• Part 12: Part 12: Other powers of the CRO

    • Article 58 - Direction to the Limited Liability Partnership to comply with these Regulations

      (1) If a Limited Liability Partnership or any Member of it fails to comply with:
      (A) a provision of these Regulations or any other Regulations giving functions to the CRO; or
      (B) a requirement made by the CRO pursuant to any power under any such Regulations
      which requires either or both of them to deliver to or file with the CRO any Document or to give notice to it of any matter, the CRO may issue a direction that the Limited Liability Partnership or any Member of it or both of them make good the failure within a time specified in that direction. Any person who fails to comply with such direction contravenes these Regulations.
      (2) If a Limited Liability Partnership or any Member of it fails to comply with a provision of these Regulations, or any other Regulations which requires either or both of them to comply with a lawful requirement in relation to another person, the CRO may issue a direction that the Limited Liability Partnership or any Member of it or both of them make good the failure within a time specified in that direction. Any person who fails to comply with such direction contravenes these Regulations.
      (3) If the CRO considers that the Limited Liability Partnership or any Member of it has failed to comply with a direction, it may apply to the Regulatory Tribunal for one or more of the following orders:
      (A) an order directing the Limited Liability Partnership or Member to comply with the direction or with any provision of the Regulations or any other Regulations giving functions to the CRO relevant to the issue of the direction;
      (B) an order directing the Limited Liability Partnership or Member to pay any costs incurred by the CRO or other person relating to the issue of the direction by the CRO or the breach of those Regulations or such other Regulations relevant to the issue of the direction; or
      (C) any other order that the Regulatory Tribunal considers appropriate.
      (4) Nothing in this Article 58 shall prejudice the operation of any Article of these or any other Regulations providing for the imposition of financial penalties on a Limited Liability Partnership or any Member in respect of a failure mentioned above, nor any powers that the CRO or other person or the Regulatory Tribunal may have under any other provision of these Regulations or any other Regulations.
      Amended by QFCA RM2012-1 (as from 11th April 2012)

    • Article 59 - Dissolution of Limited Liability Partnership

      (1) If the CRO has reason to believe that:
      (A) a Limited Liability Partnership or Branch is not carrying on Business or is not in operation;
      (B) a Limited Liability Partnership or Branch is acting in contravention of these Regulations; or
      (C) it is prejudicial to the interests of the QFC for a Limited Liability Partnership or Branch to remain on the register
      it may give notice to the Limited Liability Partnership or Branch that at the conclusion of three months from the date of the notice, the Limited Liability Partnership or Branch shall be struck off the register unless reason is shown to the contrary.
      (2) If, by the end of the three month period, the CRO:
      (A) has received confirmation that the Limited Liability Partnership or Branch is no longer carrying on Business or is not in operation; or
      (B) has not received from the Limited Liability Partnership or Branch sufficient reasons as to why the Limited Liability Partnership or Branch should not be struck off the register
      the CRO shall strike the name of the Limited Liability Partnership or Branch off the register and the Limited Liability Partnership or Branch shall be dissolved.
      (3) Where a Limited Liability Partnership or Branch is struck off the register under this Article 59, the liability of every Member of the Limited Liability Partnership or relevant Body Corporate, and in the case of striking off of a Branch, the Body Corporate itself continues and may be enforced as if the Limited Liability Partnership or Branch had not been dissolved.