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  • 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

      The Prescribed Forms and Prescribed Fees are issued by the QFC Authority under these Regulations.

      Inserted (as from 24th December 2017).

    • Article 64 - General Contraventations

      (1) For the purposes of these Regulations, a Person contravenes a relevant requirement if it:
      (A) fails to comply with any prohibition or requirement imposed on it by the QFC Authority or any undertaking given by it to the QFC Authority and 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 Person is 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 Person who is knowingly concerned in a contravention of these Regulations or any other Regulations conferring functions on the QFC Authority which is committed by another Person also commits the contravention.
      (2) For the purposes of this Article 65, 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 65, "Person" does not include the QFC Authority, the Regulatory Authority or the CRO.
      Inserted (as from 24th December 2017).

    • Article 66 - 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 and in relation to which a penalty is stipulated in the Rules (or elsewhere), 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 QFC Authority, then no proceedings may be commenced by the QFC Authority 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 QFC Court for, and the QFC Court 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 QFC Court 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 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 Authority and the QFC Authority will have all powers required to conduct such investigation, including the power to compel the production of all records held by the Trustee and the Trust operating in or established under the laws of the QFC, as well as their attorneys, notaries, other independent legal professionals and accountants, and other Persons providing services to such Trustee or Trust. Pursuant to such investigation, the Regulatory Authority and the QFC Authority will have the power to search Persons and premises, including compelling the Trustee or the Trust to identify the Trust Property, take witness statements, and seize and obtain evidence.

      Inserted (as from 24th December 2017).