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.