• REPO Chapter 2 REPO Chapter 2 Conduct

    • REPO Part 2.1 REPO Part 2.1 Core principles

      • REPO 2.1.1 Principle 1 — Integrity

        A representative office must observe high standards of integrity and fair dealing.

        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.1.2 Principle 2 — Due skill, care and diligence

        In conducting its business activities a representative office must act with due skill, care and diligence.

        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.1.3 Principle 3 — Resources

        A representative office must maintain, and must be able to demonstrate that it has, adequate resources to conduct and manage its affairs.

        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.1.4 Principle 4 — Relations with regulators

        A representative office must deal with regulators in an open and cooperative manner. It must keep the Regulatory Authority promptly informed of significant events or anything else relating to the representative office of which the Authority would reasonably expect to be informed.

        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

    • REPO Part 2.2 REPO Part 2.2 Conduct generally

      • REPO 2.2.1 Representative office not to misrepresent status

        A representative office:
        (a) must not hold itself out as authorised to carry on a regulated activity other than that of operating a representative office; and
        (b) must not otherwise misrepresent its status expressly or by implication.
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.2.2 Disclosures of status required on certain business documents

        (1) A representative office must take reasonable care to ensure that every significant business document that it uses in connection with its operation includes either of the following disclosures:
        (a) “Authorised by the Qatar Financial Centre Regulatory Authority as a representative office”;
        (b) “Authorised by the QFC Regulatory Authority as a representative office”.
        (2) For this rule, significant business document includes letterhead (whether issued by post, fax or electronic means), marketing material, business cards, and websites, but does not include with-compliments slips or text messages.
        (3) The Regulatory Authority’s logo may be reproduced only with the Authority’s express written permission and in accordance with any conditions for the logo’s use that the Authority issues from time to time.
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.2.3 Products or services that may not be marketed etc

        (1) A representative office must not provide information about, or market, a product or service unless the product or service falls within the description of a specified product or specified activity.
        (2) To avoid any doubt, a representative office must not provide information about, or market, a product or service that may not lawfully be marketed or provided in the State of Qatar generally.
        (3) A representative office must not market a financial product issued by, or a financial service provided by or on behalf of, a government or a non-commercial government entity.
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.2.4 Marketing material

        (1) In these rules:
        marketing material means material communicated to a person in the course of providing information on financial services or financial products or making introductions or referrals.
        (2) When marketing a financial product or financial service, a representative office must take reasonable care to ensure that the marketing material that it uses is clear, fair and not misleading.
        (3) A representative office must ensure that any marketing material that it communicates to a person contains, in addition to either of the disclosures required by rule 2.2.2:
        (a) the names of the representative office and the entity on behalf of which the marketing material is being communicated; and
        (b) if the marketing material is directed to a particular class or category of person, clear statements to that effect and that no other person should act on it.
        (4) The representative office must ensure that the marketing material contains in a prominent position, or has attached to it:
        (a) a statement that clearly sets out the following:
        (i) the name of the jurisdiction in which the relevant financial product or financial service is regulated and the legislation in that jurisdiction that applies to the product or service;
        (ii) the name of the regulator that regulates the product or service;
        (iii) the regulatory status of the product or service, according to that regulator; and
        (b) the following warning:
        Warning: This document is about a financial product [or service] that is not regulated nor approved by the Qatar Financial Centre Regulatory Authority. The Regulatory Authority is not responsible for reviewing or verifying any prospectus or other document in relation to this financial product [or service].
        (5) A representative office must ensure that any document that contains information on past performance contains the following warning:
        Warning: Past performance is not a reliable guide to future performance.
        The warning must appear near the information on past performance, and may not be provided by way of a footnote.
        (6) A representative office must not distribute marketing material for a financial product or financial service if it becomes aware that the entity that offers the product or service is in breach of a regulatory or legal requirement in relation to it.
        (7) A representative office must take reasonable steps to ensure that no person uses its marketing material on its behalf in a way that contravenes this rule.
        (8) Nothing in this rule applies to any material communicated in the course of any other regulated activity.
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.2.5 No advertising of particular products or particular services

        (1) A representative office must not advertise a particular financial product or a particular financial service.
        (2) In subrule (1):
        advertise means communicate in any medium (for example, brochure, telephone call, the internet, email and presentation) if the purpose or effect of the communication is:
        (a) to promote:
        (i) 1 or more financial products or financial services; or
        (ii) a regulated activity (or an activity that would be a regulated activity if it was carried on in or from the QFC); or
        (b) to invite or induce a person:
        (i) to enter into an agreement with any person in relation to a financial product or financial service; or
        (ii) to engage in a regulated activity (or an activity that would be a regulated activity if it were carried on in or from the QFC).
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.2.6 Representation to be exclusive

        A representative office must not represent anyone other than itself or a member of its corporate group.
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)

      • REPO 2.2.7 No seeking to avoid liability

        A representative office must not, in any communication with a person, attempt to limit or avoid any duty or liability that it may have to that person or any other person under any law.
        Derived from QFCRA RM/2020-5 (as from 1st October 2020)