(1) no activities may be conducted in or from the QFC unless they fall within the general categories of Permitted Activities;

(2) the Regulations shall determine which Permitted Activities may or may not be conducted in or from the QFC 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 the QFC to the extent that the conduct of such activities is approved, authorised or licensed;

(4) the QFC Authority shall have the exclusive power, subject as provided in Article 17(E), to approve, authorise or license Persons to carry on Permitted Activities in or from the QFC 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) no Regulated Activities are to be conducted in or from the QFC unless they have an appropriate approval, authorisation or licence from the Regulatory Authority.

(1) The Permitted Activities may be conducted in or from the QFC to the extent, and subject to any limitations or conditions, designated by the QFC Authority by notice published from time to time.

(2) The QFC 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 a Permitted Activity al issued by the QFC 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 the QFC Authority and, in respect of a Regulated Activity, authorisation by the Regulatory Authority.