed penalty to the QFC Authority, then no proceedings may be commenced by the QFC Authorityagainst the Person in respect of the relevant contravention; or(B) the Persontakes such action as is prescribed in any rules made by the QFC Authorityto object to the imposition of the penalty or has not paid the prescribed penalty to the QFC Authority, the QFC Authoritymay apply to the QFC Courtfor, and the QFC Courtmay so order, the payment of the penalty or so much of the penalty as is not paid and make any further order as the QFC Courtsees fit for recovery of the penalty.(4) A certificate that purports to be signed by or on behalf of the QFC Authorityand states that a written notice was given to the Person pursuant to Article 66(2) 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 66, "Person" does not include the QFC Authority, the Regulatory Authority, or the CRO. Inserted (as from 24th December 2017).
Article 66A - Anti-money Laundering
In furtherance of any investigation of money laundering, associated predicate offences and terrorist financing, the
Regulatory Authorityand the QFC Authoritywill have all powers required to conduct such investigation, including the power to compel the production of all records held by the Trusteeand the Trustoperating in or established under the laws of the QFC, as well as their attorneys, notaries, other independent legal professionals and accountants, and other Personsproviding services to such Trusteeor Trust. Pursuant to such investigation, the Regulatory Authorityand the QFC Authoritywill have the power to search Personsand premises, including compelling the Trusteeor the Trustto identify the Trust Property, take witness statements, and seize and obtain evidence. Inserted (as from 24th December 2017).