• Part 2: Part 2: General

    • Article 6 – Power of QFC Authority and QFC Regulatory Authority to make rules

      The QFC Authority and the Regulatory Authority, each within the scope of the jurisdiction, authority or powers conferred upon them may make rules to the extent set out in the QFC Law, these Regulations and any other Regulations conferring powers, duties and functions on the QFC Authority and Regulatory Authority as they deem necessary or appropriate to implement, carry out or enforce these Regulations.

      The provisions of these Regulations shall have no effect to the extent they are excluded by, conflict or are inconsistent with, or otherwise alter the meaning or effect of, any rules made by the Regulatory Authority acting within the scope of its authority under the QFC Financial Services Regulations or any other Regulations enacted with the approval of the Council of Ministers.

      Amended (as from 24th December 2017).

    • Article 7 – Default and mandatory rules

      (1) Except as otherwise provided in the Terms of the Trust, these Regulations govern, among other matters, the duties and powers of a Settlor, Trustee, relations among Trustees and the rights and interests of a Beneficiary.
      (2) The Terms of the Trust prevail over any provision of these Regulations, except for:
      (A) any provision that deals with or is related to the creation of a Trust, including but not limited to requirements for registration of the Trust;
      (B) the duty of a Trustee to act in good faith, in accordance with the purposes of the Trust and otherwise consistent with its fiduciary duties;
      (C) the requirement that a Trust and its terms be for the benefit of its Beneficiaries, and that the Trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;
      (D) the power of the QFC Court to give directions to a Trustee or any other Person and to modify or terminate a Trust in accordance with these Regulations;
      (E) the effect of a Protective Trust as provided in Part 7;
      (F) the power of the QFC Court under Article 37 to adjust a Trustee's compensation specified in the Terms of the Trust which is unreasonably low or unreasonably high;
      (G) the effect of an exculpatory term under Article 57;
      (H) the rights under Articles 60, 61 and 61A of a Person other than a Trustee or Beneficiary;
      (I) periods of limitation for commencing a judicial proceeding;
      (J) the power of the QFC Court to take such action and exercise such jurisdiction as may be necessary in the interests of justice;
      (K) the relevant requirements of a QFC Trust and provisions relating to the QFC Authority and Regulatory Authority in Part 13; and
      (L) the exclusive jurisdiction of the QFC Court under Article 14.
      Amended (as from 24th December 2017).

    • Article 8 – Common law and principles of equity

      (1) The common law of Trusts and principles of equity applicable in England and Wales supplement these Regulations, except to the extent modified by these Regulations or any other Regulations.
      (2) The statute law of England and Wales applicable to Trusts does not, except to the extent it is replicated in these Regulations, apply in the QFC.
      Amended (as from 24th December 2017).