QFC Authority Regulations
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Enactment Notice
QATAR FINANCIAL CENTRE
REGULATION NO. 9 of 2006
QFC AUTHORITY REGULATIONS
relating to the management,
objectives, duties, functions, powers and
constitution of the QFC AuthorityThese 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 QatarIssued 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
These
Regulations may be referred to as the QFC Authority Regulations.Article 2 - Application
(2) TheseRegulations shall apply in theQFC . To the fullest extent permitted by theQFC Law , the laws, rules and regulations of theState concerning the matters dealt with by or under theseRegulations shall not apply in theQFC .Article 3 - Commencement
These
Regulations shall come into force on the date of their signature by theMinister .Article 4 - Language
In accordance with Article 9 of the QFC Law, these
Regulations are 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 theseRegulations and any other version, the English text shall prevail.Article 5 - Interpretation
Words and expressions used in these
Regulations and interpretative provisions applying to theseRegulations are set out in Part 5.Part 2: Part 2: The QFC Authority
Article 6 - Objectives of the QFC Authority
(1) TheQFC Authority was established by Article 3 of the QFC Law.(2) The objectives of theQFC Authority are, pursuant to Article 5 of the QFC Law:(A) to establish, develop and promote theQFC as 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 theRegulatory Authority and the Appeals Body as may be appropriate, in the establishment and maintenance of an appropriate legal and regulatory regime to govern theQFC and activities lawfully conducted within it or conducted outside it by persons, companies or entities established within it;(C) to ensure theQFC , including theQFC 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, theQFC Authority has the following powers:(A) to provide infrastructure, premises, administrative services and any other services required for realising theQFC's objectives;(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 theQFC and to delegate powers to theDirector General in this regard as it thinks appropriate;(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 theQFC (whether by establishing a branch or other business in theQFC or by incorporating or establishing a new company orEntity therein) provided that such persons, companies and other entities shall not be permitted to conduct anyRegulated Activities unless they have received an appropriate approval, authorisation or licence from theRegulatory Authority ;(F) to streamline business procedures between the various entities that operate within theQFC and any other bodies outside theQFC ;(G) to charge and collect fees for services provided by theQFC Authority or anyQFC Institutions ;(H) to provide advice to theState on any appropriate double tax treaties;(I) to undertake any other tasks or duties relating to theQFC that may be entrusted to it by theCouncil of Ministers ;(J) to enter into arrangements with such providers as theQFC Authority shall 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 theQFC ;(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 theQFC Authority on a strategy for achieving its objectives and such Advisory Board shall comprise persons with international experience as to the operation of bodies similar to theQFC Authority ;(M) to appoint employees, consultants and any other service providers as theQFC Authority deems 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 theQFC Law , theQFC Authority shall be free to exercise or delegate whatever will assist it to carry out its functions or powers under theQFC 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 theQFC Authority delegates a function or power in accordance with theQFC Law , thePerson to 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 theQFC Authority is subject in respect of that function or power.(4) TheQFC Authority shall exercise its powers under theQFC Law and theseRegulations in accordance with its objectives.(5) Notwithstanding any provision of theseRegulations or any otherRegulations to the contrary, in exercising its powers in theseRegulations orRelated Regulations to issue notices, directions, determinations, decisions and fines theQFC Authority or anyPerson to whom such function has been delegated shall have the power to obtain documents and information, to appoint investigators, to discipline and to otherwise enforce suchRegulations , as further detailed inRules issued pursuant to suchRegulations , provided further that theQFC Authority or such otherPerson shall have regard to the provisions of Article 8 - Principles of Good Regulation.(6) Pursuant to theQFC Law , theQFC Authority shall have no power or take any action in respect of any objective, duty, functions or powers reserved to theRegulatory Authority as set forth in the Financial Services Regulations.Article 8 – Principles of Good Regulation
In exercising its functions and powers under the
QFC Law and theseRegulations orRelated Regulations , theQFC Authority shall 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 theQFC ;(3) the desirability of fostering competition between those who are subject to regulation by theQFC Authority ;(4) the principle that theQFC Authority should 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 andRegulations to which it is subject.Article 9 - Performance of functions
(1) Except as set out in theQFC Law or in theseRegulations , theQFC Authority shall 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 theQFC Law and theseRegulations (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 thePerson(s) responsible for issuing notices, directions, determinations, decisions and fines issued under theseRegulations orRelated Regulations , theQFC Authority shall exercise its powers and duties in a fair and transparent manner, must permit suchPerson(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
The
QFC Authority must comply with the requirements as to its management and constitution set out in theQFC Law .Article 11 - Conflicts
The
QFC Authority shall 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 suchPersons will 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), theQFC Authority may make Rules to the extent set out in theQFC Law , theseRegulations orRelated Regulations as 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 theQFC Law , theseRegulations orRelated Regulations .(2) In particular and without limiting the generality of Article 12(1), theQFC Authority may make Rules in respect of:(A) the process and requirements forPersons to become licensed to carry onPermitted Activities in or from theQFC (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 particularPersons in theQFC (including standards applicable when thosePersons deal 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 particularPersons in theQFC ;(D) the fees payable by particularPersons in theQFC to theQFC Authority (on a periodic basis or in respect of particular circumstances or events);(E) the processes, requirements and standards applicable toPersons in theQFC when dealing with theQFC Authority ; and(F) the conduct of theQFC Authority and its officers, employees and agents in relation to the exercise of theQFC Authority’s powers and the performance of its functions.(3) TheQFC Authority may 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 theseRegulations .(4) Before making any Rules pursuant to Article 12(1), theQFC Authority shall 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 theQFC Authority and 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 theQFC Authority determines 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 theQFC or 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 theQFC Authority’s website no later than the day on which the relevant Rules come into force.(6) TheQFC Authority may 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.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, theQFC Authority may, on theApplication of aPerson in theQFC , or on its own initiative, by means of a written notice, provide that one or more provisions of theseRegulations or otherRegulations made by theMinister pursuant to Article 9 of the QFC Law or theRules made pursuant to Article 12(1) either:(A) shall apply to suchPerson with such modifications as may be specified in the written notice; or(B) shall not apply in relation to suchPerson .(2) TheQFC Authority shall consult with theRegulatory Authority in issuing any notice under Article 13(1) that may reasonably be expected to have a bearing on the duties, objectives and functions of theRegulatory Authority and may not issue a notice under Article 13(1) in respect of anAuthorised Firm unless theRegulatory Authority has consented in writing to the issue of the notice.(3) TheQFC Authority must be satisfied, when giving a notice under Article 13(1) in relation to aPerson , that:(A) either:(i) the burden experienced by thatPerson in complying with the relevantRegulation orRule would significantly outweigh the benefits that theRegulation orRule was intended to achieve; or(ii) compliance with theRegulation orRule would not achieve or further the purpose for which the relevantRegulation orRule was made; and(B) the notice would not result in undue risk toPersons whose interests theRegulation orRule is intended to protect.(4) A written notice under Article 13(1) may be given subject to conditions.(5) Where theQFC Authority is satisfied that it is in the interests of theQFC to 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) TheQFC Authority may on theApplication of thePerson to 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) TheQFC Authority may issueRules , in particular with respect to the provision of a written notice and the procedures in relation thereto.(9) Any decision of theQFC Authority with respect to the granting or refusal of a waiver or modification ofRegulations orRules pursuant to Article 13 may be referred to theTribunal by thePerson to whom the waiver or modification relates (or would relate if granted).(10) Article 13(1) does not apply to anyRegulations :(A) made with the consent of theCouncil of Ministers ; or(B) in relation to which theRegulatory Authority has been conferred duties, functions and powers; or(C) which expressly do not permit any such waiver.Article 14 - Guidance
(1) TheQFC Authority may giveGuidance consisting of such information and advice as it considers appropriate:(A) with respect to the operation of theQFC Law , theseRegulations , anyRules or anyRelated Regulations ;(B) with respect to any matters relating to functions of theQFC Authority ;(C) for the purpose of meeting its objectives; and(D) with respect to any other matters about which it appears to theQFC Authority to be desirable to give information or advice.(2)Guidance issued by theQFC Authority may be given generally, to a class ofPerson or aPerson individually. SuchGuidance may be issued either at the request of thePerson seeking suchGuidance or by theQFC Authority on its on initiative.(3) If theQFC Authority proposes to giveGuidance toPersons generally, or to a class ofPersons , in relation toRules to which those persons are subject, Articles 12(4) and (5) (Publicity Requirements) apply to the proposedGuidance as it applies to proposedRules .(4)Guidance issued by theQFC Authority is indicative of the view of theQFC Authority at the time and in the circumstances in which it was given and is non-binding.(5) TheQFC Authority may makeRules prescribing the procedures pursuant to whichPersons or particular types ofPersons may apply to theQFC Authority forGuidance and any fees payable by suchPersons in respect of such applications.(6) Unless theQFC Authority is satisfied that it is inappropriate or unnecessary to do so, it must publishGuidance which is given generally or to a class ofPerson in such a way (including on the QFC’s website) as it considers appropriate for bringing theGuidance to the attention of:(A) those likely to be affected by it; and(B) others who may be likely to become subject to similarGuidance .Article 15 - Public records
(1) TheQFC Authority shall make the following information available to the public during normal working hours:(A)Rules issued by theQFC Authority and any proposedRules to the extent required by Article 12(4);(C)Guidance to the extent required by Article 14(6) and proposed generalGuidance to the extent required by Article 14(3);(D) consultative documents, open letters, information notices, policy statements and open discussion documents issued by theQFC Authority ;(E) details of allLicensed Firms together with such other information relating to thePermitted Activities that suchLicensed Firms are licensed to carry on as theQFC Authority considers appropriate;(F) if theQFC Authority considers it appropriate, information concerning conditions or requirements imposed on theLicensed Firms and the withdrawal of anyLicenses whether as a result of the own initiative powers of theQFC Authority or otherwise;(G) if theQFC Authority considers it appropriate, notices, directions, determinations, decisions and fines issued under theseRegulations orRelated Regulations ;(H) theQFC Authority's annual report; and(I) such other information consistent with its Objectives as theQFC Authority considers 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 theQFC Authority considers appropriate. TheQFC Authority may publish such information with or without charge.(3) TheQFC Authority shall 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 theQFC or would be unfair to anyPerson orPersons (other than theQFC Authority itself) to whom such information relates (in whole or in part).Article 16 - Confidentiality
(1) Neither theQFC Authority , nor any of its officers, employees, agents or contractors, shall disclose anyConfidential Information received by them in the exercise of their respective functions under theQFC Law or theseRegulations (or anyRelated Regulations ) otherwise than as permitted by Article 16(3):(2) The restriction on disclosure ofConfidential Information referred to in Article 16(1) shall also apply to anyPerson (other than thePerson to whom the duty of confidentiality is owed) coming into possession of suchConfidential Information .(3)Confidential Information may be disclosed by theQFC Authority or thePersons referred to in Article 16(1) and (2) in the following circumstances:(A) with the consent of thePerson to whom the duty of confidentiality is owed;(B) where such disclosure is permitted or required by or pursuant to theQFC Law , theseRegulations or any otherRegulation conferring powers, duties or functions on theQFC 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 theQFC Authority of any of its functions, duties and powers under theQFC Law , thisRegulation or anyRelated Regulations ;(E) (in the case ofPersons other than theQFC Authority ) to theQFC Authority ;(F) to theTribunal in connection with any matter falling within their jurisdiction;(G) to theRegulatory Authority where such disclosure is necessary or desirable in order for theRegulatory Authority to exercise its functions or powers or is otherwise in the interests of theQFC ;(H) to any body, agency or authority performing functions relating to the detection or prevention of money laundering whether in theState or internationally; or(I) to any other civil or criminal enforcement agency or authority, whether in theState or internationally.Part 3: Part 3: Permitted Activities
Article 17 - Background
The
QFC Law provides that:(1) no activities may be conducted in or from theQFC unless they fall within the general categories ofPermitted Activities ;(2) theRegulations shall determine whichPermitted Activities may or may not be conducted in or from theQFC and may limit in any manner or place conditions upon the extent to which any such activities may also be conducted;(3)Permitted Activities shall only be conducted in and from theQFC to the extent that the conduct of such activities is approved, authorised or licensed;(4) theQFC Authority shall have the exclusive power, subject as provided in Article 17(E), to approve, authorise or licensePersons to carry onPermitted Activities in or from theQFC and 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) noRegulated Activities are to be conducted in or from theQFC unless they have an appropriate approval, authorisation or licence from theRegulatory Authority .Article 18 - Permitted Activities
(1) ThePermitted Activities may be conducted in or from theQFC to the extent, and subject to any limitations or conditions, designated by theQFC Authority by notice published from time to time.(2) TheQFC Authority may 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 aPermitted Activity al issued by theQFC Authority prior 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 theQFC Authority and, in respect of aRegulated Activity , authorisation by theRegulatory Authority .Part 4: Part 4: Licensing Requirements and Process
Article 19 - Application
(1) AnApplication for aLicence to conductPermitted Activities may be made to theQFC Authority by:(A) a body corporate;(B) a partnership; or(C) an unincorporated association.(2) ALicence constitutes an approval, authorisation or licence for the purposes of Article 12(1) of the QFC Law.(3) ALicensed Firm may apply to theQFC Authority to vary itsLicence . A variation may include:(A) extending aLicensed Firm’s Licence to includePermitted Activities other than those in respect of which it al has aLicence ;(B) varying conditions restrictions or requirements imposed on itsLicence in accordance with Article 21(1) or 23(2); or(C) withdrawing itsLicence in respect of one or morePermitted Activities .(4) TheApplicant for aLicence , variation of aLicence or withdrawal ofLicence as a whole may withdraw itsApplication by giving theQFC Authority written notice at any time before theQFC Authority determines theApplication .Article 20 - Form and content of Application
An
Application for aLicence or variation or withdrawal of aLicence shall be in such form and contain such information as may be prescribed by theQFC Authority from time to time.Article 21 - Grant of Licence, variation or withdrawal and rejection of an Application
(1) TheQFC Authority may:(A) grant anApplication for aLicence , variation or withdrawal of aLicence or 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 theApplication .(2) The powers and discretion of theQFC Authority under Article 21(1) may be exercised having regard to such matters as theQFC Authority considers appropriate, including (without limitation):(A) the position and circumstances of theQFC and the objectives, strategies and priorities of theQFC Authority ;(B) the position and circumstances of theApplicant ,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, andLicensed Firms .(3) TheQFC Authority may makeRules setting out the criteria which anApplicant for aLicence , variation or withdrawal of aLicence or for approval of appointment of a Person as a Key Person or Interest Holder of a proposed or existing Licensed Firm, must satisfy before anApplication can be granted by theQFC Authority . Such criteria may include requirements (as appropriate) relating to:(A) the fitness and propriety of anApplicant , proposed Key Person or Interest Holder having regard to all the circumstances including his connection with any person, the nature of anyPermitted Activity that 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 anApplicant must adopt; and(C) the resources of theApplicant , whether financial or otherwise.(4) Where theQFC Authority :(A) grants anApplication for aLicence , variation or withdrawal of aLicence or approval of appointment of a Person as a Key Person or an Interest Holder of a proposed or existing Licensed Firm, theQFC Authority must notify theApplicant accordingly; or(B) rejects anApplication for aLicence, variation or withdrawal of aLicence , or approval of appointment of a Person as a Key Person or an Interest Holder of a proposed or existing Licensed Firm, theQFC Authority shall promptly inform theApplicant in writing of such refusal and, where requested by theApplicant , the reasons for such refusal, and of theApplicant's right to appeal that decision to theTribunal .(5) Where theQFC Authority grants anApplication for aLicence or variation of anLicence , it must also notify theApplicant of thePermitted Activity or Activities that may be carried out following such grant (and of any restriction, condition or requirement imposed on theApplicant ) in a format which theQFC Authority considers appropriate.(6)(A) TheQFC Authority may grant anApplication for aLicence or variation of aLicence to conduct aPermitted Activity of the kinds specified in Schedule 3 of theQFC Law .(B) However, theQFC Authority must not grant anApplication for aLicence or variation of aLicence to conduct a Permitted Activity under Part 1 of Schedule 3 of theQFC Law , unless:(i) theApplicant has been authorized by theRegulatory Authority to conduct that activity; or(ii) theQFC 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) ALicence granted pursuant to this Part is not transferable.(2) If theLicensed Firm is a partnership or an unincorporated association:(A) it is licensed to carry on thePermitted Activities concerned in the name of the partnership or unincorporated association; and(B) subject to Article 23, itsLicence is 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) TheQFC Authority may exercise any of the powers or take any of the steps set out in Article 23(2) in respect of aLicensed Firm that is not anAuthorised Firm at any time where it considers it appropriate to do so in accordance with its Objectives, including where it is satisfied that:(A) aLicensed Firm is failing, or is likely to fail, to satisfy applicable criteria;(B) aLicensed Firm has failed, during a period of at least 12 months, to carry on aPermitted Activity for which it has aLicence ;(C) it is desirable to take such steps to exercise such power in order to protect the interests of clients or customers of aLicensed Firm or the interests of theQFC ;(D) aLicensed Firm is in breach of, or has been, in breach of one or more conditions, restrictions or requirements applicable to itsLicence ;(E) aLicensed Firm is (or has been) otherwise in breach of theQFC Law , theseRegulations or anyRules or other relevant legislation;(F) aLicensed Firm has, during the course of making application for aLicense or at any subsequent time, provided information to theQFC Authority which 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 theLicensed Firm , to:(A) impose or vary such conditions, restrictions and requirements on aLicence as theQFC Authority shall consider appropriate;(B) require aPerson specified in the condition, restriction or requirement to take or refrain from taking such action as theQFC Authority considers appropriate;(C) withdraw theLicensed Firm's Licence or vary itsLicence to remove one or morePermitted Activities ; or(D) take any other action against aLicensed Firm , Key Person or Interest Holder.(3) Subject to Article 23(4), theQFC Authority may only exercise powers or take steps pursuant to Article 23(2) where it has provided the relevantLicensed Firm beforehand with an appropriate opportunity to make representations to theQFC Authority in relation to the proposed steps and has given due consideration to those representations in determining the steps to be taken.(4) The requirement on theQFC Authority under paragraph 23(3) above shall not apply:(A) where theQFC Authority concludes 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 theLicensed Firm , or the interests of theQFC (provided in such case that theQFC Authority shall provide theLicensed Firm with 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 theQFC Authority pursuant to procedures as set forth in its rules or a decision by theTribunal relating to or affecting theLicensed Firm in question.Amended (as from 6th April 2022). Article 24 – Qualification and Appointment of Auditor
(1) AnApplication to be appointed as an auditor for a QFC Firm under theCompanies Regulations or theLLP Regulations shall be in such form and contain such information as may be prescribed by theQFC Authority from time to time.(2) The criteria for the qualification of such auditors shall be those set out inRules developed by theQFC Authority pursuant to Article 21(3) as they may apply to auditors seeking to become aLicensed Firm .(3) ALicensed Firm whosePermitted Activities include 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 theQFC Authority in accordance with or pursuant to theseRegulations shall be in English unless otherwise permitted by theQFC Authority .(2) All internal procedures, records or other documentation created or maintained by aLicensed Firm as theQFC Authority shall determine shall be in English.Part 6: Part 6: Interpretation and Definitions
Article 27 - Interpretation
(1) In theseRegulations , 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 theseRegulations , 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) aPerson is, where the context permits, to anyPerson in respect of which theQFC Authority has jurisdiction under or pursuant to theQFC Law or theseRegulations (or any otherRelated Regulations ) or whose conduct or activities are or may be subject to theQFC Law or any suchRegulations .(2) The headings in theseRegulations shall not affect its interpretation.(3) A reference in theseRegulations to 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 theseRegulations to 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 theseRegulations .(5) A reference in an Article or other division or Schedule of theseRegulations to 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 theseRegulations in which that reference occurs.(6) Each of the Schedules to theseRegulations shall have effect as if set out in theseRegulations and reference to theseRegulations shall include reference to the Schedules.(7) Any reference in theseRegulations to “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 thePerson holding 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 Person submitting anApplication Application an application : (B) for an approval of aPerson to undertake a specified function underRules made under theseRegulations including the appointment of a Person as a Key Person or Interest Holder; or(C) forGuidance or a waiver (or revocation or variation of a waiver) ofRules as the context requiresAuthorised 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 Regulations enacted or to be enacted by theMinister pursuant to theQFC Law relating to the incorporation of Companies and related requirements and proceduresConfidential Information information of a confidential nature received by the QFC Authority in 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 particularPerson 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 Regulations enacted or to be enacted by theMinister pursuant to theQFC Law relating to the incorporation of Companies and related requirements and procedures processing of personal data in theQFC Director General the Director General of the QFC Authority Employment Regulations Regulations enacted or to be enacted by theMinister pursuant to theQFC Law relating to employers and employees in theQFC 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 Authority under Article 14Immigration Regulations Regulations enacted or to be enacted by theMinister pursuant to theQFC Law relating to the entry into theState and sponsorship ofPersons in theQFC 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 QFC issued by theQFC Authority pursuant to Article 11.1 of the QFC LawLicensed Firm a body corporate, partnership or unincorporated association which has been granted and continues to hold a Licence granted by theQFC Authority LLP Regulations Regulations enacted or to be enacted by theMinister pursuant to theQFC Law relating to the incorporation of Limited Liability Partnerships and related requirements and proceduresMinister 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 Ministers under Article 10(1) of the QFC LawPerson 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 Minister in accordance with Article 9 of the QFC LawRegulatory Authority the Regulatory Authority of the QFC established pursuant to Article 8 of the QFC LawRelated Regulations any Regulations conferring powers, duties or functions on theQFC Authority or with respect to which theQFC Authority has powers, duties or functions (whether by virtue of delegation, assignment or otherwise)Rules Rules made by the QFC Authority pursuant to theseRegulations or any otherRegulation pursuant to which theQFC Authority has power to make rules, including, where the context permits, standards, principles and codes of practiceState the State of Qatar TDR Regulations Regulations enacted or to be enacted by theMinister pursuant to theQFC Law relating to theTribunal and the resolution of disputesTribunal the tribunal to be established or established pursuant to the TDR Regulations Amended (as from 6th April 2022).