• GENE Chapter 4 GENE Chapter 4 Notice of certain events required

    Amended by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 4.1 GENE 4.1 Application and Purpose [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 4.1.1 GENE 4.1.1 [Deleted]

        [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

        • GENE 4.1.1 Guidance [Deleted]

          [Deleted]

          Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 4.2 GENE 4.2 Provision of Notifications [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 4.2.1 GENE 4.2.1 [Deleted]

        [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

        • GENE 4.2.1 Guidance [Deleted]

          [Deleted]

          Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 4.2.2 [Deleted]

        [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 4.2.3 [Deleted]

        [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 4.2.4 [Deleted]

        [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 4.3 Notice of certain events required [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010). Contents renumbered to form GENE 4.1.1 to 4.1.7.

    • GENE 4.1.1 Notice of changes in certain core details

      (1) An authorised firm must give the Regulatory Authority reasonable notice of at least 10 business days before any proposed change in relation to a matter to which this rule applies.
      (2) If the authorised firm cannot give advance notice of a change in relation to a matter to which this rule applies in accordance with subrule (1), the firm must tell the Regulatory Authority about the change immediately after it becomes aware that the change is to happen or has happened, but by no later than the second business day after the day it becomes aware of the change.
      (3) This rule applies to the following matters:
      (a) the authorised firm's name;
      (b) any business or trading name under which the firm conducts a regulated activity in or from the QFC;
      (c) the address of the firm's principal place of business in the QFC;
      (d) if the firm is a branch — its registered office or head office address;
      (e) the firm's legal structure;
      (f) the name of an approved individual for the firm or any material matter relating to the approved individual's suitability and competence to exercise a controlled function for which the individual is approved.
      Amended by QFCRA RM/2014-1 (as from 1st February 2014).

    • GENE 4.1.2 Notice of establishing or closing of branch office by local firm

      A local firm must not establish or close a branch office anywhere in the world from which it proposes to conduct, or conducts, financial services unless it gave notice to the Regulatory Authority of its intention to do so at least 10 business days before the day it establishes or closes the branch office.

      Amended by QFCRA RM/2014-1 (as from 1st February 2014).

    • GENE 4.1.3 GENE 4.1.3 Notice of certain significant events

      (1) If an authorised firm becomes aware, or has reasonable grounds to believe, that a matter to which this rule applies has or may have happened, or may be about to happen, the firm must tell the Regulatory Authority about the matter immediately, but within 1 business day.
      Examples — meaning of "within 1 business day"
      1 If, on a business day, the authorised firm becomes aware that a matter to which this rule applies has or may have happened, the firm must tell the authority about it immediately, but on that day.
      2 If, on a day that is not a business day, the authorised firm has reasonable grounds to believe that a matter to which this rule applies may be about to happen, the firm must tell the authority about it immediately, but by no later than the next business day.
      (2) This rule applies to the following matters:
      (a) the authorised firm's failure to satisfy fitness and propriety;
      (b) any matter which could have a significant adverse effect on the authorised firm's reputation;
      (c) any matter in relation to the authorised firm which could result in serious adverse financial consequences to the financial system or to other firms;
      (d) a significant breach of a rule by the authorised firm or any of its employees;
      (e) a significant breach of any requirement imposed by any applicable regulation or other law by the authorised firm or any of its employees;
      (f) any proposed restructuring, merger, acquisition, reorganisation or business expansion which could have a significant impact on the authorised firm's risk profile or resources;
      Example

      material changes in the firm's controllers
      (g) any material deficiency, material weakness or material failure in the firm's internal control functions (within the meaning given by CTRL);
      (h) any action that would result in a material change in the capital adequacy or solvency of the authorised firm;
      (i) a contravention of any rules by the firm because of an emergency outside the firm's control;
      (j) the implementation or planned implementation of major new or revised information technology systems or new technology affecting the firm's business, risk profile or resources.
      Editorial changes (as from 1st January 2016).

      • GENE 4.3.3 Guidance [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 4.1.4 Notice of events relating to fraud etc

      (1) If an event to which this rule applies happens in relation to the activities of an authorised firm that are conducted in or from the QFC, the firm must tell the Regulatory Authority about the event immediately, but within 1 business day after the day the event happens.
      Examples

      See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
      (2) This rule applies to the following events:
      (a) it becomes aware that an employee may have committed a fraud against 1 of its customers;
      (b) a serious fraud has been committed against it;
      (c) it has reason to believe that a person is acting with intent to commit a serious fraud against it;
      (d) it identifies significant irregularities in its accounting or other records, whether or not there is evidence of fraud;
      (e) it suspects that 1 of its employees who is connected with the authorised firm's regulated activities may be guilty of serious misconduct concerning his honesty or integrity.
      Editorial changes (as from 1st January 2016).

    • GENE 4.1.5 Notice of certain events involving other regulators

      (1) If an authorised firm becomes aware of an event to which this rule applies, the firm must tell the Regulatory Authority about the event immediately, but within 1 business day.
      Examples

      See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
      (2) This rule applies to the following events:
      (a) an application by the authorised firm for, or for revocation of, an authorisation (however described) to conduct financial services in any jurisdiction outside the QFC is granted, refused or withdrawn (however described);
      (b) an application by the firm for, or for revocation of, membership of any exchange or clearing house is granted, refused or withdrawn (however described);
      (c) an overseas regulator starts an investigation (however described) into any of the firm's affairs;
      (d) an overseas regulator appoints investigators (however described) to investigate any of the firm's affairs;
      (e) disciplinary measures or sanctions (however described) are imposed on the firm by an overseas regulator, or any exchange or clearing house, in relation to its conduct of financial services.
      Editorial changes (as from 1st January 2016).

    • GENE 4.1.6 Notice of certain action against authorised firm

      (1) If an authorised firm becomes aware of an event to which this rule applies, the firm must tell the Regulatory Authority about the event immediately, but within 1 business day.
      Examples

      See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
      (2) This rule applies to the following events:
      (a) a civil proceeding is brought against the authorised firm and the amount involved is significant in relation to its financial resources or reputation;
      (b) the firm is prosecuted for, or found guilty of, any offence involving fraud or dishonesty;
      (c) a penalty is imposed on the firm for tax evasion.
      Editorial changes (as from 1st January 2016).

    • GENE 4.1.7 Notice of certain insolvency-related events

      (1) If an authorised firm becomes aware of an event to which this rule applies, the firm must tell the Regulatory Authority about the event immediately, but within 1 business day.
      Examples

      See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
      (2) This rule applies to the following events:
      (A) the calling of a meeting to consider a resolution for winding up the authorised firm;
      (B) an application to dissolve the authorised firm or to strike it from the register, maintained by the CRO, or a comparable register in another jurisdiction;
      (C) the presentation of a petition for the winding up of the authorised firm;
      (D) the making of, or any proposals for the making of, a composition or arrangement with creditors of the authorised firm;
      (E) the application of any person for the commencement of any insolvency proceedings, appointment of any receiver, administrator or provisional liquidator under the law of any country.
      Editorial changes (as from 1st January 2016).

    • GENE 4.4 GENE 4.4 Significant Events [effective until 5th December 2009]

      Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.3.

      • GENE 4.4.1 GENE 4.4.1 [effective until 5th December 2009]

        Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.3.

        • GENE 4.4.1 Guidance [effective until 5th December 2009]

          Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.3.

    • GENE 4.5 GENE 4.5 Fraud and Errors [effective until 5th December 2009]

      Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.4.

      • GENE 4.5.1 [effective until 5th December 2009]

        Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.4.

    • GENE 4.6 GENE 4.6 Other Regulators [effective until 5th December 2009]

      Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.5.

      • GENE 4.6.1 [effective until 5th December 2009]

        Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.5.

    • GENE 4.7 GENE 4.7 Action against an Authorised Firm [effective until 5th December 2009]

      Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.6.

      • GENE 4.7.1 [effective until 5th December 2009]

        Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.6.

    • GENE 4.8 GENE 4.8 Winding up, Bankruptcy and Insolvency [effective until 5th December 2009]

      Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.7.

      • GENE 4.8.1 [effective until 5th December 2009]

        Restructured by QFCRA RM02/2009 (as from 6th December 2009) to form GENE 4.3.7.