• GENE Chapter 5 GENE Chapter 5 Communications to Regulatory Authority

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

    • GENE Part 5.1 GENE Part 5.1 Communications to Regulatory Authority — general provisions

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

      • GENE 5.1.1 GENE 5.1.1 Communications to Regulatory Authority must generally be in writing

        (1) This rule applies if a person is required or permitted under any law, regulations or rules to give any information (however described), or make another communication, to the Regulatory Authority.

        Examples of application of rule
        1 a person is permitted under any rules to make any application or request, or to give any election, to the authority
        2 a person is required under any regulations to give the authority any certificate, declaration, notice, return or statement of opinion or belief
        3 a person is required under any rules to notify or tell the authority about something
        (2) The person must give the information, or make the other communication, to the Regulatory Authority in writing unless:
        (a) the information or communication is required or permitted under any law, regulations or rules to be given or made to it in another way; or
        (b) the authority, whether under this subrule or otherwise, requires or permits the person to give the information, or make the communication, to it in another way.
        Note See especially rule 5.1.3 (Giving documents to Regulatory Authority — general requirements) and rule 5.4.1 (Electronic submission system).
        (3) A requirement or permission under subrule (2) (b) may be imposed or given either:
        (a) generally or otherwise by written notice published on an approved website; or
        (b) by notice given to the person in relation to the giving of particular information, or the making of a particular communication, to the Regulatory Authority by the person.
        (4) A permission under subrule (2) (b) may be given subject to conditions.
        (5) If the person gives the information, or makes the other communication, to the Regulatory Authority in contravention of:
        (a) this rule;
        (b) a requirement made under this rule; or
        (c) a condition of a permission given under this rule;
        then, for the purpose of satisfying any requirement to give the information or make the other communication to the authority, the person is taken not to have given the information or made the other communication to the authority.
        (6) Without limiting subrule (5) and any other remedies available to the Regulatory Authority in relation to that contravention, the authority may require the person to give the information or make the communication to it in accordance with this rule (including any requirement or condition under this rule) within a stated time.
        (7) The person must comply with a requirement under subrule (6).
        Editorial changes (as from 1st January 2016).

        • GENE 5.1.1 Guidance [Deleted]

          [Deleted]

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

      • GENE 5.1.2 Communications to Regulatory Authority must generally be in English

        (1) This rule applies if a person is required or permitted under any law, regulations or rules to give any information (however described), or make another communication, to the Regulatory Authority.

        Examples of application of rule

        See examples of application of rule 5.1.1.
        (2) The person must give the information, or make the other communication, to the Regulatory Authority in English unless:
        (a) the information or communication is required or permitted under any law, regulations or rules to be given or made to it in another language; or
        (b) the authority, whether under this subrule or otherwise, requires or permits the person to give the information, or make the communication, to it in another language.
        Note See especially rule 5.1.3 (Giving documents to Regulatory Authority — general requirements) and rule 5.4.1 (Electronic submission system).
        (3) A requirement or permission under subrule (2) (b) may be imposed or given either:
        (a) generally or otherwise by written notice published on an approved website; or
        (b) by notice given to a person in relation to the giving of particular information, or the making of a particular communication, to the Regulatory Authority by the person.
        (4) A permission under subrule (2) (b) may be given subject to conditions.
        (5) If a person gives the information, or makes the other communication to the Regulatory Authority, in contravention of:
        (a) this rule;
        (b) a requirement made under this rule; or
        (c) a condition of a permission given under this rule;
        then, for the purpose of satisfying any requirement to give the information or make the other communication to the authority, the person is taken not to have given the information or made the other communication to the authority.
        (6) Without limiting subrule (5) and any other remedies available to the Regulatory Authority in relation to that contravention, the authority may require the person to give the information or make the communication to it in accordance with this rule (including any requirement or condition under this rule) within a stated time.
        (7) The person must comply with the requirement under subrule (6).
        Editorial changes (as from 1st January 2016).

      • GENE 5.1.3 Giving documents to Regulatory Authority — general requirements

        (1) This rule applies if a person is required or permitted under any law, regulations or rules to give a document (however described) to the Regulatory Authority, whether the word "give", "lodge", "serve", "tell" or some other word is used.

        Note A "document" includes anything in writing (see INAP, glossary, def document).
        (2) To remove any doubt, this rule applies in relation to a document (including a document in electronic form) if it includes or contains information (however described), or another communication, that a person is required or permitted under any law, regulations or rules to give or make to the authority.

        Example

        See examples of application of rule 5.1.1.
        (3) The Regulatory Authority may, by written notice published on an approved website:
        (a) prescribe requirements (including requirements mentioned in subrule (4)) that must be complied with in relation to the giving of a document to the authority (the lodgement requirements); and
        (b) provide that stated requirements applying to the document under any rules are taken to be satisfied if the lodgement requirements are satisfied in relation to the document.

        Examples of requirements for paragraph (b)
        1 a requirement that information be given to the authority in writing
        2 a requirement that a document be signed by a particular person or in a particular way
        3 a requirement that a document or information in a document be verified in a particular way
        (4) Without limiting subrule (3) (a), a notice under that provision may:
        (a) require a document to be given to the Regulatory Authority in a stated way or form;
        (b) require a stated person or persons to sign the document;
        (c) require a person who is required or permitted to sign a document to sign and keep the signed document and to give a copy of the signed document in any form (including electronic form) to the Regulatory Authority;
        (d) require a person who is required or permitted to sign a document, to give a declaration or certificate (however described) in or with a document, or to verify (however described) a document or any information in or with a document, to take stated steps:
        (i) to confirm his or her identity; or
        (ii) to indicate the person's agreement to, and acceptance of responsibility for the accuracy and completeness (however described) of, the document, information in the document, or any other document (or information in any other document); or
        (e) prescribe consequential or ancillary requirements in relation to the document or the giving of the document to the authority.
        (5) The Regulatory Authority may permit a person to give a document to the authority even though a lodgement requirement has not (or may not have) been complied with in relation to the document.
        (6) A permission under subrule (5) may be given subject to conditions.
        (7) If a person gives a document to the Regulatory Authority in contravention of:
        (a) a lodgement requirement (and without a permission under subrule (5)); or
        (b) a condition of a permission given under that subrule;
        then, for the purpose of satisfying any requirement to give the document to the authority, the person is taken not to have given the document to the authority.
        (8) Without limiting subrule (7) and any other remedies available to the Regulatory Authority in relation to that contravention, the authority may require the person to give the document to the authority in accordance with any requirement or condition under this rule within a stated time.
        (9) The person must comply with the requirement under subrule (8).
        Editorial changes (as from 1st January 2016).

      • GENE 5.1.4 Time documents are taken to have been given to Regulatory Authority

        (1) If a document (however described) is given to the Regulatory Authority on a working day before the start of or during ordinary business hours on that day, the document is taken, for any rules, to have been given to the authority on that day.
        (2) If a document (however described) is given to the Regulatory Authority on a day that is not a working day or on a working day after ordinary business hours on that day, the document is taken, for any rules, to have been given to the authority on the next working day.
        (3) For this chapter, the Regulatory Authority may, by written notice published on an approved website, declare:
        (a) that a stated day is or is not a working day; or
        (b) that stated times on a day are ordinary business hours on that day.
        (4) Subject to any notice made under subrule (3), in this rule:

        ordinary business hours, on a day, means between 8 am and 5 pm on that day.

        working day means a business day.
        Editorial changes (as from 1st January 2016).

      • GENE 5.1.5 Due date for periodic reports, returns and other documents

        (1) If:
        (a) an authorised firm is required under any rules to give a report, return or other document (however described) to the Regulatory Authority periodically; and
        (b) the firm would, apart from this rule, be required to give a particular report, return or other document of that kind to the authority on a day that is not a working day;
        the firm may give the report, return or other document to the authority on the next working day.
        (2) The Regulatory Authority may, by written notice published on an approved website, declare that a report, return or other document (however described) is a report, return or other document to which this rule applies.
        (3) Subject to any notice made under rule 5.1.4 (3) (a) (Time documents are taken to have been given to Regulatory Authority), in this rule:

        working day means a business day.
        Amended by QFCRA RM 2019-1 (as from 28th March 2019).

    • GENE Part 5.2 GENE Part 5.2 Communications to Regulatory Authority — accuracy and completeness of information

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

      • GENE 5.2.1 Authorised firms must ensure accuracy and completeness of information given to Regulatory Authority etc

        (1) An authorised firm or other person must take all reasonable steps to ensure that all information that the person gives to the Regulatory Authority under any law, regulations or rules is:
        (a) factually accurate or, for an estimate or judgment, fairly and properly based after appropriate inquiries have been made; and
        (b) complete, in that it includes everything that the authority would reasonably expect to be told about.
        (2) Without limiting subrule (1), the authorised firm or other person must take particular care to ensure that information that the person gives to the Regulatory Authority:
        (a) is not false or misleading; and
        (b) does not omit anything without which the information is false or misleading.
        (3) If the authorised firm or other person becomes aware that, or becomes aware of information that suggests (or may reasonably suggest) that, information given (or that may have been given) by it to the Regulatory Authority:
        (a) was (or may have been) factually inaccurate or, for an estimate or judgment, not fairly or properly based after appropriate inquiries had been made;
        (b) was (or may have been) incomplete, in that it did not (or may not) include something that the authority would reasonably expect to be told about;
        (c) was (or may have been) false or misleading;
        (d) omitted (or may have omitted) something without which the information was (or may have been) false or misleading;
        (e) was (or may have been) otherwise inaccurate or incomplete; or
        (f) is no longer (or may no longer be) accurate and complete for any reason;
        the person must tell the authority about the matter immediately, but within 1 business day.

        Examples

        See examples to rule 4.1.3 (1) on the meaning of "within 1 business day".
        (4) Without limiting subrule (3), the notification under that subrule must:
        (a) identify:
        (i) the information given (or that may have been given) by the authorised firm or other person to the Regulatory Authority; and
        (ii) the particulars in which:
        (A) it was (or may have been) inaccurate or incomplete; or
        (B) it is (or may) now be inaccurate or incomplete;
        (b) explain why those particulars of the information were (or may have been) given to the authority; and
        (c) provide the correct and complete, or correct and complete upto-date, information.
        (5) An authorised firm must:
        (a) have adequate and appropriate policies, procedures, systems and controls to ensure that it can comply, and does comply, with this rule; and
        (b) make and keep the records necessary to show how it complied with this rule in relation to all information (however described) given by it to the Regulatory Authority.
        (6) A person (other than an authorised firm, but including a person acting on behalf of an authorised firm) who gives information (however described) to the Regulatory Authority under any law, regulations or rules must make and keep the records necessary to show how the person complied with this rule in relation to the information.
        (7) For this rule and without limiting the persons who may give information to the Regulatory Authority on behalf of an authorised firm, any information given to the authority by an approved individual or director of the firm is taken to have been given to the authority by the firm.
        (8) This rule is additional to, and does not limit, any other provision of these rules or any other rules (including CTRL).
        Editorial changes (as from 1st January 2016).

      • GENE 5.2.2 GENE 5.2.2 Powers of Regulatory Authority in relation to inaccurate or incomplete information

        (1) This rule applies if the Regulatory Authority considers that information (however described) given to it by an authorised firm or another person under any law, regulations or rules:
        (a) is (or may be) factually inaccurate or, for an estimate or judgment, not fairly or properly based after appropriate inquiries had been made;
        (b) is (or may be) incomplete, in that it does not (or may not) include something that the authority would reasonably expect to be told about;
        (c) is (or may be) false or misleading;
        (d) omitted (or may have omitted) something without which the information is (or may be) false or misleading;
        (e) is otherwise (or may otherwise be) inaccurate or incomplete; or
        (f) is no longer (or may no longer be) accurate and complete for any reason.
        (2) The Regulatory Authority may, by written notice given to the authorised firm or other person, require the person to do all or any of the following within the period stated in the notice:
        (a) give the authority an explanation or further information;
        (b) provide the correct and complete, or correct and complete upto- date, information;
        (c) if the information is included in an application, report, return or other document (however described) all or any of the following:
        (i) amend the document;
        (ii) withdraw the document;
        (iii) give the authority a replacement document;
        (d) do anything else in relation to the information, or a document that includes the information, that the authority considers necessary or desirable for the exercise of its functions;
        (e) comply with the authority's directions in doing anything mentioned in paragraphs (a) to (d).
        (3) The authorised firm or other person must comply with a requirement under subrule (2).
        (4) To remove any doubt, the Regulatory Authority may give the authorised firm or other person 2 or more notices under subrule (2).
        (5) The power given by this rule is additional to the Regulatory Authority's other powers.

        Note See for example FSR, article 48 (Power to obtain documents and information).
        (6) This rule does not limit any other action that the Regulatory Authority may take against the authorised firm or other person (or anyone else) in relation to the giving of the information to the authority.

        Note See for example FSR, Part 9 (Disciplinary and enforcement powers).
        Editorial changes (as from 1st January 2016).

        • GENE 5.2.2 Guidance [Deleted]

          [Deleted]

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

    • GENE Part 5.3 GENE Part 5.3 Approved forms

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

      • GENE 5.3.1 Approval of forms etc

        (1) The Regulatory Authority may:
        (a) approve forms for any purpose under or related to any law, regulations or rules; and
        (b) give instructions for the completion of approved forms.
        (2) To remove any doubt, instructions for the completion of an approved form may be given under subrule (1) (b) in the form itself or in a separate document.
        (3) Forms approved, and instructions given, under subrule (1) must be published on an approved website.
        Editorial changes (as from 1st January 2016).

      • GENE 5.3.2 Approved forms to be used and properly completed

        (1) If a form is approved under rule 5.3.1 for a particular purpose, a person must:
        (a) use the form for that purpose unless the Regulatory Authority permits the person not to use the form for the purpose; and
        (b) properly complete the form in accordance with rule 5.3.3.
        (2) If the person does not use the form for that purpose or does not properly complete the form in accordance with rule 5.3.3, the purpose is taken not to be satisfied.

        Example

        If a person makes an application to the Regulatory Authority but does not use the form approved under rule 5.3.1 for the application, or uses the form but does not properly complete it in accordance with rule 5.3.3, the authority may treat the application as having not been made to it and accordingly refuse to consider it.
        (3) A permission under subrule (1) (a) may be given subject to conditions.
        (4) Without limiting subrule (2), if:
        (a) a person is required or permitted under any law, regulations or rules to give an application, report, return or other document (however described) to the Regulatory Authority;
        (b) a form is approved under rule 5.3.1 for the document; and
        (c) the person gives the document to the authority; but
        (d) any of the following applies:
        (i) the person does not use the approved form (and does not have a permission under subrule (1) (a));
        (ii) the person does not properly complete the form in accordance with rule 5.3.3;
        (iii) a permission under subrule (1) (a) applies, but the person contravenes a condition of the permission;
        then, for the purpose of satisfying any requirement to give the document to the authority, the person is taken not to have given the document to the authority unless the authority waives the requirement.
        (5) Without limiting subrule (4) and any other remedies available to the Regulatory Authority in relation to the contravention of subrule (1), the authority may require the person to give the document to the authority within a stated time using, and properly completing, the approved form.
        (6) The person must comply with the requirement under subrule (5).
        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

      • GENE 5.3.3 Proper completion of approved forms

        (1) This rule applies if a form approved by the Regulatory Authority under rule 5.3.1, or instructions given by the Regulatory Authority under that rule in relation to a form approved by the authority, require:
        (a) the form to be signed, signed in a stated way or signed by a stated person or persons;
        (b) the form to be prepared in a stated way (for example, on paper of a stated size or quality or in a stated electronic form);
        (c) the form to be completed in a stated way;
        (d) stated information to be included in the form, or in a stated document to be attached to or given with the form;
        (e) a stated document to be attached to or given with the form;
        (f) the form, information or a document to be verified in a stated way (for example, by a declaration or certificate); or
        (g) another requirement to be satisfied.
        (2) The form is properly completed only if the requirement is complied with unless the Regulatory Authority waives the non-compliance.
        (3) Without limiting subrule (2), if the form is required to be signed by 2 or more persons, the requirement is not complied with (and the form is not properly completed) if the form is not signed by each of those persons.
        (4) Without limiting subrule (2), if stated information is required to be included in the form, or in a stated document to be attached to or given with the form, the requirement is not complied with (and the form is not properly completed) if:
        (a) the information is not included in the form or document at all; or
        (b) the information that is included:
        (i) is factually inaccurate in a material particular or, for an estimate or judgment, not fairly or properly based after appropriate inquiries have been made;
        (ii) is incomplete in a material particular;
        (iii) is false or misleading in a material particular;
        (iv) omits something without which the information is false or misleading in a material particular; or
        (v) is otherwise inaccurate or incomplete in a material particular.
        (5) Without limiting subrule (2), if a stated document is required to be attached to or given with the form, the requirement is not complied with (and the form is not properly completed) if:
        (a) the document is not attached to or given with the form at all; or
        (b) the document is attached to or given with the form but:
        (i) the document itself is false or misleading in a material particular; or
        (ii) the document includes information of a kind mentioned in subrule (4) (b) (i) to (v).
        (6) A decision by the Regulatory Authority under subrule (2) to waive non-compliance with a requirement may be made subject to conditions.
        (7) If a condition is contravened, the requirement is not complied with (and the form is not properly completed).
        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

      • GENE 5.3.4 Transitional provisions — approved forms and instructions [Deleted]

        Deleted by QFCRA RM/2017-3 (as from 1st April 2017).

      • GENE 5.3 Guidance [Deleted]

        Deleted by QFCRA RM02/2009 (as from 6th December 2009).

    • GENE Part 5.4 GENE Part 5.4 Electronic submission system

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

      • GENE 5.4.1 Electronic submission system

        (1) The Regulatory Authority may establish a system (the electronic submission system) to enable authorised firms and other persons to communicate to it electronically and, in particular, to give it documents and information in electronic form that can be reproduced by it in legible form.
        (2) The Regulatory Authority may, by written notice published on an approved website:
        (a) require or permit authorised firms and other persons (each of which is a permitted user) to make stated communications to it using the electronic submission system;
        (b) require stated communications to the authority on behalf of a permitted user to be submitted by a stated person or persons;

        Example of requirement

        If the permitted user is an authorised firm, particular communications to the authority may be required to be submitted by an approved individual for, or director of, the firm.
        (c) issue instructions (access instructions) in relation to the provision of access to the system for individuals who are to use the system on behalf of permitted users, including, for example, instructions in relation to:
        (i) the nomination of individuals to the Regulatory Authority by permitted users;
        (ii) the acceptance of nominated individuals by the authority; and
        (iii) the withdrawal of nominations by permitted users; and
        (d) issue instructions (usage instructions) about access to and use of the system, including, for example, instructions that the authority considers necessary or desirable to maintain the integrity and security of the system or confidence in its integrity and security.
        (3) An individual using the electronic submission system must not contravene any of the usage instructions.
        (4) A permitted user of the electronic submission system must take all reasonable steps to ensure:
        (a) that it nominates only suitable individuals to the Regulatory Authority to have access to the system;
        (b) that only individuals who are nominated by it, and accepted by the authority as users, have access to the system on its behalf;
        (c) that individuals who have access to the system on its behalf do not contravene the usage instructions or otherwise use the system improperly; and
        (d) that it and its directors, officers, employees, agents and contractors do not do, or fail to do, anything that compromises, or could reasonably compromise, the integrity or security of the system or confidence in its integrity or security.
        (5) An authorised firm that is a permitted user of the electronic submission system must:
        (a) have adequate and appropriate policies, procedures, systems and controls to ensure that it can comply, and does comply, with subrule (4); and
        (b) make and keep the records necessary to show how it complied with that subrule.
        (6) A person (other than an authorised firm) who is a permitted user of the electronic submission system must make and keep the records necessary to show how it complied with subrule (4).
        (7) If a communication is made to the Regulatory Authority using access to the electronic submission system provided to a permitted user (including to any individual nominated by the permitted user and accepted by the authority as a user), then, whether or not the communication was made by or on behalf of the permitted user:
        (a) the permitted user is taken to have made the communication to the authority; and
        (b) for the purposes of the FSR and any rules — is taken to have made the communication to the authority in writing and to have signed (and, if necessary, sealed, stamped or otherwise executed) the communication.
        Note See FSR, article 108 (1) (D) and article 109 (1) (F).
        (8) However, subrule (7) does not apply to the communication if the permitted user satisfies the Regulatory Authority that:
        (a) the communication was not made by it (or by any person on its behalf or with its approval or permission);
        (b) it complied fully with subrules (4) and (5);
        (c) the making of the communication was not caused or contributed to by a contravention of any of the usage instructions by an individual nominated by it for this rule (other than an individual whose nomination had been withdrawn in accordance with the access instructions); and
        (d) it informed the authority that it had not made the communication immediately after becoming aware of it, but within 1 business day.

        Examples for rule (8) (d) and rule (10) (c)

        See examples to rule 4.1.3 (1) on meaning of "within 1 business day".
        (9) If a communication is made to the Regulatory Authority using access to the electronic submission system provided to an individual nominated by a permitted user for this rule, then, whether or not the communication was made by or on behalf of the individual:
        (a) the individual is taken to have made the communication to the authority; and
        (b) for the purposes of the FSR and any rules — is taken to have made the communication to the authority in writing and to have signed (and, if necessary, otherwise executed) the communication.
        (10) However, subrule (9) does not apply to the communication if the individual satisfies the Regulatory Authority that:
        (a) the communication was not made by the individual (or by any person on the individual's behalf or with the individual's approval or permission);
        (b) the making of the communication was not caused or contributed to by a contravention by the individual of any of the usage instructions; and
        (c) the individual informed the permitted user and the authority that the individual had not made the communication immediately after becoming aware of it, but within 1 business day.
        (11) A communication made to the Regulatory Authority using the electronic submission system is taken to have been made to the authority at the time it is received by the authority, but subject to rule 5.1.4 (Time documents are taken to have been given to Regulatory Authority).
        (12) This rule is additional to, and does not limit, rule 5.1.3 (Giving documents to Regulatory Authority — general requirements), any other provision of these rules or any other rules (including CTRL).
        Editorial changes (as from 1st January 2016).