QFC Authority Regulations
QATAR FINANCIAL CENTRE
REGULATION NO. 9 of 2006
QFC AUTHORITY REGULATIONS
relating to the management,
objectives, duties, functions, powers and
constitution of the QFC Authority
These regulations are hereby enacted pursuant to Article 9 of Law No. (7) of 2005.0
Mohammed Bin Hamad Bin Qassim Al-Thani
Minister of Commerce and Industry of the State of Qatar
Issued at: the Qatar Financial Centre, Doha
On: 06 April 2022
Corresponding to: 05 Ramadan 1443.H
Part 1: Part 1: Application, Commencement and Interpretation
Article 1 - Citation
Regulationsmay be referred to as the QFC Authority Regulations.
Article 2 - Application(1) These
Regulationsare made by the Ministerpursuant to Article 9 of the QFC Law.(2) These Regulationsshall apply in the QFC. To the fullest extent permitted by the QFC Law, the laws, rules and regulations of the Stateconcerning the matters dealt with by or under these Regulationsshall not apply in the QFC.
Article 3 - Commencement
Regulationsshall come into force on the date of their signature by the Minister.
Article 4 - Language
In accordance with Article 9 of the QFC Law, these
Regulationsare written in the English language and the text thereof shall be the official original text. Any translation thereof into another language shall not be authoritative and in the event of any discrepancy between the English text of these Regulationsand any other version, the English text shall prevail.
Article 5 - Interpretation
Words and expressions used in these
Regulationsand interpretative provisions applying to these Regulationsare set out in Part 5.
Part 2: Part 2: The QFC Authority
Article 6 - Objectives of the QFC Authority(1) The
QFC Authoritywas established by Article 3 of the QFC Law.(2) The objectives of the QFC Authorityare, pursuant to Article 5 of the QFC Law:(A) to establish, develop and promote the QFCas a leading location for international finance and business designed to attract international banking, financial services, insurance businesses, corporate head office functions, as well as other business;(B) to participate, in consultation with the Regulatory Authorityand the Appeals Body as may be appropriate, in the establishment and maintenance of an appropriate legal and regulatory regime to govern the QFCand activities lawfully conducted within it or conducted outside it by persons, companies or entities established within it;(C) to ensure the QFC, including the QFC Institutions, have adequate finance or are able to obtain adequate finance, so that they can finance their respective activities without undue difficulty and are financially stable;(D) to act in accordance with and promote international best practice and to eliminate bureaucracy to the maximum extent possible; and(E) all other things reasonably considered by it to be necessary, desirable or appropriate to achieve, further or assist in relation to any of the above objectives.
Article 7 - Powers of the QFC Authority(1) Pursuant to Article 6 of the QFC Law, the
QFC Authorityhas the following powers:(A) to provide infrastructure, premises, administrative services and any other services required for realising the QFC'sobjectives;(B) to co-operate and enter into arrangements with states, international financial and business centres and other bodies, institutions and organisations;(C) to arrange for the proper administration and operation of the QFCand to delegate powers to the Director Generalin this regard as it thinks appropriate;(D) to submit Regulationsto the Ministerin accordance with Article 9 of the QFC Law;(E) to approve, authorise and license persons, companies and other entities which may be authorised pursuant to this Law that wish to conduct their business at the QFC(whether by establishing a branch or other business in the QFCor by incorporating or establishing a new company or Entitytherein) provided that such persons, companies and other entities shall not be permitted to conduct any Regulated Activitiesunless they have received an appropriate approval, authorisation or licence from the Regulatory Authority;(F) to streamline business procedures between the various entities that operate within the QFCand any other bodies outside the QFC;(G) to charge and collect fees for services provided by the QFC Authorityor any QFC Institutions;(H) to provide advice to the Stateon any appropriate double tax treaties;(I) to undertake any other tasks or duties relating to the QFCthat may be entrusted to it by the Council of Ministers;(J) to enter into arrangements with such providers as the QFC Authorityshall determine to provide information technology and communications services and equipment in the event that Qatar Telecom (Qtel) Q.S.C. is unable or unwilling to provide such services and equipment to a standard or in a manner or on terms sufficient for the purposes of the QFC or of activities carried on within the QFC, in which case Qatar Telecom (Qtel) Q.S.C. shall promptly provide and maintain all such interconnections and interfaces with its own networks and equipment as shall be necessary or desirable to facilitate the function or use of such services and equipment within the QFC;(K) to form companies and other entities for the purpose of carrying out any of its functions;(L) to appoint an Advisory Board to provide advice to the QFC Authorityon a strategy for achieving its objectives and such Advisory Board shall comprise persons with international experience as to the operation of bodies similar to the QFC Authority;(M) to appoint employees, consultants and any other service providers as the QFC Authoritydeems necessary or desirable; and(N) all other powers provided for in this Law or otherwise reasonably considered by it to be necessary, desirable or appropriate to achieve, further or assist in relation to any of the above.(2) Pursuant to the QFC Law, the QFC Authorityshall be free to exercise or delegate whatever will assist it to carry out its functions or powers under the QFC Law, save to the extent described therein, and any subsequent laws, rules or regulations applicable to it in such manner as it shall determine in its sole and unfettered discretion.(3) Where the QFC Authoritydelegates a function or power in accordance with the QFC Law, the Personto whom such function or power is delegated shall comply with any requirement, restriction or duty in respect of the exercise of that power to which the QFC Authorityis subject in respect of that function or power.(4) The QFC Authorityshall exercise its powers under the QFC Lawand these Regulationsin accordance with its objectives.(5) Notwithstanding any provision of these Regulationsor any other Regulationsto the contrary, in exercising its powers in these Regulationsor Related Regulationsto issue notices, directions, determinations, decisions and fines the QFC Authorityor any Personto whom such function has been delegated shall have the power to obtain documents and information, to appoint investigators, to discipline and to otherwise enforce such Regulations, as further detailed in Rulesissued pursuant to such Regulations, provided further that the QFC Authorityor such other Personshall have regard to the provisions of Article 8 - Principles of Good Regulation.(6) Pursuant to the QFC Law, the QFC Authorityshall have no power or take any action in respect of any objective, duty, functions or powers reserved to the Regulatory Authorityas set forth in the Financial Services Regulations.
Article 8 – Principles of Good Regulation
In exercising its functions and powers under the
QFC Lawand these Regulationsor Related Regulations, the QFC Authorityshall have regard to:(1) the need to use its resources in the most efficient and economic way;(2) the desirability of facilitating innovation and fostering the international competitiveness of the QFC;(3) the desirability of fostering competition between those who are subject to regulation by the QFC Authority;(4) the principle that the QFC Authorityshould exercise its powers and functions in a fair and transparent manner;(5) the need to comply with such generally accepted principles of good governance as it is reasonable to regard as applicable to it;(6) the need to balance the burdens and restrictions on firms with the benefit of regulation; and(7) the need to act in accordance with all laws and Regulationsto which it is subject.
Article 9 - Performance of functions(1) Except as set out in the
QFC Lawor in these Regulations, the QFC Authorityshall perform its functions and discharge its duties and determine its own procedures and management in such manner as it shall decide, provided that it shall always:(A) operate in compliance with the requirements and provisions of the QFC Lawand these Regulations(B) have regard to the need to comply with such generally accepted principles of good governance as is reasonable to regard as applicable to it.(2) In supervising, assessing, directing or issuing rules governing the activities of the Person(s)responsible for issuing notices, directions, determinations, decisions and fines issued under these Regulationsor Related Regulations, the QFC Authorityshall exercise its powers and duties in a fair and transparent manner, must permit such Person(s)to operate with the level of autonomy that is appropriate to satisfy accepted principles of good governance and otherwise have regard to Article 8 – Principles of Good Regulation.
Article 10 - Management and constitution
QFC Authoritymust comply with the requirements as to its management and constitution set out in the QFC Law.
Article 11 - Conflicts
QFC Authorityshall put in place procedures to identify and manage conflicts of interest to which its directors, officers, employees and agents may be subject in the performance of their duties with a view to ensuring, amongst other things, that such Personswill not play any part in the making of decisions on matters in respect of which they are subject to a material conflict of interest.
Article 12 - Powers to issue Rules(1) Subject to Articles 12(4) and 12(7), the
QFC Authoritymay make Rules to the extent set out in the QFC Law, these Regulationsor Related Regulationsas it deems necessary or appropriate to facilitate the pursuit, achievement and furtherance of its objectives or to aid it to implement, carry out or enforce its duties, functions and powers under the QFC Law, these Regulationsor Related Regulations.(2) In particular and without limiting the generality of Article 12(1), the QFC Authoritymay make Rules in respect of:(A) the process and requirements for Personsto become licensed to carry on Permitted Activitiesin or from the QFC(including any terms, conditions and requirements applying to such licences and the process and requirements for varying or withdrawing such licences);(B) the standards of conduct applicable to particular Personsin the QFC(including standards applicable when those Personsdeal with particular types of client or customer (or prospective client or customer) or when carrying on particular types of business);(C) the infrastructure, systems, controls and processes to be implemented and maintained by particular Personsin the QFC;(D) the fees payable by particular Personsin the QFCto the QFC Authority(on a periodic basis or in respect of particular circumstances or events);(E) the processes, requirements and standards applicable to Personsin the QFCwhen dealing with the QFC Authority; and(F) the conduct of the QFC Authorityand its officers, employees and agents in relation to the exercise of the QFC Authority’spowers and the performance of its functions.(3) The QFC Authoritymay also issue standards, principles or codes of practice which, unless otherwise stated in such standards, principles or codes shall constitute Rules for the purpose of these Regulations.(4) Before making any Rules pursuant to Article 12(1), the QFC Authorityshall publish the proposed Rules. The publication shall contain the following information:(A) the draft text of the proposed Rules;(B) the date on which the Rules will come into force; and(C) an invitation to make comments to the QFC Authorityand the date by which comments must be received.(5) The procedures set out in Article 12(4) shall not apply to the making of Rules if the QFC Authoritydetermines that the delay in bringing such Rules into force that would arise as a consequence of compliance with Article 12(4) would be contrary to the interests of the QFCor if such amendments are minor or inconsequential. In such circumstances the information that would otherwise be required to be published pursuant to Article 12(4) shall be published on the QFC Authority’swebsite no later than the day on which the relevant Rules come into force.(6) The QFC Authoritymay also issue such other consultative documents, open letters, policy statements, information notices, discussion documents and undertake such other forms of consultation and discussion as it thinks appropriate.(7) Rules issued under these Regulationsare binding on those to whom they are expressed to apply but such Rules shall not apply to Authorised Firmsunless the Regulatory Authorityhas consented in writing to such application.
Article 13 - Waiver or modification of Regulations and Rules(1) Except as provided in Articles 8 and 9 of the QFC Law and subject to Article 13(2) and (10) below, the
QFC Authoritymay, on the Applicationof a Personin the QFC, or on its own initiative, by means of a written notice, provide that one or more provisions of these Regulationsor other Regulationsmade by the Ministerpursuant to Article 9 of the QFC Law or the Rulesmade pursuant to Article 12(1) either:(A) shall apply to such Personwith such modifications as may be specified in the written notice; or(B) shall not apply in relation to such Person.(2) The QFC Authorityshall consult with the Regulatory Authorityin issuing any notice under Article 13(1) that may reasonably be expected to have a bearing on the duties, objectives and functions of the Regulatory Authorityand may not issue a notice under Article 13(1) in respect of an Authorised Firmunless the Regulatory Authorityhas consented in writing to the issue of the notice.(3) The QFC Authoritymust be satisfied, when giving a notice under Article 13(1) in relation to a Person, that:(A) either:(i) the burden experienced by that Personin complying with the relevant Regulationor Rulewould significantly outweigh the benefits that the Regulationor Rulewas intended to achieve; or(ii) compliance with the Regulationor Rulewould not achieve or further the purpose for which the relevant Regulationor Rulewas made; and(B) the notice would not result in undue risk to Personswhose interests the Regulationor Ruleis intended to protect.(4) A written notice under Article 13(1) may be given subject to conditions.(5) Where the QFC Authorityis satisfied that it is in the interests of the QFCto do so, it may publish a written notice issued under Article 13 in such a way (including publication on its website) as it considers appropriate for bringing the notice to the attention of:(A) those likely to be affected by it; and(B) others who may be likely to become subject to a similar notice.(6) The QFC Authoritymay on the Applicationof the Personto whom it applies, or on its own initiative:(A) revoke a written notice; or(B) vary a written notice.(7) With respect to the publication of a revocation or variation, Article 13(5) applies analogously.(8) The QFC Authoritymay issue Rules, in particular with respect to the provision of a written notice and the procedures in relation thereto.(9) Any decision of the QFC Authoritywith respect to the granting or refusal of a waiver or modification of Regulationsor Rulespursuant to Article 13 may be referred to the Tribunalby the Personto whom the waiver or modification relates (or would relate if granted).(10) Article 13(1) does not apply to any Regulations:(A) made with the consent of the Council of Ministers; or(B) in relation to which the Regulatory Authorityhas been conferred duties, functions and powers; or(C) which expressly do not permit any such waiver.
Article 14 - Guidance(1) The
QFC Authoritymay give Guidanceconsisting of such information and advice as it considers appropriate:(A) with respect to the operation of the QFC Law, these Regulations, any Rulesor any Related Regulations;(B) with respect to any matters relating to functions of the QFC Authority;(C) for the purpose of meeting its objectives; and(D) with respect to any other matters about which it appears to the QFC Authorityto be desirable to give information or advice.(2) Guidanceissued by the QFC Authoritymay be given generally, to a class of Personor a Personindividually. Such Guidancemay be issued either at the request of the Personseeking such Guidanceor by the QFC Authorityon its on initiative.(3) If the QFC Authorityproposes to give Guidanceto Personsgenerally, or to a class of Persons, in relation to Rulesto which those persons are subject, Articles 12(4) and (5) (Publicity Requirements) apply to the proposed Guidanceas it applies to proposed Rules.(4) Guidanceissued by the QFC Authorityis indicative of the view of the QFC Authorityat the time and in the circumstances in which it was given and is non-binding.(5) The QFC Authoritymay make Rulesprescribing the procedures pursuant to which Personsor particular types of Personsmay apply to the QFC Authorityfor Guidanceand any fees payable by such Personsin respect of such applications.(6) Unless the QFC Authorityis satisfied that it is inappropriate or unnecessary to do so, it must publish Guidancewhich is given generally or to a class of Personin such a way (including on the QFC’s website) as it considers appropriate for bringing the Guidanceto the attention of:(A) those likely to be affected by it; and(B) others who may be likely to become subject to similar Guidance.
Article 15 - Public records(1) The
QFC Authorityshall make the following information available to the public during normal working hours:(A) Rulesissued by the QFC Authorityand any proposed Rulesto the extent required by Article 12(4);(B) waivers or modifications of Regulationsor Rulesto the extent required by Article 13(5);(C) Guidanceto the extent required by Article 14(6) and proposed general Guidanceto the extent required by Article 14(3);(D) consultative documents, open letters, information notices, policy statements and open discussion documents issued by the QFC Authority;(E) details of all Licensed Firmstogether with such other information relating to the Permitted Activitiesthat such Licensed Firmsare licensed to carry on as the QFC Authorityconsiders appropriate;(F) if the QFC Authorityconsiders it appropriate, information concerning conditions or requirements imposed on the Licensed Firmsand the withdrawal of any Licenseswhether as a result of the own initiative powers of the QFC Authorityor otherwise;(G) if the QFC Authorityconsiders it appropriate, notices, directions, determinations, decisions and fines issued under these Regulationsor Related Regulations;(H) the QFC Authority'sannual report; and(I) such other information consistent with its Objectives as the QFC Authorityconsiders to be relevant in connection with its functions.(2) The information referred to in Article 15(1) may be kept and made available in such form and manner as the QFC Authorityconsiders appropriate. The QFC Authoritymay publish such information with or without charge.(3) The QFC Authorityshall not be obliged to make information available to the public or otherwise publish it if it believes that to do so would not be in the interests of the QFCor would be unfair to any Personor Persons(other than the QFC Authorityitself) to whom such information relates (in whole or in part).
Article 16 - Confidentiality(1) Neither the
QFC Authority, nor any of its officers, employees, agents or contractors, shall disclose any Confidential Informationreceived by them in the exercise of their respective functions under the QFC Lawor these Regulations(or any Related Regulations) otherwise than as permitted by Article 16(3):(2) The restriction on disclosure of Confidential Informationreferred to in Article 16(1) shall also apply to any Person(other than the Personto whom the duty of confidentiality is owed) coming into possession of such Confidential Information.(3) Confidential Informationmay be disclosed by the QFC Authorityor the Personsreferred to in Article 16(1) and (2) in the following circumstances:(A) with the consent of the Personto whom the duty of confidentiality is owed;(B) where such disclosure is permitted or required by or pursuant to the QFC Law, these Regulationsor any other Regulationconferring powers, duties or functions on the QFC Authority;(C) in response to a legally enforceable demand;(D) where the disclosure is made in good faith for the purposes of the performance or exercise by the QFC Authorityof any of its functions, duties and powers under the QFC Law, this Regulationor any Related Regulations;(E) (in the case of Personsother than the QFC Authority) to the QFC Authority;(F) to the Tribunalin connection with any matter falling within their jurisdiction;(G) to the Regulatory Authoritywhere such disclosure is necessary or desirable in order for the Regulatory Authorityto exercise its functions or powers or is otherwise in the interests of the QFC;(H) to any body, agency or authority performing functions relating to the detection or prevention of money laundering whether in the Stateor internationally; or(I) to any other civil or criminal enforcement agency or authority, whether in the Stateor internationally.
Part 3: Part 3: Permitted Activities
Article 17 - Background
QFC Lawprovides that:(1) no activities may be conducted in or from the QFCunless they fall within the general categories of Permitted Activities;(2) the Regulationsshall determine which Permitted Activitiesmay or may not be conducted in or from the QFCand may limit in any manner or place conditions upon the extent to which any such activities may also be conducted;(3) Permitted Activitiesshall only be conducted in and from the QFCto the extent that the conduct of such activities is approved, authorised or licensed;(4) the QFC Authorityshall have the exclusive power, subject as provided in Article 17(E), to approve, authorise or license Personsto carry on Permitted Activitiesin or from the QFCand to determine the terms and conditions on which such approvals, authorisations or licences may be issued, the conditions which must be satisfied for the grant of any such approval, authorisation or licence and the types of business which may be conducted pursuant thereto; and(5) no Regulated Activitiesare to be conducted in or from the QFCunless they have an appropriate approval, authorisation or licence from the Regulatory Authority.
Article 18 - Permitted Activities(1) The
Permitted Activitiesmay be conducted in or from the QFCto the extent, and subject to any limitations or conditions, designated by the QFC Authorityby notice published from time to time.(2) The QFC Authoritymay at any time vary, or revoke a notice under Article 18(1) and shall publish a notice of any such variation or revocation, Such variation or revocation shall take effect from the date of its publishing or such later date specified in that notice. No such variation or revocation shall affect any licence to conduct a Permitted Activityal issued by the QFC Authorityprior to such variation or revocation taking effect.(3) Article 18 (1) and (2) is subject to other applicable law, including in regard to the issue of a licence by the QFC Authorityand, in respect of a Regulated Activity, authorisation by the Regulatory Authority.
Part 4: Part 4: Licensing Requirements and Process
Article 19 - Application(1) An
Applicationfor a Licenceto conduct Permitted Activitiesmay be made to the QFC Authorityby:(A) a body corporate;(B) a partnership; or(C) an unincorporated association.(2) A Licenceconstitutes an approval, authorisation or licence for the purposes of Article 12(1) of the QFC Law.(3) A Licensed Firmmay apply to the QFC Authorityto vary its Licence. A variation may include:(A) extending a Licensed Firm’s Licenceto include Permitted Activitiesother than those in respect of which it al has a Licence;(B) varying conditions restrictions or requirements imposed on its Licencein accordance with Article 21(1) or 23(2); or(C) withdrawing its Licencein respect of one or more Permitted Activities.(4) The Applicantfor a Licence, variation of a Licenceor withdrawal of Licenceas a whole may withdraw its Applicationby giving the QFC Authoritywritten notice at any time before the QFC Authoritydetermines the Application.
Article 20 - Form and content of Application
Applicationfor a Licenceor variation or withdrawal of a Licenceshall be in such form and contain such information as may be prescribed by the QFC Authorityfrom time to time.
Article 21 - Grant of Licence, variation or withdrawal and rejection of an Application(1) The
QFC Authoritymay:(A) grant an Applicationfor a Licence, variation or withdrawal of a Licenceor for approval of appointment of a Person as a Key Person or Interest Holder of a proposed or existing Licensed Firm either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or(B) reject the Application.(2) The powers and discretion of the QFC Authorityunder Article 21(1) may be exercised having regard to such matters as the QFC Authorityconsiders appropriate, including (without limitation):(A) the position and circumstances of the QFCand the objectives, strategies and priorities of the QFC Authority;(B) the position and circumstances of the Applicant, Application, Licence, Permitted Activity, and any implications or potential implications in respect of the State of Qatar, other states, international financial and business centres, or other bodies, institutions and organisations, and Licensed Firms.(3) The QFC Authoritymay make Rulessetting out the criteria which an Applicantfor a Licence, variation or withdrawal of a Licenceor for approval of appointment of a Person as a Key Person or Interest Holder of a proposed or existing Licensed Firm, must satisfy before an Applicationcan be granted by the QFC Authority. Such criteria may include requirements (as appropriate) relating to:(A) the fitness and propriety of an Applicant, proposed Key Person or Interest Holder having regard to all the circumstances including his connection with any person, the nature of any Permitted Activitythat he carries on or seeks to carry on and the need to ensure that his affairs are conducted soundly and prudently;(B) the legal form that an Applicantmust adopt; and(C) the resources of the Applicant, whether financial or otherwise.(4) Where the QFC Authority:(A) grants an Applicationfor a Licence, variation or withdrawal of a Licenceor approval of appointment of a Person as a Key Person or an Interest Holder of a proposed or existing Licensed Firm, the QFC Authoritymust notify the Applicantaccordingly; or(B) rejects an Applicationfor a Licence,variation or withdrawal of a Licence, or approval of appointment of a Person as a Key Person or an Interest Holder of a proposed or existing Licensed Firm, the QFC Authorityshall promptly inform the Applicantin writing of such refusal and, where requested by the Applicant, the reasons for such refusal, and of the Applicant'sright to appeal that decision to the Tribunal.(5) Where the QFC Authoritygrants an Applicationfor a Licenceor variation of an Licence, it must also notify the Applicantof the Permitted Activityor Activities that may be carried out following such grant (and of any restriction, condition or requirement imposed on the Applicant) in a format which the QFC Authorityconsiders appropriate.(6)(A) The QFC Authoritymay grant an Applicationfor a Licenceor variation of a Licenceto conduct a Permitted Activityof the kinds specified in Schedule 3 of the QFC Law.(B) However, the QFC Authoritymust not grant an Applicationfor a Licenceor variation of a Licenceto conduct a Permitted Activity under Part 1 of Schedule 3 of the QFC Law, unless:(i) the Applicanthas been authorized by the Regulatory Authorityto conduct that activity; or(ii) the QFC Authority, after consulting the QFC Regulatory Authority, is satisfied that the activity meets and will continue to meet any of the following conditions:1. the activity is being conducted under an exemption set out in Part 1 of Schedule 3 of the Financial Services Regulations;2. the activity is not being carried on “by way of business” as that term is defined in Article 25 of the Financial Services Regulations or any rules issued thereunder;3. the activity is excluded under Part 2 of Schedule 3 of the Financial Services Regulations; or4. the activity has been otherwise excluded or exempted by the QFC Regulatory Authority from the authorisation requirement. Amended (as from 6th April 2022).
Article 22 - Status of Licence(1) A
Licencegranted pursuant to this Part is not transferable.(2) If the Licensed Firmis a partnership or an unincorporated association:(A) it is licensed to carry on the Permitted Activitiesconcerned in the name of the partnership or unincorporated association; and(B) subject to Article 23, its Licenceis not affected by any change in its membership.
Article 22A - Nationality of Entities(1) All Entities incorporated or registered in the QFC are local and national Entities.(2) Except for branches, an Entity that is incorporated or registered in the QFC has the Qatari nationality.(3) A branch registered in the QFC follows the nationality of its parent.(4) The Qatari nationality does not confer upon the Entity any privileges exclusive to Qatari nationals unless such Entity is wholly owned by Qatari nationals.
Article 23 - Own initiative action by the QFC Authority(1) The
QFC Authoritymay exercise any of the powers or take any of the steps set out in Article 23(2) in respect of a Licensed Firmthat is not an Authorised Firmat any time where it considers it appropriate to do so in accordance with its Objectives, including where it is satisfied that:(A) a Licensed Firmis failing, or is likely to fail, to satisfy applicable criteria;(B) a Licensed Firmhas failed, during a period of at least 12 months, to carry on a Permitted Activityfor which it has a Licence;(C) it is desirable to take such steps to exercise such power in order to protect the interests of clients or customers of a Licensed Firmor the interests of the QFC;(D) a Licensed Firmis in breach of, or has been, in breach of one or more conditions, restrictions or requirements applicable to its Licence;(E) a Licensed Firmis (or has been) otherwise in breach of the QFC Law, these Regulationsor any Rulesor other relevant legislation;(F) a Licensed Firmhas, during the course of making application for a Licenseor at any subsequent time, provided information to the QFC Authoritywhich is false, misleading or deceptive; or(G) a Key Person or Interest Holder of a Licensed Firm is not fit and proper to be a Key Person or Interest Holder.(2) The powers and steps referred to in Article 23(1) are, by written notice to the Licensed Firm, to:(A) impose or vary such conditions, restrictions and requirements on a Licenceas the QFC Authorityshall consider appropriate;(B) require a Personspecified in the condition, restriction or requirement to take or refrain from taking such action as the QFC Authorityconsiders appropriate;(C) withdraw the Licensed Firm's Licenceor vary its Licenceto remove one or more Permitted Activities; or(D) take any other action against a Licensed Firm, Key Person or Interest Holder.(3) Subject to Article 23(4), the QFC Authoritymay only exercise powers or take steps pursuant to Article 23(2) where it has provided the relevant Licensed Firmbeforehand with an appropriate opportunity to make representations to the QFC Authorityin relation to the proposed steps and has given due consideration to those representations in determining the steps to be taken.(4) The requirement on the QFC Authorityunder paragraph 23(3) above shall not apply:(A) where the QFC Authorityconcludes that any delay likely to arise as a result of the requirement to allow representations contained in Article 23(3) is prejudicial to the interests of the clients or customers of the Licensed Firm, or the interests of the QFC(provided in such case that the QFC Authorityshall provide the Licensed Firmwith an opportunity to make such representations promptly after such powers have been exercised or steps taken and shall give due consideration to such representations); or(B) where the powers to be exercised or steps to be taken follow a determination by the QFC Authoritypursuant to procedures as set forth in its rules or a decision by the Tribunalrelating to or affecting the Licensed Firmin question. Amended (as from 6th April 2022).
Article 24 – Qualification and Appointment of Auditor(1) An
Applicationto be appointed as an auditor for a QFC Firm under the Companies Regulationsor the LLP Regulationsshall be in such form and contain such information as may be prescribed by the QFC Authorityfrom time to time.(2) The criteria for the qualification of such auditors shall be those set out in Rulesdeveloped by the QFC Authoritypursuant to Article 21(3) as they may apply to auditors seeking to become a Licensed Firm.(3) A Licensed Firmwhose Permitted Activitiesinclude that of an auditor shall not be required to file a separate application under this Article.
Part 5: Part 5: Miscellaneous
Article 26 - Language of Communication and Documentation(1) All communications made to the
QFC Authorityin accordance with or pursuant to these Regulationsshall be in English unless otherwise permitted by the QFC Authority.(2) All internal procedures, records or other documentation created or maintained by a Licensed Firmas the QFC Authorityshall determine shall be in English.
Part 6: Part 6: Interpretation and Definitions
Article 27 - Interpretation(1) In these
Regulations, a reference to: a provision of any law or regulation includes a reference to that provision as amended or re-enacted from time to time:(A) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in these Regulations, include publishing or causing to be published in printed or electronic form;(B) a calendar year shall mean a year of the Gregorian calendar;(C) a month shall mean a month of the Gregorian calendar;(D) the masculine gender includes the feminine and the neuter;(E) writing includes any form of representing or reproducing words in legible form; and(F) a Personis, where the context permits, to any Personin respect of which the QFC Authorityhas jurisdiction under or pursuant to the QFC Lawor these Regulations(or any other Related Regulations) or whose conduct or activities are or may be subject to the QFC Lawor any such Regulations.(2) The headings in these Regulationsshall not affect its interpretation.(3) A reference in these Regulationsto a Schedule, an Article or a Part using a short form description of such Article or Part in parenthesis are for convenience only and the short form description shall not affect the construction of the Article or Part to which it relates.(4) A reference in these Regulationsto a Part, Article or Schedule by number only, and without further identification, is a reference to a Part, Article or Schedule of that number in these Regulations.(5) A reference in an Article or other division or Schedule of these Regulationsto a paragraph, sub-paragraph or Article by number or letter only, and without further identification, is a reference to a paragraph, sub-paragraph or Article of that number or letter contained in the Article or other division or Schedule of these Regulationsin which that reference occurs.(6) Each of the Schedules to these Regulationsshall have effect as if set out in these Regulationsand reference to these Regulationsshall include reference to the Schedules.(7) Any reference in these Regulationsto “include”, “including”, “in particular” “for example”, “such as” or similar expressions shall be considered as being by way of illustration or emphasis only and are not to be construed so as to limit the generality of any words preceding them.(8) References to Chairman, Chief Executive Officer, Director General, director or similar expressions are, where the context permits, a reference to the Personholding that office from time to time.
Article 28 - Definitions
The following words and phrases shall where the context permits have the meanings shown against each of them—
Applicant a Personsubmitting an Application Application an application :(A) for a Licenceor variation or withdrawal of a Licenceunder Part 4 of these Regulations;(B) for an approval of a Personto undertake a specified function under Rulesmade under these Regulationsincluding the appointment of a Person as a Key Person or Interest Holder; or(C) for Guidanceor a waiver (or revocation or variation of a waiver) of Rulesas the context requires Authorised Firm a body corporate, partnership or un-incorporated association which has been granted and continues to hold an Authorisation granted by the Regulatory Authority Board the Board of Directors of the QFC Authority Companies Regulations Regulationsenacted or to be enacted by the Ministerpursuant to the QFC Lawrelating to the incorporation of Companies and related requirements and procedures Confidential Information information of a confidential nature received by the QFC Authorityin the exercise of its functions other than information:(A) which was, prior to such receipt, in the public domain or which has come into the public domain other than as a result of a contravention of Article 16;(B) is a summary, collation, redaction or statistical representation or analysis of information from which it is not possible to ascertain that it relates to a particular Person Council of Ministers the Council of Ministers of the State CRO the Companies Registration Office established pursuant to Article 7 of the QFC Law Data Protection Regulations Regulationsenacted or to be enacted by the Ministerpursuant to the QFC Lawrelating to the incorporation of Companies and related requirements and procedures processing of personal data in the QFC Director General the Director General of the QFC Authority Employment Regulations Regulationsenacted or to be enacted by the Ministerpursuant to the QFC Lawrelating to employers and employees in the QFC Entity a body corporate or partnership or un-incorporated association carrying on a trade or business with a view to profit Establishment the head office, a branch or permanent place of business of an Entity Guidance guidance issued, or to be issued, by the QFC Authorityunder Article 14 Immigration Regulations Regulationsenacted or to be enacted by the Ministerpursuant to the QFC Lawrelating to the entry into the Stateand sponsorship of Personsin the QFC Interest Holder has the meaning given in QFCA Rule 13.3 Key Person has the meaning given in QFCA Rule 13.3 Licence a licence, approval or authorisation to operate in the QFCissued by the QFC Authoritypursuant to Article 11.1 of the QFC Law Licensed Firm a body corporate, partnership or unincorporated association which has been granted and continues to hold a Licencegranted by the QFC Authority LLP Regulations Regulationsenacted or to be enacted by the Ministerpursuant to the QFC Lawrelating to the incorporation of Limited Liability Partnerships and related requirements and procedures Minister the Minister of Economy and Commerce of the State Permitted Activities the activities listed in Schedule 3 of the QFC Law or designated by the Council of Ministersunder Article 10(1) of the QFC Law Person includes a natural or legal person, body corporate, or body unincorporate, including a branch, company, partnership, unincorporated association or other undertaking, government or state QFC the Qatar Financial Centre QFC Authority or QFCA the Qatar Financial Centre Authority established pursuant to Article 3 of the QFC Law QFC Institution the QFC Companies Registration Office and any arbitral body or other institution or body created under Article 6 or Article 9 of the QFC Law QFC Law Law No. (7) of 2005 of the State Regulated Activities has the meaning set out in Article 23 of the Financial Services Regulations Regulations Regulations enacted by the Ministerin accordance with Article 9 of the QFC Law Regulatory Authority the Regulatory Authority of the QFCestablished pursuant to Article 8 of the QFC Law Related Regulations any Regulationsconferring powers, duties or functions on the QFC Authorityor with respect to which the QFC Authorityhas powers, duties or functions (whether by virtue of delegation, assignment or otherwise) Rules Rules made by the QFC Authoritypursuant to these Regulationsor any other Regulationpursuant to which the QFC Authorityhas power to make rules, including, where the context permits, standards, principles and codes of practice State the State of Qatar TDR Regulations Regulationsenacted or to be enacted by the Ministerpursuant to the QFC Lawrelating to the Tribunaland the resolution of disputes Tribunal the tribunal to be established or established pursuant to the TDR Regulations Amended (as from 6th April 2022).