• CDRS Part 4 CDRS Part 4 Independent Adjudicator's processes

    • CDRS 11 Members of Independent Adjudicator not to act in conflict of interest

      A member of the Independent Adjudicator must not act in relation to a complaint if doing so would expose him or her to a conflict of interest.

      Derived from QFCRA RM/2019-3 (as from 1st January 2020).

    • CDRS 12 Firm must cooperate in adjudication

      (1) An authorised firm whose action or decision is the subject of an application to the Independent Adjudicator must participate in the adjudication process and must cooperate fully with the Adjudicator.
      (2) In particular, the Authority may request the firm to provide further information or copies of documents. The firm must comply with such a request.
      (3) The Authority may publish, on an approved website, procedures for making a complaint to the Adjudicator and for the operation of this scheme.
      (4) To the fullest possible extent, the principles in the General Rules 2005, Part 1.2, apply to an authorised firm in its relationship with the Adjudicator. For that purpose, the Adjudicator is taken to be a regulator.
      Note The General Rules 2005, Part 1.2, contains provisions about the conduct of authorised firms in relation to their conduct of regulated activities in or from the QFC.
      Derived from QFCRA RM/2019-3 (as from 1st January 2020).

    • CDRS 13 Adjudicator's process

      (1) The Independent Adjudicator must observe the principles of procedural fairness.
      (2) The Adjudicator is not bound by the technical law of evidence, but may inform itself about any matter in any way that it thinks appropriate. In particular, the Adjudicator may rely, without further inquiry, on information or documents given to the Adjudicator by the Regulatory Authority.
      (3) The Adjudicator is not obliged to grant an oral hearing to any party.
      (4) The Adjudicator must make a decision in accordance with the substantial equity and fairness of the matter. In particular, the Adjudicator may decide that a party may not rely on a contractual provision if it would be inequitable or unfair to do so.

      Example

      In deciding the equity and fairness of a matter, the Adjudicator might take into account any of the following:
      •   imbalances of power or information between the parties
      •   the parties' actual intentions
      •   the sincerity of each party
      •   whether or not any consent given was truly an informed consent.
      (5) The Adjudicator must give its decision in writing and must transmit it through the Authority.
      (6) If there is more than 1 member of the Adjudicator, a decision by any member is valid for all purposes as a decision of the Adjudicator.

      Guidance

      It is expected that only rarely, if ever, would a complaint be decided otherwise than by a single member of the Adjudicator.
      (7) Subject to this rule, the Adjudicator may determine its own procedure.
      Derived from QFCRA RM/2019-3 (as from 1st January 2020).

    • CDRS 14 Adjudicator's powers

      (1) The Independent Adjudicator may direct an authorised firm to pay compensation, of no more than QR 400,000, to an applicant for losses and expenses that the applicant has actually incurred as a result of the actions by the firm that gave rise to a complaint.
      (2) The Adjudicator has no power to award costs in relation to an application, nor to award compensation or damages other than as set out in subrule (1).
      Derived from QFCRA RM/2019-3 (as from 1st January 2020).

    • CDRS 15 Effects of Independent Adjudicator's decision

      (1) After the Independent Adjudicator has given a decision, the applicant may accept the decision or refuse to accept it, but must do either within 21 days after being notified of it. The Adjudicator may extend the period for acceptance (either before or after the period has ended) if the Adjudicator is satisfied that there is sufficient reason to do so.
      (2) If the applicant does not accept the decision within the 21-day period (or any extension of it), the applicant is taken to have refused to accept the decision.
      (3) If the applicant refuses (or is taken to have refused) to accept the decision, the decision is of no effect.
      (4) If the applicant accepts the decision, the decision is binding on both the applicant and the authorised firm concerned.
      (5) The firm must comply with the decision (and in particular must pay the applicant any compensation awarded) as soon as reasonably practicable.
      (6) A decision is final and is not subject to appeal.
      Derived from QFCRA RM/2019-3 (as from 1st January 2020).