Part 2: Part 2: General
Article 6 – Power of QFC Authority and QFC Regulatory Authority to make rules
QFC Authorityand 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 QFCLaw, these Regulationsand any other Regulationsconferring powers, duties and functions on the QFC Authorityand Regulatory Authorityas they deem necessary or appropriate to implement, carry out or enforce these Regulations.
The provisions of these
Regulationsshall 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 Regulationsenacted 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 Regulationsgovern, among other matters, the duties and powers of a Settlor, Trustee, relations among Trusteesand the rights and interests of a Beneficiary.(2) The Terms of the Trustprevail 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 Trusteeto act in good faith, in accordance with the purposes of the Trustand otherwise consistent with its fiduciary duties;(C) the requirement that a Trustand its terms be for the benefit of its Beneficiaries, and that the Trusthave a purpose that is lawful, not contrary to public policy, and possible to achieve;(D) the power of the QFC Courtto give directions to a Trusteeor any other Personand to modify or terminate a Trustin accordance with these Regulations;(E) the effect of a Protective Trustas provided in Part 7;(F) the power of the QFC Courtunder Article 37 to adjust a Trustee'scompensation specified in the Terms of the Trustwhich is unreasonably low or unreasonably high;(G) the effect of an exculpatory term under Article 57;(I) periods of limitation for commencing a judicial proceeding;(J) the power of the QFC Courtto take such action and exercise such jurisdiction as may be necessary in the interests of justice;(K) the relevant requirements of a QFC Trustand provisions relating to the QFC Authorityand Regulatory Authorityin Part 13; and(L) the exclusive jurisdiction of the QFC Courtunder Article 14. Amended (as from 24th December 2017).
Article 8 – Common law and principles of equity(1) The common law of
Trustsand principles of equity applicable in England and Wales supplement these Regulations, except to the extent modified by these Regulationsor any other Regulations.(2) The statute law of England and Wales applicable to Trustsdoes not, except to the extent it is replicated in these Regulations, apply in the QFC. Amended (as from 24th December 2017).