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Part 2: Part 2: General Rules

General Rule 1. Application
The QFCA Rules in Part 2 shall be referred to as the General Rules and shall apply to all Licensed Firms, and where specified herein to Authorised Firms in respect of a Relevant Requirement.

General Rule 2. General Rule 2. Licence to Conduct Non-Regulated Activities

Amended (as from 23rd September 2014)

General Rule 2.1 Application
This General Rule 2 applies only to Licensed Firms.

Amended (as from 23rd September 2014)

General Rule 2.2 General Conduct
In order to become and remain a Licensed Firm, a Person shall ensure it is and remains fit and proper and complies with any Regulations and Rules as well as the QFCA Rules that may apply to the particular type of Non-Regulated Activities undertaken and shall conduct itself at all times in a manner that (A) reflects and promotes the spirit, purpose and Objectives of the general principles set out in Schedule 1 (the "Principles"), and (B) does not harm or hinder the QFCA in achieving its Objectives, strategies and priorities.

Amended (as from 23rd September 2014)

General Rule 2.3 Rejection of Licence Application
Pursuant to Article 21(1) of the QFCA Regulations, the QFCA shall have the discretion and power to reject an Application if the QFCA considers, after review of the Application, that the Application does not meet the Objectives, strategies and priorities set by the QFCA from time to time (including, but not limited to, the consideration of the existing number and composition of Licensed Firms in the QFC), taking into account the matters set out in Article 21(2) of the QFCA Regulations.

Amended (as from 23rd September 2014)

General Rule 3. General Rule 3. General Provisions

General Rule 3.1 Application

This General Rule 3 applies to a Licensed Firm and where specified, to an Authorised Firm in respect of a Relevant Requirement.

General Rule 3.2 General Rule 3.2 Disclosure of Licensed Status

General Rule 3.2.1

A Licensed Firm must not misrepresent its status expressly or by implication.

General Rule 3.2.2
(A) A Licensed Firm must take reasonable care to ensure that all business documents in connection with the carrying on of Non-Regulated Activities in or from the QFC include one of the disclosures in General Rule 3.2.2(C).

(B) The expression "business documents":
(i) includes, but is not limited to, letterheads, whether issued by post, fax or electronic means, terms of business, Client agreements, written financial communications, business cards, prospectuses and websites; but

(ii) does not include compliment slips, account statements or text messages.

(C) The disclosure required under this General Rule is:
(i) "Licensed by the Qatar Financial Centre Authority"; or

(ii) "Licensed by the QFCA".

(D) The QFCA logo must only be reproduced with the express written permission of the QFCA and in accordance with any conditions for use issued from time to time.

Amended (as from 23rd September 2014)

General Rule 3.3 General Rule 3.3 Communication with the QFCA and the CRO

Amended (as from 23rd September 2014)

General Rule 3.3.1
Without prejudice to any other provision of these Rules all communications made by a Licensed or Authorised Firm to the QFCA or the CRO whether pursuant to any Regulations, Rules, or otherwise shall be made by an employee (officer or otherwise) of the Licensed or Authorised Firm authorised to make such communication to the QFCA or the CRO and shall be in English unless otherwise permitted by the QFCA or the CRO.

All internal procedures, records or other documentation created by the Licensed or Authorised Firm shall be in English.

Amended (as from 23rd September 2014)

General Rule 3.3.2
(A) The QFCA may operate an electronic submission system (Electronic System) to allow Licensed Firms, Authorised Firms, or other Persons approved in writing by the QFCA (Registered Users) to communicate with it or with the CRO, to produce documents and information in an electronic form. The QFCA may issue instructions for, amongst other things:
(i) access to, guidelines concerning and the use of the Electronic System;

(ii) QFCA's approval of any individuals nominated to access and use the Electronic System on behalf of a Registered User;

(iii) withdrawal of access to Registered Users or any individual previously approved to access and use the Electronic System on behalf a Registered User; and

(iv) measures that the QFCA considers necessary or desirable to maintain the integrity and security of the Electronic System.

(B) The Registered User must ensure that:
(i) only suitable individuals have access to the Electronic System;

(ii) individuals who have access to the Electronic System follow the usage instructions and use the Electronic System properly;

(iii) it has adequate policies, procedures, systems and controls to comply with this Rule 3.3; and keep necessary records; and

(iv) it and its directors, officers, employees, agents and contractors do not do, or fail to do, anything that compromises the integrity or security of the Electronic System.

(C) If a communication is made to the QFCA or the CRO using the Electronic System, the communication will be deemed to have been made at the time it is received by the QFCA or the CRO; and for the purposes of these Rules, to have been Signed and made in writing.

(D) This rule is additional to, and does not limit, the generality of Rule 3.3.1 (Communication with the QFCA and the CRO), any other provision of these Rules or any other Rules.

Amended (as from 23rd September 2014)

General Rule 3.4 Complaints against the QFCA
Without prejudice to the rights set out at Article 25 of the QFCA Regulations, the QFCA shall make arrangements for the prompt, efficient, impartial and independent investigation of complaints made against it arising out of the exercise, or failure to exercise, any of its functions under Articles 19 or 21 of the QFCA Regulations.

General Rule 3.5 General Rule 3.5 Registers of Public Information

General Rule 3.5.1

The QFCA shall make public its register of Licensed Firms licensed to conduct Non-Regulated Activities including a register of individuals undertaking a Registered Function at a Licensed Firm.

General Rule 3.5.2

The QFCA registers will be maintained in electronic form in English and extracts of the registers will also be made available at the premises of the QFCA during normal business hours, upon application and payment of the prescribed fee set forth in Schedule 4 (Fees) or otherwise prescribed by notice.

General Rule 3.6 Provision of Information

An extract of information from the registers maintained by the QFCA under General Rule 3.5, in relation to any particular Licensed Firm and individuals undertaking Registered Functions, upon application and payment of the prescribed fee, is prima facie evidence of the matters stated in it.

General Rule 4. General Rule 4. Notices to the QFCA

General Rule 4.1 Application
This General Rule 4 applies to Licensed Firms.

Amended (as from 23rd September 2014)

General Rule 4.2 General Rule 4.2 Provision of Notifications

General Rule 4.2.1
Unless a QFCA Rule states otherwise, a Licensed Firm must ensure that each notification it provides to the QFCA:

(A) is in writing and contains the Licensed Firm's name, QFC number and any additional information required by the QFCA; and

(B) is submitted on any relevant QFC Form or Electronic System operated by the QFCA.

Amended (as from 23rd September 2014)

General Rule 4.2.2
A notification must be submitted to the QFCA:

(A) by electronic mail at the address provided by the QFCA or in the Electronic System operated by the QFCA; and

(B) duly Signed by the signatories specified in the relevant QFCA Rule or as set forth herein and delivered by:
(i) post to the current address of the QFCA;

(ii) hand delivery to the current address of the QFCA; or

(iii) fax to a fax number provided by the QFCA.

Amended (as from 23rd September 2014)

General Rule 4.2.3
Where a QFCA Rule does not specify a specific signatory, any notification or submission of a report must be signed by the individual performing the Senior Executive Function or other authorised signatory of the Licensed Firm.

Amended (as from 25th June 2019)

General Rule 4.3 General Rule 4.3 Core Details

General Rule 4.3.1

A Licensed Firm must provide the QFCA with reasonable advance notice of any change in:

(A) the Licensed Firm's name;

(B) the continuation of its business in the QFC;

(C) the address of the Licensed Firm's principal place of business in the QFC;

(D) in the case of a branch, its registered office or head office address;

(E) its legal structure;

(F) the name of any individual undertaking a Registered Function or any material matters relating to such individual's fitness and propriety; and

(G) Control, pursuant to General Rule 8.

General Rule 4.3.2
A Local Licensed Firm must provide the QFCA with prior notice of the establishment or closure of a branch office or a subsidiary anywhere in the world from which it carries on services.

Amended (as from 23rd September 2014)

General Rule 4.4 General Rule 4.4 Significant Events

General Rule 4.4.1

A Licensed Firm must advise the QFCA immediately if it becomes aware of any matters that have occurred or may occur in the foreseeable future that could materially impact on the Licensed Firm's ability to provide adequate services to its Client and/or to continue in business and/or have a significant adverse impact on the reputation of the Licensed Firm or of the QFC.

General Rule 4.5 General Rule 4.5 Fraud and Errors

General Rule 4.5.1

A Licensed Firm must notify the QFCA immediately if one of the following events arises in relation to its activities in or from the QFC:

(A) it becomes aware that an employee may have committed a fraud against one of its Client;

(B) a serious fraud has been committed against it;

(C) it has reason to believe that a Person is acting with intent to commit a serious fraud against it; or

(D) it identifies significant irregularities in its accounting or other records, whether or not there is evidence of fraud.

General Rule 4.6 General Rule 4.6 Action against a Licensed Firm

Amended (as from 23rd September 2014)

General Rule 4.6.1

A Licensed Firm must notify the QFCA immediately if:

(A) civil proceedings are brought against the Licensed Firm and the amount of the claim is in excess of 20% of the Licensed Firm's financial resources or is significant in relation to its reputation; or

(B) the Licensed Firm is prosecuted for, or convicted of, any offence involving fraud or dishonesty, or any penalties are imposed on it for tax evasion.

General Rule 5. General Rule 5. Reporting

General Rule 5.1 Application

This General QFCA Rule 5 applies to a Licensed Firm and to an Authorised Firm in respect of a Relevant Requirement.

General Rule 5.2 General Rule 5.2 Provision of Reports

General Rule 5.2.1
(A) Unless a QFCA Rule states otherwise, a Licensed or Authorised Firm must ensure that each report it provides to the QFCA:
(i) contains the Licensed or Authorised Firm's name, the related QFC number and any other information required by the QFCA; and

(ii) subject to (B) is received by the QFCA during Ordinary Business Hours on the date the report is due.

(B) If the due date is not a Business Day, the report must be received by the QFCA during Ordinary Business Hours of the next Business Day.

(C) A report will not be considered to have been received by the QFCA until it has been:
(i) received by the QFCA; and

(ii) duly Signed by the signatories specified in the relevant QFCA Rule and delivered:
(1) by email or Electronic System;

(2) by post to the current address of the QFCA;

(3) hand delivered to the current address of the QFCA; or

(4) faxed to a fax number provided by the QFCA.

Amended (as from 23rd September 2014)

General Rule 5.2.2
Where a QFCA Rule does not specify a specific signatory, the report must be Signed by the individual performing the Senior Executive Function or other authorised signatory of the Licensed Firm.

Amended (as from 25th June 2019)

General Rule 5.3 Summary of Reporting Requirements

The reporting requirements relevant to Licensed or Authorised Firms are set out at Schedule 2.

General Rule 6. General Rule 6. Record Keeping

General Rule 6.1 Application

This General Rule 6 applies to a Licensed Firm and to an Authorised Firm in respect of a Relevant Requirement.

General Rule 6.2 General Rule 6.2 General Requirements

General Rule 6.2.1

A Licensed or Authorised Firm must maintain appropriate records of:

(A) matters and dealings, including accounting records;

(B) policies and procedures; and

(C) other documentation,

which are required under Relevant Requirements.

General Rule 6.3 General Rule 6.3 Maintenance of Records

General Rule 6.3.1

A Licensed or Authorised Firm must ensure records, however stored, are capable of reproduction on paper within a reasonable period not exceeding three (3) Business Days.

General Rule 6.3.2

In maintaining records, a Licensed or Authorised Firm must have regard to any requirements for preservation, confidentiality, security and the frequency and ease of access required to records.

General Rule 6.3.3
Subject to General Rule 3.3 the Licensed or Authorised Firm may maintain records created by third parties in any language. If those records are requested by the QFCA they must be reproduced in English within a reasonable period not exceeding three (3) Business Days of the date of the request.

Amended (as from 23rd September 2014)

General Rule 6.3.4
(A) Where original documents cannot be maintained, copies may be kept, provided they are duly certified copies of the original documents.

(B) A document in (A) must be certified by:
(i) in the case of a document created or issued or copied by the Licensed or Authorised Firm itself, a director or secretary of the Firm;

(ii) in the case of a document issued by a public body responsible for the maintenance of the original document, a Person properly authorised by that public body; or

(iii) in any other case, a Person duly authorised to certify official documents in the jurisdiction in which the copy is being certified.

Amended (as from 23rd September 2014)

General Rule 6.3.5

Unless otherwise stated in a specific provision, records and documents must be maintained by the Licensed or Authorised Firm for at least six (6) years.

General Rule 7. General Rule 7. Waivers and Modifications

General Rule 7.1 Application

This General Rule 7 applies to a Licensed Firm and to an Authorised Firm in respect of a Relevant Requirement.

General Rule 7.2 General Rule 7.2 Application to Waive or Modify Rules

General Rule 7.2.1

If a Licensed or Authorised Firm wishes to apply for a Waiver or Modification Notice, it must apply in writing to the Legal Department of the QFCA.

General Rule 7.2.2
The application for a Waiver or Modification Notice must contain:

(A) the Licensed or Authorised Firm's name and the related QFC number;

(B) the Relevant Requirement to which the application relates;

(C) a clear explanation of the waiver or modification that is being applied for and the reason why the Licensed or Authorised Firm is requesting it;

(D) details of any other requirements; for example, if there is a specific period for which the Waiver or Modification Notice is required;

(E) any reasons the Licensed or Authorised Firm may have as to why the Waiver or Modification Notice should not be published or why it should be published without disclosing the identity of the Licensed or Authorised Firm or the confidential or propriety nature of certain information; and

(F) all relevant facts to support the application.

Amended (as from 25th June 2019)

General Rule 7.2.3
An application for a Waiver or Modification Notice must be Signed by the individual performing the Senior Executive Function or other authorised signatory of the Licensed Firm.

Amended (as from 25th June 2019)

General Rule 7.2.4

A Licensed or Authorised Firm must immediately notify the QFCA if it becomes aware of any material change in circumstances which may affect the application for a Waiver or Modification Notice.

General Rule 7.3 General Rule 7.3 Procedure on Receipt of an Application

General Rule 7.3.1

The QFCA will acknowledge an application for a Waiver or Modification Notice and may request further information. The time taken to determine the application will depend upon the issues it raises.

General Rule 7.3.2

An application for a Waiver or Modification Notice may be withdrawn at any time up until the giving of the Waiver or Modification Notice. In doing so, a Licensed or Authorised Firm should provide reasons for withdrawing the application.

General Rule 7.4 General Rule 7.4 Conditions for Granting a Waiver or Modification

General Rule 7.4.1

The QFCA must be satisfied, when giving a notice under this General Rule 7 in relation to a Person, that:

(A) either:
(i) the burden experienced by that Person in complying with the Relevant Requirement would significantly outweigh the benefits that the Relevant Requirement was intended to achieve; or

(ii) compliance with the Relevant Requirement would not achieve or further the purpose for which the Relevant Requirement was made; and

(B) the notice would not result in undue risk to Persons whose interests the QFCA Rule is intended to protect.

General Rule 7.5 General Rule 7.5 Applicability of a Waiver or Modification Notice

General Rule 7.5.1
If a Waiver or Modification Notice directs that a Relevant Requirement is to apply to a Licensed or Authorised Firm with modifications, then failure to comply with the modified requirement constitutes a contravention under the QFCA Regulations.

General Rule 7.5.2
If a Waiver or Modification Notice is given subject to a condition, then failure to comply with the terms and conditions constitutes a contravention under the QFCA Regulations.

General Rule 7.6 Continuing Relevance of a Written Notice

A Licensed or Authorised Firm must immediately notify the QFCA if it becomes aware of any material change in circumstances which could affect the continuing relevance of a Waiver or Modification Notice.

General Rule 7.7 General Rule 7.7 Publication of a Waiver or Modification Notice

General Rule 7.7.1

Unless the QFCA is satisfied that it is inappropriate or unnecessary to do so, it must publish a Waiver or Modification Notice given under General Rule 7.5 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.

General Rule 7.8 Revocation or Variation of a Waiver or Modification Notice

The QFCA may on the application of the Person to whom it applies, or on its own initiative:

(A) revoke a written notice; or

(B) vary a written notice.

General Rule 7.9 Referral of the QFCA's Decisions in Relation to a Waiver or Modification Notice

Any decision of the QFCA with respect to the granting or refusal of a waiver or modification of a Relevant Requirement may be referred to the Relevant Review Body by the Person to whom the waiver or modification relates (or would relate if granted).

General Rule 8. General Rule 8. Controllers

General Rule 8.1 General Rule 8.1 Application

General Rule 8.1.1
This General Rule 8 applies to:

(A) Persons who acquire, or change their level or type of Control over a Licensed Firm; and

(B) a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 8.2 General Rule 8.2 General Provisions

General Rule 8.2.1
For the purposes of these QFCA Rules, the definition of "Control" is as follows:

(1) A Person acquires control over a Licensed Firm where the Person:
(A) holds 10% or more of the shares in the Licensed Firm;

(B) is entitled to exercise, or controls the exercise of, 10% or more of the voting power in the Licensed Firm; or

(C) is able to exercise significant influence over the management of the Licensed Firm by virtue of shareholding or voting power, or by contractual or other arrangements, including but not limited to the Licensed Firm's board of directors and chief executive officer.

(2) For purposes of this Article:
(A) shares:
(i) In relation to a Licensed Firm with a share capital, means allotted shares;

(ii) In relation to a Licensed Firm with capital but no share capital, means rights to share in the capital of the Licensed Firm; and

(iii) In relation to a Licensed Firm without capital, means interests conferring any right to share in the profits, or liability to contribute to the losses, of the Licensed Firm; or giving rise to any obligation to contribute to the debts or expenses of the Licensed Firm in the event of winding up; and

(B) voting power, in relation to a Licensed Firm which does not have general meetings at which matters are decided by the exercise of voting rights, means the right under the constitution of the Licensed Firm or alter the terms of its constitution.

Amended (as from 23rd September 2014)

General Rule 8.2.2
A Licensed Firm must provide information on its Controllers in the form and in the manner required by the QFCA.

Amended (as from 23rd September 2014)

General Rule 8.2.3

A Licensed Firm must establish and maintain systems and controls to enable it to:

(A) be advised of any proposed or actual acquisitions or changes in Control; and

(B) monitor any proposed or actual acquisition or changes in Control.

General Rule 8.3 Requirement to Notify the QFCA

A Controller Notice must be submitted to the QFCA to notify the QFCA of an acquisition or cessation of Control in a Licensed Firm.

General Rule 8.4 General Rule 8.4 Controller Notice

General Rule 8.4.1

A Controller Notice must be in writing on any relevant QFC Form.

General Rule 8.4.2

A Controller Notice must be accompanied by the information and documents as specified in any such QFC Form.

General Rule 8.4.3

The QFCA may request such additional information or documents as it reasonably considers necessary in order to enable it to determine what action it should take in response to the Controller Notice.

General Rule 8.4.4

A Controller Notice must be submitted by:

(A) the Licensed Firm in question; or

(B) where the Licensed Firm is not aware of the acquisition or change in Control, the Person who is proposing to acquire or cease Control or has acquired or ceased Control.

General Rule 8.4.5
A Controller Notice must be submitted by the individual performing the Senior Executive Function, or other authorised signatory of the Licensed Firm.

Amended (as from 25th June 2019)

General Rule 8.4.6

A Controller Notice must be submitted to the QFCA in line with the provisions for notifications outlined in these General Rules.

General Rule 8.4.7

A Controller Notice must be submitted to the QFCA not less than thirty (30) days in advance of the proposed acquisition or change in Control. Where this is not reasonably practicable, the Licensed Firm must submit the Controller Notice immediately upon becoming aware of the proposed or actual acquisition or change in Control.

General Rule 8.5 General Rule 8.5 Consideration of Controller Notices

General Rule 8.5.1
The QFCA shall advise of any objections to the Controller Notice or conditions to the acceptance of the Controller Notice no later than 30 days following the date of delivery of the complete Controller Notice to the QFCA. If the QFCA does not send any objections or notice of conditions in writing to the Licensed Firm within thirty (30) days following such date the Controller Notice shall be deemed to have been accepted unconditionally by the QFCA. If the QFCA does advise the Licensed Firm of any objections or conditions of acceptance then it may call for such further information from the Licensed Firm and such other parties as it considers necessary or appropriate, and shall make a final determination within thirty (30) days of receipt of such information.

Amended (as from 23rd September 2014)

General Rule 8.5.2
In considering whether to object to the Controller Notice or issue conditions to the acceptance of the Controller Notice, the QFCA may have regard to:

(A) the Licensed Firm's fitness, propriety and compliance with the Regulations and Rules;

(B) the spirit, purpose and Objectives of the Principles; and

(C) the Objectives, strategies and priorities of the QFCA.

Any determination made by the QFCA pursuant to this General Rule 8.5 may be referred to the Relevant Review Body by the Licensed Firm to which the proposed change in Control relates.

Amended (as from 23rd September 2014)

General Rule 8.6 General Rule 8.6 Annual Controller's Report [Deleted]

Deleted (as from 23rd September 2014)

General Rule 8.6.1 [Deleted]

Deleted (as from 23rd September 2014)

General Rule 8A. General Rule 8A. Ultimate Beneficial Ownership

General Rule 8A.1 General Rule 8A.1 Definitions
In Rule 8A:

“Basic Information” means the information as determined and set out in Rule 8A.1A.

"Beneficial Owner" has the meaning set out in Rule 8A.3.

"Foundation" means a foundation established under the Foundation Regulations.

"Governing Body" means

(a) for a company or a company limited by guarantee, its board of directors;

(b) for a limited partnership, its general partner;

(c) for a trust, its trustee or trustees;

(d) for a foundation, its council; and

(e) for any other entity, its board of directors, committee of management or other governing body.

"Nominee Director" means, for the purposes of Rule 8A, a Person that acts as a director on behalf of another Person or in accordance with the directions, instructions or wishes of another Person.

"Nominee Particulars" has the meaning set out in Rule 8A.7(D).

“Nominee Shareholder” means, for the purposes of Rule 8A, a Person registered as a shareholder:

(i) on behalf of another Person or

(ii) acting on the directions, instructions or wishes of another Person.

"QFC Entity" means a Person licensed or registered by the QFCA, including a Licenced Firm and an Authorised Firm.

“Register of Basic Information” means the register of Basic Information established pursuant to Rule 8A.4.

"Register of Beneficial Owners" means the register of Beneficial Owners established pursuant to Rule 8A.4.

“Register of Nominees” means the register of Nominee Particulars established pursuant to Rule 8A.7(C).

“Required Information” has the meaning set out in Rule 8A.6.

"Trust" has the meaning set out in the Trust Regulations 2007.

“Trustee” has the meaning set out in the Trust Regulations 2007.

Amended (as from 3rd February 2020).
Amended (as from 6th July 2021).
Amended (as from December 2021).

General Rule 8A.1A Basic Information
(A) The QFCA will determine the Basic Information in respect of each type of QFC Entity.

(B) Basic Information must include, at a minimum and as applicable,
(i) the QFC Entity’s name, proof of its incorporation or registration, its legal form and status, the address of its registered office, its basic regulating powers (such as the articles of association or the memorandum of association), and the names of its directors;

(ii) a register of the QFC Entity’s shareholders or members, containing, the names of the shareholders or members, number of shares held by each shareholder or member, the category or categories of shares held by each shareholder or member and the nature of any associated voting rights.

Derived (as from December 2021

General Rule 8A.2 Requirement to Determine Beneficial Owners
(A) A QFC Entity must identify and take reasonable measures to verify the identity of each of its Beneficial Owners.

(B) In the case of a QFC Entity that is a Trust, all the obligations of a QFC Entity set out in this Rule 8A must be performed by the Trustee of that Trust.

Inserted (as from 25th June 2019)
Amended (as from 6th July 2021).

General Rule 8A.3 Definition of Beneficial Owner
(A) A Beneficial Owner is:
(i) in relation to a company, any Person that:
(a) holds or controls, or is entitled to hold or control, directly or indirectly, including through bearer share holdings, or by any other means, including acting in concert with one or more Persons, 20% or more of the company's shares;

(b) holds or controls, or is entitled to hold or control, directly or indirectly, including through bearer share holdings, or by any other means, including acting in concert with one or more Persons, 20% or more of the voting rights in the company;

(c) holds or controls, or is entitled to hold or control, directly or indirectly, including through contractual arrangements or by any other means, including acting in concert with one or more Persons, the right to appoint or remove a majority of the board of directors of the company; or

(d) has the right to exercise, or actually exercises, control over the management of the company.

(ii) in relation to a company limited by guarantee, any Person that exercises, or has the legal right to exercise, control or influence over the management of the company limited by guarantee, including the chief executive officer or each director.

(iii) in relation to a partnership, any Person that:
(a) holds or controls, directly or indirectly, including through contractual arrangements, or by any other means, 20% or more of the capital, profits or voting rights of that partnership; or

(b) has the right to exercise, or actually exercises, control over the management of the partnership.

(iv) in relation to a trust:
(a) each beneficiary (or, if a specific Person is not identifiable as a beneficiary, the class of Persons for whose benefit the trust is established);

(b) the settlor of the trust or each Person performing an equivalent function;

(c) each trustee of the trust; and

(d) each protector or appointer of the trust (if any).

(v) in relation to a foundation:
(a) each beneficiary (or, if a specific Person is not identifiable as a beneficiary, the class of Persons for whose benefit the foundation is established);

(b) a founder and, if relevant, a dedicator or each Person performing equivalent function;

(c) each council member or Person performing an equivalent function; and

(d) each enforcer, protector or each Person performing an equivalent function.

(B) Where any of the above roles are fulfilled by a legal person (including legal arrangements) the QFC Entity must identify the natural persons who are the Beneficial Owners of such legal person, unless the Beneficial Owner falls within a class of Persons mentioned in Rule 8A.15(A).

(C) The Beneficial Owner(s) of a QFC Entity must be traced through any number of persons or arrangements of any description.

(D) The term "control" for the purposes of this Rule 8A includes a right to exercise control as a result of (for example):
(i) the terms of the constitutional documents of a QFC Entity or any intermediate holding vehicle in a QFC Entity's chain of ownership;

(ii) the rights attached to the shares or securities which a Person holds, whether directly in a QFC Entity or through an intermediate holding vehicle in a QFC Entity's chain of ownership;

(iii) a shareholders or partnership agreement or other similar contractual arrangement; or

(iv) contractual or other arrangements.

(E) The right to exercise control is a right which, if exercised, would give rise to the actual exercise of control.

(F) If 2 or more natural persons jointly meet any of the criteria specified under Rule 8A.3(A)(i) – (v), each of them is taken to be a Beneficial Owner.

(G) If no natural person is identified as a Beneficial Owner of a QFC Entity, any natural person on whose instructions the QFC Entity or its Governing Body is required or is accustomed to act, is taken to be a Beneficial Owner.

(H) If there is no Beneficial Owner of a QFC Entity under either of paragraph (F) or (G) above, each:
(i) natural person that is a member of its Governing Body; and

(ii) Beneficial Owner of a body corporate member of its Governing Body,

is taken to be a Beneficial Owner of the QFC Entity.

Inserted (as from 25th June 2019)
Amended (as from 6th July 2021).

General Rule 8A.4 Obligation to Maintain a Register of Basic Information and a Register of Beneficial Owners
(A) A QFC Entity must establish and maintain at its registered office or principal place of business:
a. in addition to the requirements of any other Regulations or Rules, a Register of Basic Information; and

b. a Register of Beneficial Owners.

(B) The Register of Basic Information and the Register of Beneficial Owners must be held and made accessible at all times during Ordinary Business Hours by:
(i) if applicable, the Senior Executive Function,

(ii) for a Foundation, the Registered Representative,

(iii) for a Single Family Office, the Designated Representative Function,

(iv) for a Branch, the Principal Representative,

(v) for a Trust, the Trustee, or

(vi) if there is no individual who performs any of the functions in (i) – (iv), an individual resident in Qatar with overall responsibility for the conduct of the whole of the business of a QFC Entity.

(C) The Register of Beneficial Owners must contain the Required Information in relation to each Beneficial Owner of a QFC Entity.

(D) In relation to a Trust, the Trustee must, in addition to the information specified in Rule 8A.6(A), include in the Register of Beneficial Owners:
(i) information on each of the agents and service providers to the Trust, including investment advisors or managers, accountants and tax advisors, of the following kind:
(a) for an agent or service provider that is a natural person, the information listed at 8A.6(A)(i)(a) – (e); and

(b) for an agent or service provider that is a legal person, the information listed at 8A.6(A)(ii)(a) – (d);

(ii) the jurisdiction of residence of each Trustee; and

(iii) a description of the assets held or managed under the Trust,
and such information shall, in relation to such a Trust, be considered "Required Information" for the purposes of this Rule 8A.

(E) In accordance with applicable laws and regulations, each of the individuals mentioned in Rule 8A.4 (B) are responsible for providing the Basic Information, the Nominee Particulars, the Required Information and any assistance required by to the competent authorities when requested.

Amended (as from 3rd February 2020).
Amended (as from 6th July 2021).
Amended (as from December 2021).

General Rule 8A.5 Notification of the QFCA
(A) A QFC Entity that submits a Controller Notice pursuant to Rule 8.4, must include in the Controller Notice details of any change in its Beneficial Owners and the related Required Information resulting from the notified change in Control pursuant to Rule 8.2.1.

(B) The QFCA may pursuant to subrule 8A.6(B) require the provision of any further information in relation to any change in Beneficial Owner set out in a Controller Notice.

Inserted (as from 25th June 2019)

General Rule 8A.6 Required Information
(A) The required information for a Beneficial Owner is the following (the "Required Information"):
(i) in respect of a Beneficial Owner who is a natural person:
(a) full name as it appears on that person's passport or other government-issued national identification document;

(b) place and date of birth;

(c) nationality (or, where that person has more than one nationality, each nationality);

(d) identifying number, country of issue, date of issue and of expiry, as set out in that person's passport or other government-issued national identification document;

(e) residential address and, if different, an address appropriate for service of notices;

(f) the date that the person became and/or ceased to be a Beneficial Owner;

(g) any percentage specified in Rule 8A.3 that is held or controlled by that person and the date of any change to such percentage;

(h) if control is exercised through means other than direct or indirect ownership of shares or control of voting rights in the relevant QFC Entity, a brief description of the basis on which that person exercises its control;

(i) the date on which the Register of Beneficial Owners was last updated; and

(j) in relation to Trusts, the information specified at Rule 8A.4(D) on agents and service providers (if any), Trustee residence, and Trust assets.

(ii) in respect of a Beneficial Owner that is a legal person:
(a) full name as it appears on that person's certificate of incorporation or establishment or similar document, or any other instrument acceptable to the QFCA;

(b) the jurisdiction of incorporation, registration authority and associated registration number for the person (or other identifying details);

(c) date of incorporation, establishment or registration;

(d) the address of record maintained with the commercial registry or similar institution with which the person is incorporated, established or registered;

(e) the date that the person became and/or ceased to be a Beneficial Owner;

(f) any percentage specified in Rule 8A.3 that is held or controlled by that person and the date of any change to such percentage;

(g) if control is exercised through means other than direct or indirect ownership of shares or control of voting rights in the relevant QFC Entity, a brief description of the basis on which that person exercises its control;

(h) the date on which the Register of Beneficial Owners was last updated; and

(i) in relation to Trusts, the information specified at Rule 8A.4(D) on agents and service providers (if any), Trustee residence, and Trust assets.

(B) The QFCA may require a QFC Entity to take one or both of the following actions:
(i) obtain, maintain and disclose Required Information about any legal person or arrangement that is an intermediate holding vehicle through which a Beneficial Owner exercises control over a QFC Entity; or

(ii) submit supporting documentation that demonstrates to the satisfaction of the QFCA how the QFC Entity has ensured the accuracy of the Required Information.

Inserted (as from 25th June 2019)
Amended (as from 6th July 2021).

General Rule 8A.7 Nominee Directors, Nominee Shareholders and the Register of Nominees
(A) A Nominee Director or Nominee Shareholder must:
(i) inform each QFC Entity for which it acts as nominee of the fact that it is a Nominee Director or Nominee Shareholder (as the case may be); and

(ii) provide that QFC Entity with the Nominee Particulars of each person for whom the Nominee Director or Nominee Shareholder (as the case may be) is a nominee.

(B) Where a Nominee Director or Nominee Shareholder acts on behalf of a legal person or legal arrangement, the QFC Entity must identify the natural persons qualifying as the Beneficial Owners of such legal person or legal arrangement, for whom the Nominee Director or Nominee Shareholder acts, unless the Beneficial Owner falls within a class of Persons mentioned in Rule 8A.15(A).

(C) A QFC Entity which has one or more Nominee Directors or Nominee Shareholders must establish, maintain and hold a Register of Nominees containing the Nominee Particulars in relation to each person on whose behalf, a Nominee Director or Nominee Shareholder (as the case may be) acts.

(D) The Nominee Particulars are as follows:
(i) for a natural person, the information listed at 8A.6(A)(i)(a) – (e);

(ii) for a legal person, the information listed at 8A.6(A)(ii)(a) – (d);

(iii) if relevant, the date on which the Nominee Director became a director of the QFC Entity;

(iv) if applicable, the date on which the Nominee Director ceased to be a director of the QFC Entity;

(v) if relevant, the date on which the Nominee Shareholder became a shareholder of the QFC Entity; and

(vi) if applicable, the date on which the Nominee Shareholder ceased to be a shareholder of the QFC Entity.

Amended (as from 3rd February 2020).
Amended (as from December 2021).

General Rule 8A.8 Accuracy of Nominee Particulars
(A) A QFC Entity must ensure that the Nominee Particulars in its Register of Nominees are, to the best of its knowledge, true, accurate and up-to-date.

(B) In the event that a QFC Entity becomes aware of any change to its Nominee Directors or Nominee Shareholders, or to the Nominee Particulars of any of its Nominee Directors or Nominee Shareholders, the QFC Entity must within 30 days of becoming aware of any change:
(i) obtain adequate supporting documentation from each relevant Nominee Director or Nominee Shareholder (as the case may be) evidencing the change, or otherwise verify the accuracy of the change; and

(ii) update its Register of Nominees to reflect the change.

Amended (as from 3rd February 2020).

General Rule 8A.9 Obligation to Provide Information to the CRO
(A) An Applicant for incorporation or registration within the QFC must submit (i) Basic Information, (ii) the Required Information relating to each of its proposed Beneficial Owners, and (iii) if relevant, the Nominee Particulars relating to each of its proposed Nominee Directors or Nominee Shareholders, with its application.

(B) A QFC Entity that did not, prior to 5 December 2021, submit a report on its Beneficial Owners to the CRO setting out the Required Information and the Nominee Particulars (if any), must do so by 31 December 2021.

(C) Without prejudice to Rule 8A.9(B), a QFC Entity must submit to the CRO an annual report on its (i) Basic Information; (ii) Required Information relating to its Beneficial Owners; and (iii) the Nominee Particulars (if any), within 30 days from 1 June of each year.

Amended (as from 3rd February 2020).
Amended (as from 6th July 2021).
Amended (as from December 2021).

General Rule 8A.10 Accuracy of Required Information
(A) A QFC Entity must ensure that its Register of Basic Information, and its Register of Beneficial Owners are, to the best of its knowledge, true, accurate and up-to-date.

(B) A QFC Entity must, within 30 days of any change to a Beneficial Owner, or to the Required Information of any Beneficial Owner:
(i) obtain from each relevant Beneficial Owner adequate supporting documentation evidencing the change, or otherwise verify the accuracy of the change; and

(ii) update its Register of Beneficial Owners to reflect the change.

(C) A QFC Entity must, within 30 days of any change to its Basic Information, update its Register of Basic Information.

Inserted (as from 25th June 2019)
Amended (as from December 2021).

General Rule 8A.11 Confidentiality and Security of Beneficial Owner Information and Nominee Particulars
(A) A QFC Entity must ensure that its Register of Beneficial Owners and if relevant, its Register of Nominees, are maintained in a manner that protects the security and confidentiality of information.

(B) A QFC Entity must not disclose its Register of Beneficial Owners or any Required Information (and if relevant, its Register of Nominees and the Nominee Particulars), to any Person except if:
(i) the disclosure is permitted or required by law, regulation or rules applicable in the QFC (including the AML/CFT Rules), or the State of Qatar; or

(ii) the relevant Beneficial Owner, Nominee Director, or Nominee Shareholder, has given permission for the disclosure.

Amended (as from 3rd February 2020).

General Rule 8A.12 The QFCA may Obtain Documents and Information in Relation to Basic Information, Beneficial Owners, Nominee Directors and Nominee Shareholders
(A) In relation to the Basic Information, Beneficial Owners, Nominee Directors or Nominee Shareholders of a QFC Entity, the QFCA may by notice require a Person to produce:
(i) specified information or information of a specified description; or

(ii) specified documents or documents of a specified description,

within a period and in the form and manner that the QFCA reasonably requires.

(B) The QFCA may obtain any information from and enforce any obligations of QFC Entities by virtue of its powers under the QFC Law, the QFC Authority Regulations and the QFCA Rules, including in relation to:
(i) the determination of Beneficial Owners by QFC Entities and the disclosure of Required Information;

(ii) the determination of Nominee Directors or Nominee Shareholders by QFC Entities and the disclosure of the Nominee Particulars; or

(iii) any other information sought by the QFCA from QFC Entities in relation to a QFC Entity’s Basic Information, Beneficial Owners, Nominee Directors or Nominee Shareholders.

(C) The QFCA may enter the premises of a QFC Entity at any time during Ordinary Business Hours for the purpose of inspecting and copying information relating to:
(i) Basic Information, and the Register of Basic information;

(ii) Beneficial Owners, and the Register of Beneficial Owners; and

(iii) Nominee Directors or Nominee Shareholders, and the Register of Nominees;
or related documents stored in any form.

Amended (as from 3rd February 2020).
Amended (as from 6th July 2021).
Amended (as from December 2021).

General Rule 8A.13 Right to Disclose Information Relating to Beneficial Owners, Nominee Directors or Nominee Shareholders by the QFCA
(A) The QFCA will not disclose details of Beneficial Owners, Nominee Directors or Nominee Shareholders except if there is:
(i) a statutory obligation to disclose the information; or

(ii) an order of the QFC Court to disclose the information,

and the QFCA will do so on the terms as it considers appropriate.

(B) In the case of a QFC Entity that has been wound up, dissolved, terminated, struck off or otherwise ceases to exist, the CRO shall retain details of the Basic Information, the Required Information and the Nominee Particulars submitted pursuant to this Rule 8A for a period of 10 years from its winding up, dissolution, termination, striking off or otherwise ceasing to exist.

Amended (as from 3rd February 2020).
Amended (as from December 2021).

General Rule 8A.14 Contraventions
A contravention of this Rule 8A is taken to be a contravention of a Relevant Requirement for the purposes of the CER Rules.

Inserted (as from 25th June 2019)

General Rule 8A.15 Exemptions
(A) If a QFC Entity is:
(i) a company whose securities are traded on a regulated market that the QFCA considers, to be subject to adequate requirements in relation to the transparency of ownership information;

(ii) an entity regulated by a financial services regulator recognised by the QFCA as applying equivalent standards of regulation as those applicable in the QFC;

(iii) an entity ultimately owned by a government or government agency or authority, of the State of Qatar, or other jurisdiction that the QFCA determines from time to time; or

(iv) established under a law of the State of Qatar to perform governmental functions,

that QFC Entity is exempt from the requirements of Rule 8A.2 to 8A.14. The QFC Entity must notify the QFCA of the category within which the Beneficial Owner falls under Rule 8A.15(A)(i) – (iv) and provide such other information and documents as the QFCA may reasonably require.

(B) If a Beneficial Owner of a QFC Entity falls within a class of Persons mentioned in Rule 8A.15(A)(i) – (iv), the QFC Entity will not be required to make any further inquiry as to its beneficial ownership. The QFC Entity must record the following Required Information relating to the Beneficial Owner on its Register of Beneficial Owners:
(i) full legal name;

(ii) registered address;

(iii) the category within which the Beneficial Owner falls under Rule 8A.15(A);

(iv) if the Beneficial Owner:
(a) has its securities traded on a market referred to in Rule 8A.15(A)(i), then the name of the market;

(b) is regulated by a financial services regulator referred to in Rule 8A.15(ii), then the name of the regulator;

(c) is ultimately owned by a government or government agency or authority referred to in Rule 8A.15(A)(iii), then the name of the government, agency or authority and the jurisdiction in which it is established; or

(d) is established under a law of the State of Qatar to perform governmental functions referred to in Rule 8A.15(iv), then the name of the law.

Inserted (as from 25th June 2019)
Amended (as from 6th July 2021).

General Rule 8A.16 Issuance of Guidance on Basic Information, Beneficial Owner Information and Nominee Particulars by the QFCA
The QFCA may, subject to these Rules, issue guidance, policy statements, forms, procedures, and any other documents or instructions that it considers necessary in relation to:

(A) the determination of Basic Information, Required Information or Nominee Particulars and their content, form and substance;

(B) the manner and form in which QFC Entities must maintain and submit to the QFCA their Register of Basic Information, Register of Beneficial Owners or their Register of Nominees, as the case may be;

(C) what constitutes Basic Information, Required Information or Nominee Particulars;

(D) the definition of a Beneficial Owner, Nominee Director or Nominee Shareholder;

(E) the manner and form in which the Register of Basic Information, Register of Beneficial Owners or the Register of Nominees is obtained by the QFCA; and

(F) any other matter relating to the determination and disclosure of Basic Information, Beneficial Owners, Nominee Directors or Nominee Shareholders, as the case may be, of QFC Entities subject to the limitations of its authority as set out in the QFC Law, the QFCA Regulations and the QFCA Rules.

Amended (as from 3rd February 2020).
Amended (as from December 2021).

General Rule 8A.17 Record Keeping
A QFC Entity must maintain the following information for a period of ten (10) years from the date that the QFC Entity is dissolved, wound up, terminated, struck off or otherwise ceases to exist:

(i) the Basic Information and the Register of Basic Information relating to the QFC Entity;

(ii) the Required Information relating to its Beneficial Owners and Register of Beneficial Owners; and

(iii) where relevant, the Nominee Particulars relating to its Nominee Directors or Nominee Shareholders (as the case may be) and Register of Nominees.

Inserted (as from 3rd February 2020).
Amended (as from December 2021).

Forms

Name	Description	Action
UBO Form - Part 1	Form for submitting information on Beneficial Ownership and Nominee Shareholding of QFC Entities	Download PDF
UBO Form - Part 2	Form for submitting information on Nominee and/or Corporate Directors of QFC Entities	Download PDF
Request for Additional Information on UBO	Form for providing additional “Required Information” under Rule 8A.6 of the QFCA Rules	Download PDF

Notifications

Name	Description	Action
25 July 2019 Notice For Provision of Beneficial Ownership Information by QFC Entities	Email notification sent by the QFCA to all QFC Firms on 25 July, 2019 regarding the requirements relating to Beneficial Ownership, applicable to all QFC entities pursuant to the QFC Authority Rules as amended in June 2019	Download Email (PDF)
15 September 2021 Notice for Provision of Beneficial Ownership Information by QFC Entities - Amendments to the Beneficial Ownership Requirements in the QFC	Email notification sent by the QFCA to all QFC Firms on 15 September, 2021 regarding the amended requirements relating to Beneficial Ownership applicable to all QFC Firms, pursuant to the amendment of Rule 8A of the QFCA Rules, on 6 September,2021	Download Email (PDF)
23 December 2021 QFC Legislation Update	Email notification sent by the QFCA to all QFC Firms on 23 December, 2021 informing them about amendments that have been made to the QFCA Rules in order to align them with the provisions of the recently amended State anti-money laundering law	Download Email (PDF)
23 December 2021 QFCA Compliance Notice No. 21	Notice published on 23 December 2021 regarding the requirement to establish and maintain at their registered office or principal place of business (as the case may be), a “Register of Basic Information”, in addition to any other registers required to be maintained under any other regulations or rules;and defining “Basic Information” in respect of each type of QFC Entity.	QFCA Compliance Notice No. 21

Templates of Registers

Name	Description	Action
Register of Basic Information established pursuant to Rule 8A.4 of the QFCA Rules	Template of the Register of Basic Information (as determined by the QFCA in Compliance Notice No. 21) for each Entity type	Download Excel File
Register of Beneficial Owners established pursuant to Rule 8A.4 of the QFCA Rules	Template of the Register of Beneficial Owners (as defined in Rule 8A.3 of the QFCA Rules) containing the Required Information (as defined in Rule 8A.6 of the QFCA Rules) in relation to each Beneficial Owner of a QFC Entity	Download Excel File

Guidance Documents

Name	Description	Action
UBO FAQ’S	Frequently Asked Questions regarding the submission of Beneficial Ownership information in the QFCA and an explanation of how to submit Beneficial Ownership information over the QFC’s Client Portal	Download PDF
UBO Webinar presented by the CRO to QFC Firms	Webinar providing an overview of the amendments to the Beneficial Ownership requirements in the QFC; the webinar discusses the QFC’s UBO regime, changes to the QFC’s rules and regulations pertaining to beneficial ownership, how to complete and file the UBO Forms as well as addressing questions from QFC Firms about the QFC’s Beneficial Ownership regime.	Link

General Rule 9. General Rule 9. Accounting and Auditing

General Rule 9.1 Application
This General Rule 9 applies to a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 9.2 General Rule 9.2 Accounting Records

General Rule 9.2.1

A Licensed Firm must keep accounting records with respect to all sums of money received and expended by the Licensed Firm and all sales and purchases of goods and services and other transactions by the Licensed Firm and the assets and liabilities of the Licensed Firm. Such accounting records must be sufficient to show and explain all transactions by the Licensed Firm and must be such to:

(A) disclose with reasonable accuracy the financial position of the Licensed Firm at any time;

(B) enable the Licensed Firm to ensure that any accounts prepared by the Licensed Firm comply with the requirements in these Rules; and

(C) record the financial position of the Licensed Firm as at its financial year end.

General Rule 9.2.2

A Licensed Firm must maintain the accounting records, financial accounts and statements and auditors reports required under the Companies Regulations, the Limited Liability Partnership Regulations, any other applicable Regulations and this chapter for at least six (6) years from the date to which they relate.

General Rule 9.3 Accounting Standards

A Licensed Firm must prepare and maintain all financial accounts and statements in accordance with IFRS, US GAAP, UK GAAP or such other principles or standards approved in writing by the QFCA.

General Rule 9.4 General Rule 9.4 Financial Accounts and Statements

General Rule 9.4.1

Within four months of the end of the financial year, a Licensed Firm must:

(A) have its accounts and financial statements examined and reported upon by the Licensed Firm's auditor in accordance with the requirements of the Companies Regulations or Limited Liability Partnership Regulations, any other applicable Regulations and these Rules; and

(B) file a copy of the financial statements and auditor's report with the CRO.

General Rule 9.5 General Rule 9.5 Auditor's Report

General Rule 9.5.1

A Licensed Firm must in addition to the requirements contained in the Companies Regulations, the Limited Liability Partnership Regulations, and other applicable Regulations ensure that its auditor:

(A) conducts an audit of the Licensed Firm's accounts and financial statements in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB) or other standards deemed acceptable by the QFCA;

(B) produces a report on the audited accounts and financial statements which states:
(i) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the requirements imposed by Regulations or these Rules;

(ii) in particular, whether the accounts give a true and fair view of the financial position of the Licensed Firm for the financial year and of the state of the Licensed Firm's affairs at its financial year end; and

(iii) any other matter or opinion relating to the requirements of Regulations or these Rules;

(C) produce an auditors report which states whether:
(i) the auditor has audited the Licensed Firm's annual financial statements in accordance with the IAASB or other standards deemed acceptable by the QFCA;

(ii) the auditor has carried out any other procedures considered necessary, having regard to the IAASB or other standards deemed acceptable by the QFCA;

(iii) the auditor has received all necessary information and explanations for the purposes of preparing this report to the QFCA; and

(iv) in the auditor's opinion, the Licensed Firm has kept proper accounting records, in compliance with the applicable Rules;

(D) produces, if the Licensed Firm controls or holds Client Money, a report which states whether, in the opinion of the Auditor:
(i) the Licensed Firm has maintained throughout the year systems and controls to enable it to comply with the relevant provisions of the LFAR;

(ii) the Licensed Firm's controls are such as to ensure that Client Money is identifiable and secure at all times;

(iii) any of the requirements of LFAR have not been met;

(iv) if applicable, Client Money that has been segregated in accordance with the LFAR;

(v) if applicable, the Licensed Firm was holding and controlling an appropriate amount of Client Money in accordance with LFAR as at the date on which the Licensed Firm's audited balance sheet was prepared; and

(vi) if applicable, there have been any material discrepancies in the reconciliation of Client Money.

General Rule 10. General Rule 10. Fees

General Rule 10.1 Application
Except as set forth in General Rule 10.7, this General Rule 10 applies only to a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 10.2 General Rule 10.2 General Provisions

General Rule 10.2.1

Where a fee is payable for any Application to the QFCA, the Application may not be regarded as submitted until the fee has been paid in full.

General Rule 10.2.2

Where an annual fee or supplementary fee in relation to ongoing supervision is due from a Licensed Firm under a provision of these Rules, it must be paid by the date upon which it falls due. Should a Licensed Firm fail to pay by the due date then, without limiting the right of the QFCA to take any other action, the sum due will be increased by 1% for each calendar month, or part of a calendar month, that it remains outstanding beyond the due date.

General Rule 10.2.3

The QFCA may reduce, waive or refund all or part of any fee if, having considered the exceptional circumstances of a particular case, it deems it would be equitable to do so.

General Rule 10.3 General Rule 10.3 Supplementary Fees

General Rule 10.3.1

(A) The QFCA may require a Licensed Firm or Applicant to pay a supplementary fee to the QFCA in circumstances where it has or reasonably expects to incur substantial additional costs in dealing with an Application or conducting ongoing supervision.

(B) In such cases the QFCA will notify the Applicant as soon as reasonably practicable of the amount of the supplementary fee.

General Rule 10.4 General Rule 10.4 Application Fees

General Rule 10.4.1

An Applicant seeking to conduct Non-Regulated Activities in or from the QFC and a Licensed Firm applying for a licence to conduct additional Non-Regulated Activities must pay to the QFCA:

(A) the Application fees specified in Schedule 4; and

(B) any supplementary fee required by the QFCA.

General Rule 10.4.2

Any Application and supplementary fees paid, whether in respect of an Applicant or Licensed Firm, are non-refundable, regardless of whether the Application is successful or not.

General Rule 10.5 General Rule 10.5 Annual Fees

General Rule 10.5.1

A Licensed Firm must pay to the QFCA:

(A) the annual fee specified in Schedule 4; and

(B) any supplementary fee required by the QFCA.

General Rule 10.5.2
(A) The initial annual fee (pro-rated) must be paid in full to the QFCA within twenty one (21) days of the date of grant of a Licence.

(B) Subsequent annual fees must be paid in full to the QFCA on or before 1 January of every calendar year.

Amended (as from 23rd September 2014)

General Rule 10.6 Fees for Extracts of Information from the Registers of Public Information

Persons seeking extracts of information in accordance with General Rule 3.6 maintained in the public registers by the QFCA in relation to a Licensed Firm and Persons conducting Registered Functions must, upon application pay the fee prescribed in Schedule 4.

General Rule 10.7 Miscellaneous Fees

The QFCA may also charge fees as specified in Schedule 4 or otherwise by notice for various services requested by Licensed or Authorised Firms not mandated by any Relevant Requirement but are otherwise consistent with the QFCA's Objectives.

General Rule 11. General Rule 11. Registered Functions

General Rule 11.1 Application
This General Rule 11 applies to a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 11.2 General Rule 11.2 Description of Registered Functions

Amended (as from 23rd September 2014)

General Rule 11.2.1
Subject to General Rule 11.3, Licensed Firms must have one individual registered to carry out the following functions:

(A) a Senior Executive Function;

(B) if applicable, the MLRO and in compliance with the requirements of the AML/CFT Law and the AML/CFT Rules under the supervision of the Regulatory Authority; and

(C) if applicable, the Designated Representative Function and in compliance with the requirements of the Single Family Office Regulations.

Amended (as from 25th June 2019)

General Rule 11.2.2
If more than one individual is appointed to perform the Registered Functions listed in General Rule 11.2.1 (A) and (B), the Licensed Firm must ensure that the allocation of responsibility clearly avoids duplication or omission.

Inserted (as from 23rd September 2014)

General Rule 11.3 General Rule 11.3 Senior Executive Function

Inserted (as from 23rd September 2014)

General Rule 11.3.1 Senior Executive Function
The Senior Executive Function is the function of having overall responsibility alone or jointly with one or more individuals:

(A) for the conduct of the whole of the business of a Licensed Firm; or

(B) in the case of a Non-Local Licensed Firm for the business of the Licensed Firm carried out in or from the QFC.

Amended (as from 23rd September 2014)

General Rule 11.3.2
The Senior Executive Function must be carried out by an individual who:

(A) in the case of a Local Licensed Firm is ordinarily resident in the State of Qatar; and

(B) in the case of a Non-Local Licensed Firm, spends an appropriate proportion of his time in the State of Qatar having regard to responsibilities that the Senior Executive Function entails.

Amended (as from 25th June 2019)

General Rule 11.3.3
A Single Family Office is not required to have an individual carrying out the Senior Executive Function.

Amended (as from 23rd September 2014)

General Rule 11.3 Additional Requirements for Registered Functions [Deleted]

Deleted (as from 23rd September 2014)

General Rule 11.4 General Rule 11.4 Additional Registered Function

Amended (as from 23rd September 2014)

General Rule 11.4.1
The MLRO Function is required for a Licensed Firm that is a designated non-financial business or profession (within the meaning of the AML/CFT Rules).

Amended (as from 23rd September 2014)

General Rule 11.4.2
The Designated Representative Function is required for a Licensed Firm that is a Single Family Office within the meaning of the Single Family Office Regulations.

Amended (as from 23rd September 2014)

General Rule 12. General Rule 12. Notification of Registered Functions

General Rule 12.1 Application
This General Rule 11 applies to a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 12.2 General Rule 12.2 Notification of an Individual Conducting Registered Functions

General Rule 12.2.1
A Licensed Firm shall provide details to the QFCA of each person that shall conduct a Registered Function on behalf of the Licensed Firm, in writing on the relevant QFC form, Signed by the individual who will be performing the Registered Function and an individual authorised to sign on behalf of the Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 12.2.2
For the purposes of General Rule 12.2.1 a Licensed Firm includes an Applicant for Licensed Firm status.

Amended (as from 23rd September 2014)

General Rule 12.2.3
The Licensed Firm shall promptly inform the QFCA in writing of any change in the status or identity of an individual conducting a Registered Function. The notice must include any other matters required by the relevant QFC Form. This does not relieve the Licensed Firm from providing any required notice under the AML/CFT Law and the AML/CFT Rules to the Regulatory Authority.

Inserted (as from 23rd September 2014)

General Rule 12.3 Consideration of Registered Function Notices
The QFCA shall advise of any objections to the Registered Function Notice or conditions to the acceptance of the Registered Function Notice no later than thirty (30) days following the date of delivery of a complete Registered Function Notice to the QFCA. If the QFCA does not send any objections or notice of conditions in writing to the Licensed Firm within thirty (30) days following such date the Registered Function Notice shall be deemed to have been accepted unconditionally by the QFCA. If the QFCA does advise the Licensed Firm of any objections or conditions of acceptance then it may call for such further information from the Licensed Firm and such other parties as it considers necessary or appropriate, and shall make a final determination within thirty (30) days of receipt of such information.

Inserted (as from 23rd September 2014)

General Rule 13. General Rule 13. Fitness and Propriety

General Rule 13.1 Application
This General Rule 13 applies to a Person.

Amended (as from 23rd September 2014)
Amended (as from April 2022)

General Rule 13.2 General Rule 13.2 Licensed Firm's Assessment of Individuals

General Rule 13.2.1

Before registering an individual as conducting a Registered Function with the QFCA, a Licensed Firm must make reasonable enquiries as to an individual's fitness and propriety to carry out a Registered Function. When making an assessment of an individual to determine the fitness and propriety of the individual, a Licensed Firm should have regard to the individual's:

(A) honesty, integrity and reputation;

(B) competence and capability; and

(C) financial soundness.

General Rule 13.2.2

A Licensed Firm must not register an individual to conduct a Registered Function if it has reasonable grounds to believe that the individual is not fit and proper to carry out the Registered Function.

General Rule 13.3 QFCA'S ASSESSMENT OF KEY PERSONS AND INTEREST HOLDERS

General Rule 13.3.1
The QFCA may reject an Application for the approval of the appointment of a Person as a Key Person or Interest Holder of a proposed or existing Licensed Firm where the QFCA is satisfied that the Person is not fit and proper to be a Key Person or an Interest Holder.

Derived (as from April 2022)

General Rule 13.3.2
The QFCA may disqualify a Key Person if the QFCA is satisfied that they are not fit and proper to be a Key Person.

Derived (as from April 2022)

General Rule 13.3.3
If the QFCA intends to disqualify an existing Key Person of a Licensed Firm, then:

(A) the QFCA:
i. will notify the Licensed Firm of:
a) its intention to disqualify that Key Person;

b) the right of each of the Licensed Firm and the Key Person to make written representations to the QFCA in relation to the proposed disqualification;

c) the period within which any written representations must be made; and

ii. will require the Licensed Firm to notify the Key Person of the QFCA’s intention and of the Key Person's right to make written representations to the QFCA in relation to the proposed disqualification within the period specified in the QFCA’s notice,

(B) where:
i. the Licensed Firm or the Key Person fails to make representations within the period specified in the notice; or

ii. any representations made do not satisfy the QFCA,
the QFCA may issue a decision notice to the Licensed Firm or the Key Person disqualifying that Key Person from the date specified in the decision notice and requiring the Licensed Firm to take any action necessary to ensure that the Key Person is removed from their position within the period specified in the decision notice; and

(C) if the Licensed Firm fails to comply with the requirements set out in the decision notice, the QFCA may take any action necessary to remove that Key Person from the relevant QFCA or CRO register without further notice to the Licensed Firm or the Key Person and update the relevant QFCA or CRO register to reflect their removal.

Derived (as from April 2022)

General Rule 13.3.4
Notwithstanding anything in Article 13.3.3, the QFCA may issue a decision notice disqualifying an existing Key Person and take any action necessary to remove them from their position with immediate effect if the QFCA concludes that any delay in doing so is prejudicial to the interests of the clients or customers of the Licensed Firm, or the interests of the QFC.

Derived (as from April 2022)

General Rule 13.3.5
If the QFCA determines that an existing Interest Holder of a Licensed Firm is not fit and proper to be an Interest Holder,

(A) the QFCA:
i. will notify the Licensed Firm of:
a) its intention to impose any of the Measures;

b) the right of each of the Licensed Firm and the Interest Holder to make written representations to the QFCA in relation to the proposed imposition of the Measures; and

c) the period within which any written representations must be made;

ii. will require the Licensed Firm to notify the Interest Holder of the QFCA’s intention and of the Interest Holder’s right to make written representations to the QFCA in relation to the proposed imposition of the Measures within the period specified in the QFCA’s notice;

(B) where the Licensed Firm or the Interest Holder fails to make representations within the period specified in the notice or any representations made do not satisfy the QFCA, the QFCA may issue a decision notice:
i. imposing any Measures from the date set out in the decision notice and amending the relevant QFCA or CRO register to reflect the Measures imposed on the Licensed Firm’s license;

ii. requiring the Licensed Firm to take such action as may be necessary to ensure the effective implementation of such Measures in respect of the Licensed Firm and the Interest Holder; and

iii. notifying the Licensed Firm of the period within which such action must be taken; and

(C) if the Licensed Firm fails to effectively implement such Measures within the period specified in the decision notice, then the QFCA may apply such additional Measures as it deems appropriate.

Derived (as from April 2022)

General Rule 13.3.6
Notwithstanding the provisions of Rule 13.3.5, the QFCA may impose any Measures with immediate effect if the QFCA concludes that any delay in doing so is prejudicial to the interests of the clients or customers of the Licensed Firm, or the interests of the QFC.

Derived (as from April 2022)

General Rule 13.3.7
When determining the fitness and propriety of a proposed or existing Key Person or Interest Holder, the QFCA may have regard to whether they or any of the Beneficial Owners or Nominators of the proposed or existing Key Person or Interest Holder, as the case may be:

(A) have been included on any sanctions list in any jurisdiction or are connected to or associated with any entity or person on any sanctions list in any jurisdiction;

(B) have previously knowingly or recklessly provided the QFCA, the Regulatory Authority, a QFC Institution or any regulatory body in any other jurisdiction with information that is false, misleading or deceptive or have concealed information where the concealment of such information was likely to mislead or deceive the QFCA, the Regulatory Authority, the QFC Institution or any regulatory body in any other jurisdiction;

(C) have been a Key Person or Interest Holder of:
i. a Licensed Firm whose license has been withdrawn by the QFCA; or

ii. an Authorised Firm whose authorisation has been withdrawn by the Regulatory Authority;

iii. a Licensed Firm that has been involuntarily de-registered by the CRO, or for which the QFCA has applied to the court under the Insolvency Regulations to have wound up; or

iv. a firm that has been involuntarily de-registered or whose license has been withdrawn by any regulatory body in any other jurisdiction;

(D) have been previously disqualified from acting as a Key Person or Interest Holder in or from the QFC or in any other jurisdiction;

(E) have been finally convicted by a court in any jurisdiction of any offence related to fraud, theft, false accounting, forgery, tax offences, dishonesty, money laundering, financing of terrorism, bribery, corruption, market manipulation, insider dealing or any other financial crimes or offences of moral turpitude or crimes and offences of similar nature, unless the record in respect of that conviction or guilt has been expunged by a competent authority;

(F) have been disqualified by a court, regulator or a government authority in any jurisdiction, from acting as the equivalent of a Key Person or Interest Holder of a company, partnership, body corporate, unincorporated association or any other legal entity or legal arrangement;

(G) have been disciplined by a regulator, governmental authority, self-regulatory authority or similar body in any jurisdiction;

(H) have been involved in the management of a company, partnership, body corporate, unincorporated association or other legal entity or legal arrangement in any jurisdiction that has been involuntarily wound up, liquidated, placed in liquidation, receivership or administration, or entered into a re-scheduling of its debts with its creditors or any similar process;

(I) have been declared bankrupt or entered an alternative voluntary arrangement to avoid bankruptcy (or the equivalent thereof) in any jurisdiction; or

(J) have been required to resign from any company, partnership, body corporate, unincorporated association or other legal entity or legal arrangement following an investigation by a regulator, governmental authority, self-regulatory authority or similar body in any jurisdiction.

Derived (as from April 2022)

General Rule 13.3.8
Notwithstanding the provisions of Rule 13.3.7, when making an assessment to determine the fitness and propriety of a proposed or existing Key Person or Interest Holder, the QFCA may have regard to any other facts, events or circumstances as it may consider appropriate in order to protect the interests of the QFC, including in respect of the Beneficial Owners or Nominators of such proposed or existing Key Person or Interest Holder.

Derived (as from April 2022)

General Rule 13.3.9
Where in accordance with this Rule 13.3 the QFCA issues a decision notice disqualifying a Key Person or imposing any of the Measures on an Interest Holder, it will also provide in that decision the period of such disqualification or imposition of Measures.

Derived (as from April 2022)

General Rule 13.3.10
For the purposes of this Rule 13.3:

Administration Officer has the meaning given in Article 76 of the Investment Club Regulations.

Beneficial Owner has the meaning given in Part 8A of these Rules.

Beneficiary has the meaning given in the Trust Regulations.

Branch means a branch of a Non-QFC Company, a Non-QFC Limited Liability Partnership or a Non-QFC Partnership, registered in the QFC under applicable Regulations.

Companies Regulations means the Companies Regulations 2005.

Dedicator has the meaning given in the Foundation Regulations.

Designated Representative has the meaning given in the Single Family Office Regulations.

Designated Member has the meaning given in the Limited Liability Partnerships Regulations.

Enforcer has the meaning given in the Foundation Regulations.

Foundation has the meaning given in the Foundation Regulations.

Foundation Regulations means the Foundation Regulations 2016.

Founder has the meaning given in the Foundation Regulations.

Insolvency Regulations means the Insolvency Regulations 2005.

Interest Holder means:

(A) in relation to a Licensed Firm that is a company, any Person that is a Member (as defined in the Companies Regulations). For the purposes of this definition, a company includes an LLC, LLC(G), Protected Cell Company, Special Purpose Company, Holding Company, Single Family Office and Investment Club (as these terms are defined in the relevant QFC Regulations);

(B) in relation to a Licensed Firm that is a Branch of a Non-QFC Company, that Non-QFC Company or any of its shareholders;

(C) in relation to a Licensed Firm that is a Limited Liability Partnership, any Person that is a Member (as defined in the Limited Liability Partnerships Regulations);

(D) in relation to a Licensed Firm that is a Branch of a Non-QFC Limited Liability Partnership, that Non-QFC Limited Liability Partnership or any of its partners;

(E) in relation to a Licensed Firm that is a QFC Trust, the Settlor of the Trust or any Person performing an equivalent function, a Beneficiary or any other Person exercising, directly or indirectly, effective control over the Trust;

(F) in relation to a Licensed Firm that is a Foundation, the Founder or Dedicator or any Person performing an equivalent function;

(G) in relation to a Licensed Firm that is a Partnership, any Person that is a Partner; and

(H) any other Person, other than a Key Person, who:
1. holds or controls, or is entitled to hold or control an ownership interest in the Licensed Firm;

2. holds or controls, or is entitled to hold or control, any voting rights or the equivalent thereof in the Licensed Firm;

3. holds or controls, or is entitled to hold or control, the right to appoint or remove any managers or the equivalent of the Licensed Firm; or

4. is entitled to receive any dividends, distributions, proceeds or the equivalent thereof from the Licensed Firm.

Investment Clubs Regulations means the QFC Investment Clubs Regulations 2016.

Key Person means:

(A) in relation to a company,:
1. a director;

2. the Senior Executive Function holder;

3. the secretary;

4. for a Single Family Office, a Designated Representative; or

5. for an Investment Club, the Administration Officer;

For the purposes of this definition, a company includes an LLC, LLC(G), Protected Cell Company, Special Purpose Company, Holding Company, Single Family Office and Investment Club (as these terms are defined in the relevant QFC Regulations);

(B) in relation to a Branch:
1. a Principal Representative

2. the Senior Executive Function;

(C) in relation to a Limited Liability Partnership, any Person that is a:
1. a Designated Member;

2. in the absence of a Designated Member, all Members (as defined in the Limited Liability partnership Regulations); or

3. the Senior Executive Function;

(D) in relation to a Trust:
1. a Trustee;

2. Protector; or

3. any other Person exercising, directly or indirectly, effective control over the Trust;

(E) in relation to a Foundation:
1. a Member (as defined in the Foundation Regulations);

2. the Registered Representative; or

3. the Enforcer;

4. in relation to a Partnership, any Partner;

Limited Liability Partnership has the meaning given in the Limited Liability Partnerships Regulations.

Limited Liability Partnerships Regulations means the Limited Liability Partnership Regulations 2005.

Measures means:

(A) if the Licensed Firm is a company, the QFCA may impose a restriction on the Licensed Firm’s license such that:
1. any transfer of ownership of any of the Interest Holder’s shares in the Licensed Firm to any third party, or creation of any other rights or interest in respect thereof, may not be registered without the written consent of the CRO, along with any other conditions that the QFCA or CRO considers appropriate; and

2. any registration of a transfer of ownership of any of the Interest Holder’s shares in the Licensed Firm, or creation of any other rights or interest in respect thereof, made without the written consent of the QFCA is null and void;

(B) if the Licensed Firm is not a company, the QFCA may impose a restriction on the Licensed Firm’s licence such that:
1. any transfer of ownership of any part of the Interest Holder’s ownership interest in the Licensed Firm to any third party, or creation of any other rights or interest in respect thereof, may not be registered without the written consent of the CRO, along with any other conditions that the QFCA or CRO considers appropriate; and

2. any registration of a transfer of ownership of any part of the Interest Holder’s ownership interest in the Licensed Firm, or creation of any other rights or interest in respect thereof, made without the written consent of the QFCA is null and void;

(C) the QFCA may require the Licensed Firm to withhold any dividends, distributions, proceeds or the equivalent thereof from being paid by the Licensed Firm to the Interest Holder or any person nominated by, related to or connected with the Interest Holder;

(D) the QFCA may require the Licensed Firm to freeze or withhold any new allotments or issuance of shares, debentures or any other securities, to the Interest Holder or any person nominated by, related to or connected with the Interest Holder; and

(E) the QFCA may take any other action against the Interest Holder and Licensed Firm, including initiating deregistration of the Licensed Firm in accordance with the applicable Regulations (or any equivalent action against Licensed Firms that are not companies).

Nominator has the meaning given in Part 8A of these Rules.

Non-QFC Company has the meaning given in the Companies Regulations.

Non-QFC Limited Liability Partnership has the meaning given in the Limited Liability Partnership Regulations.

Non-QFC Partnership has the meaning given in the Partnership Regulations.

Partner has the meaning given in the Partnership Regulations.

Partnership has the meaning given in the Partnership Regulations.

Partnership Regulations means the Partnership Regulations 2007.

Principal Representative in relation to a Branch, has the meaning given in the Companies Regulations, and in relation to a Partnership, has the meaning given them in the Partnership Regulations.

Protector has the meaning given in the Trust Regulations.

QFC Institution means 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 Trust means a Trust that is registered with the QFC Authority.

Registered Representative has the meaning given in the Foundation Regulations.

Settlor has the meaning given in the Trust Regulations.

Single Family Office has the meaning given in the Single Family Office Regulations.

Single Family Office Regulations means the Single Family Office Regulations 2013.

Trust has the meaning given in the Trust Regulations.

Trustee has the meaning given in the Trust Regulations.

Trust Regulations means the Trust Regulations 2007.

Derived (as from April 2022)

General Rule 14. General Rule 14. Competence, Training and Supervision

General Rule 14.1 Application
This General Rule 14 applies to a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 14.2 General Rule 14.2 Suitability and Competence

General Rule 14.2.1

A Licensed Firm should carry out appropriate investigations as to skill, experience, background and qualifications of that individual having regard to the nature and complexity of the relevant Registered Function in the context of the Non-Regulated Activities carried on by the Licensed Firm.

General Rule 14.2.2

A Licensed Firm may not assess an individual as competent to perform the Money Laundering Reporting Function unless it is satisfied that the individual has adequate knowledge of the AML Regulations and AML Rules.

General Rule 14.2.3
A Licensed Firm may not assess an individual as competent to perform the Money Laundering and Terrorist Financing Reporting Function unless it is satisfied that the individual has adequate knowledge of the AML/CFT Law and the AML/CFT Rules.

Amended by QFC Rules 2011-1 (as from 3rd October 2011)

General Rule 14.3 Training and Supervision

A Licensed Firm must implement appropriate procedures to ensure that an individual it has assessed as competent is and remains competent taking into account the functions they perform and any changes to the products and services offered by the Licensed Firm and the types of Client with which the Licensed Firm deals.

General Rule 15. General Rule 15. Performance of Registered Functions

General Rule 15.1 Application
This General Rule 15 applies to a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 15.2 General Rule 15.2 Multiple Appointments

General Rule 15.2.1
An individual may carry on Registered Functions for more than one Licensed Firm provided that:

(A) each such Licensed Firm confirms to the QFCA:
(i) that it is aware of the Registered Functions which that individual carries out for any other Licensed Firm;

(ii) that it is satisfied that no conflict of interest will arise from the performance by that individual of those Registered Functions for such other Licensed Firm; and

(B) the QFCA is satisfied that no such conflicts of interest will arise.

Amended (as from 23rd September 2014)

General Rule 15.2.2

An individual may carry on more than one Registered Function for a Licensed Firm provided that the Licensed Firm is satisfied that the performance of such Registered Functions does not give rise to any internal or external conflicts of interest and is appropriate having regard to the nature, scale and complexity of the business carried on by that Licensed Firm.

General Rule 16. General Rule 16. Professional Services

Amended (as from 23rd September 2014)

General Rule 16.1 Application
This General Rule 16 applies to a Licensed Firm that is conducting or intends to conduct the Professional Services below in or from the QFC.

Amended (as from 23rd September 2014)

General Rule 16.2 General Rule 16.2 Definition

General Rule 16.2.1
An activity constitutes Professional Services under these QFCA Rules where it is an activity specified in General Rule 16.2.2 and such activity is carried on by way of business in the manner described in General Rule 16.2.4.

Amended (as from 23rd September 2014)

General Rule 16.2.2
The activities for the purposes of General Rule 16.2.1 are:

(A) providing Legal Services;

(B) providing Accountancy Services;

(C) providing Tax Services;

(D) providing Ship Broking and Agency Services;

(E) providing Credit Rating Services; and

(F) providing Classification Services

Amended (as from 23rd September 2014)

General Rule 16.2.3

Each kind of activity specified in General Rule 16.2.2:

(A) is to be construed in the manner provided under these Rules; and

(B) is subject to rules and exclusions under these Rules which may apply to such an activity.

General Rule 16.2.4
A Licensed Firm carries on an activity specified in General Rule 16.2.2 by way of business only if it carries on that activity from a permanent place of business maintained by it in the QFC and engages in that activity in a manner which constitutes the carrying on of a business by it.

Amended (as from 23rd September 2014)

General Rule 16.2.5

An individual does not carry on an activity specified in General Rule 16.2.2 by way of business if he or she carries on that activity solely as an employee or partner who is employed or appointed under a contract of service or partnership contract by a Licensed Firm.

General Rule 16.2.6

A Person does not carry on an activity specified in General Rule 16.2.2 by way of business if that Person is a Body Corporate and carries on the activity solely as principal with or for other Bodies Corporate:

(A) which are within the same Group; or

(B) which are or propose to become participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise.

General Rule 16.2.7

A person does not carry on an activity specified in General Rule 16.2.2 by way of business if such a person is an agency or other body created by or under the QFC or employed by the QFCA or QFC Regulatory Authority to the extent that it exercises a power to perform a function relating to the governance or regulation of the QFC.

General Rule 16.3 General Rule 16.3 Definitions of Professional Services

Amended (as from 23rd September 2014)

General Rule 16.3.1 Providing Legal Services

In General Rule 16.2.2, providing Legal Services means the application of legal principles or judgment with regard to the circumstances of another Person, including but not limited to:

(A) giving legal advice or counsel to such a Person as to his legal rights or the legal rights or responsibilities of others;

(B) giving legal advice or counsel to such a Person in relation to any QFC Law, or any Regulations or Rules issued thereunder or the laws of any other jurisdiction;

(C) drafting or completion of legal documents or agreements which affect such a Person's legal rights;

(D) representation of such a person in court proceedings or in an administrative adjudicative procedure in which legal pleadings are filed or a record is established as the basis for judicial review; or

(E) negotiation of legal rights or responsibilities on behalf of such a Person; but excluding acting as a lay representative authorised by an administrative agency or tribunal, serving as a judge, mediator, arbitrator, conciliator or facilitator; and participation in employment negotiations, arbitrations or conciliations.

General Rule 16.3.2 Providing Accountancy Services

In General Rule 16.2.2 providing Accountancy Services means the application of accounting principles or judgment with regard to the circumstances of another Person, including but not limited to the following:

(A) performing audit, examination, verification, investigation, certification, presentation or review of financial transactions and accounting records for such a Person;

(B) preparing or certifying reports on audits or examinations of books or records of account, balance sheets, and other financial, accounting and related documents for such a Person; or

(C) advising such a Person on matters relating to accounting procedure and the recording, presentation or certification of financial information or data, including financial information or data required, including by legislation applicable in the QFC.

General Rule 16.3.3 Providing Tax Services
In General Rule 16.2.2 providing Tax Services means the provision of advice regarding taxation within the QFC, and taxation in one or more international jurisdictions and includes without limitation the tax implications in any jurisdiction of any Permitted Activity undertaken by an Authorised Firm or a Licensed Firm.

Amended (as from 23rd September 2014)

General Rule 16.3.4 Providing Ship Broking and Agency Services

In General Rule 16.2.2 providing Ship Broking and Agency Services means acting as an international shipbroker and/or shipping agent, including acting as intermediaries between ship owners and cargo interests or trading on their own account.

General Rule 16.3.5 Providing Credit Rating Services

In General Rule 16.2.2 providing Credit Rating Services means the assessment and provision of credit ratings and related financial information services in relation to Persons whether located in the QFC or outside the QFC.

General Rule 16.3.6 Providing Classification Services

In General Rule 16.2.2 providing Classification Services means providing services for classification of vessels.

General Rule 16.4 General Rule 16.4 Application

General Rule 16.4.1
An Applicant seeking a Licence to provide Professional Services must apply to the QFCA to provide such services in or from the QFC by completing QFC Form Q01 as well as any other documentation required for an Applicant. An Applicant wishing to provide Professional Services must provide detailed information relating to all relevant criteria for the relevant Professional Service as set out in Schedule 5 to these General Rules.

Amended (as from 23rd September 2014)

General Rule 16.4.2
An Applicant seeking to provide Professional Services must be a body corporate or a partnership. The Licensed Firm can be established as a Limited Liability Company, a Limited Liability Partnership, a Branch or as permitted by other Regulations within the QFC.

Amended (as from 23rd September 2014)

General Rule 16.4.3
When considering an Application for registration to provide Professional Services, the QFCA will consider an Applicant's responses to the requirements set out in Schedule 5 for a particular Professional Service.

Amended (as from 23rd September 2014)

General Rule 16.4.4

The QFCA shall have discretion whether to recognise any regulatory body or professional body to which an Applicant is a member (a "Recognised Professional Body") and any rules of conduct or code of conduct to which the Applicant may subscribe ("Recognised Conduct Rules"). The QFCA may also consider any matter that may harm or may have harmed the integrity or the reputation of the QFC or the QFCA.

General Rule 16.4.5
The QFCA may from time to time, if it considers it expedient, publish lists of Recognised Professional Bodies or Recognised Conduct Rules. An Applicant's membership of a Recognised Professional Body or compliance with Recognised Conduct Rules shall not mean that the QFCA shall or must provide the Applicant with a Licence to operate in or from the QFC.

Amended (as from 23rd September 2014)

General Rule 16.4.6
Following consideration of an Application, and any supporting information that the QFCA may request, the QFCA may in its discretion grant a Licence to an Applicant to conduct Professional Services in or from the QFC. The QFCA may place as a condition of the grant of a Licence to a Licensed Firm, amongst any other conditions as the QFCA may consider necessary, the continued membership and good standing of the Licensed Firm with the Recognised Professional Body to which it or its affiliate is a member and/or the continued compliance of the Licensed Firm with particular Recognised Conduct Rules or such other rules as the QFCA may consider necessary, provided that any such conditions shall be set out in the relevant Licence.

Amended (as from 23rd September 2014)

General Rule 16.5 General Rule 16.5 On-going duties

Amended (as from 23rd September 2014)

General Rule 16.5.1
Without prejudice to the general operating requirements under the QFCA Rules, and other Rules and Regulations of the QFC applicable to a Licensed Firm, a Licensed Firm conducting Professional Services shall follow any Recognised Conduct Rules applicable to it and any other requirements of the Recognised Professional Body to which it or its affiliate is a member, as may be required by the QFCA when granting a Licence pursuant to General Rule 16.4.6.

Amended (as from 23rd September 2014)

General Rule 16.5.2
Licensed Firms providing Professional Services in or from the QFC shall keep a record of all employees and, where applicable, partners operating in or from the QFC that are registered or certified by any Recognised Professional Body, and shall provide to the QFCA a list of all such employees and partners as amended from time to time.

Amended (as from 23rd September 2014)

General Rule 16.5.3
The Licensed Firm shall ensure that all employees and partners or other offices of the Licensed Firm shall comply with any training requirements of the Recognised Professional Body, including any requirements for continuing professional education, and shall maintain any registration or authorisation by the Recognised Professional Body. The QFCA may in its own discretion waive a requirement for an individual employed by a Licensed Firm who provides Professional Services to be registered or authorised by a Recognised Professional Body.

Amended (as from 23rd September 2014)

General Rule 16.5.4

The Applicant or a Licensed Firm must inform the QFCA in writing as soon as it becomes aware of any change in the information provided pursuant to General Rule 16.4.1, or of any investigation of the activities or employees or officers of the Licensed Firm or any of its affiliates, whether based in Qatar or outside Qatar, by any regulatory body or professional body to which either the Licensed Firm or any of its affiliates is responsible or is a member. The Licensed Firm will cooperate with the QFCA and provide further information to the QFCA including any revised rules of professional conduct or code of conduct to which the Licensed Firm complies.

General Rule 16.6 Withdrawal of Licence
Without prejudice to any other Rules and Regulations of the QFC, if a Licensed Firm loses its membership of a Recognised Professional Body the QFCA may suspend or withdraw the Licensed Firm's Licence. If a Licensed Firm is the subject of an investigation by a Recognised Professional Body, the QFCA may provide any information it holds regarding the Licensed Firm to the Recognised Professional Body or its advisers.

Amended (as from 23rd September 2014)

Schedule 1 — Principles

1. Principles of Conduct

1.1 Principles 3, 4 and 5 also take into account any activities of other members of a Licensed Firm's Group where those activities impact or potentially impact the Licensed Firm's compliance with these Principles.

1.2 References in the Principles to Clients include references to potential Clients.

1.3 The Principles

Principle 1 Integrity	A Licensed Firm should observe high standards of integrity in the conduct of its business.
Principle 2 Skill, Care and Diligence	A Licensed Firm should act with due skill, care and diligence in the conduct of its business.
Principle 3 Management	A Licensed Firm should ensure that its affairs are managed effectively by its senior management.
Principle 4 Systems and Controls	A Licensed Firm should have effective systems and controls including risk management systems and adequate human and technological resources.
Principle 5 Financial Prudence	A Licensed Firm should maintain adequate financial resources.
Principle 6 Market Conduct	A Licensed Firm should observe proper standards of market conduct.
Principle 7 Clients' Interests	A Licensed Firm should have due regard to its Clients' interests and treat them fairly.
Principle 8 Communications with Clients	A Licensed Firm should pay due regard to the information needs of its Clients and communicate information to them in a way which is clear, fair and not misleading.
Principle 9 Conflicts of Interest	A Licensed Firm should manage conflicts of interest fairly, both between itself and its Client, and between a Client and another Client, and must organise its affairs such that conflicts can be identified.
Principle 10 Relationship of Trust	A Licensed Firm should discharge faithfully a responsibility of trust toward a Client, including, taking reasonable care to ensure the suitability of its advice and discretionary decisions for any Client who is entitled to rely upon its judgment.
Principle 11 Client Assets	A Licensed Firm should arrange adequate protection for Clients' assets when it is responsible for them in accordance with the responsibility it has accepted.
Principle 12 Confidentiality	A Licensed Firm should ensure that information of a confidential nature received in the course of dealings with its Clients is treated in an appropriate manner.
Principle 13 Relations with the QFCA	A Licensed Firm should deal with all relevant rules and regulations in an open and cooperative manner and keep the QFCA promptly informed of anything relating to the Licensed Firm, of which the QFCA would reasonably expect notice.

Schedule 2 — Reporting Table

Reporting Table

1. Guidance

1.1. The aim of the Reporting Table is to provide a Licensed Firm with an overview of the relevant periodic reporting requirements throughout the Rules.

1.2. The table is not a complete statement of all requirements and should not be relied upon as such.

REFERENCE	REPORT	FREQUENCY	DUE DATE	FIRM
General Rule 9.4	Financial Statements and Auditors Annual Report	Annually	Within four (4) months of the end of its financial year	Licensed Firm
General Rule 9.5.1(D)	Client Money Auditors Report	Annually	Within four (4) months of the end of its financial year	Licensed Firm that holds Client Money

Amended (as from 23rd September 2014)

Schedule 3 — Record Keeping Requirements

1. Record Keeping Table

1.1. General Rules

Subject of record	When	Retention Period
Accounting records, financial accounts and statements and auditor reports	On making the record	Six (6) years from the date to which they relate
Auditors qualification and approval	On appointment of the auditor	Six (6) years following the cessation of appointment of the auditor
Basic Information, Register of Basic Information, Required Information on Beneficial Owners, Register of Beneficial Owners, Nominee Particulars on Nominee Directors or Nominee Shareholders and Register of Nominees (if any)	From the date of winding up, dissolution, termination or striking off	Ten (10) years

1.2. Individuals

Subject of record	When	Retention Period
Suitability and competence of individual to conduct Registered Functions	When assessing suitability and competence	Six (6) years after the individual ceases to perform the relevant Registered Function
Assessment of competency	When assessing competency	Six (6) years from the date on which the steps were taken

1.3. COB Rules

Subject of record	When	Retention Period
Any complaint received pursuant to COB Rule 6.2	On receiving complaint	Six (6) years after date of complaint

Amended (as from 3rd February 2020).
Amended (as from December 2021).

Schedule 4 — Fees

1. Application Fees

An Applicant seeking a Licence to conduct Non-Regulated Activities must pay the fees as follows, and as may be amended by the QFCA from time to time:

Non-regulated Activity	(USD or equivalent in QAR)
Ship broking and shipping agents	5000
Classification services, investment grading and other grading services	5000
Company headquarters, management offices and treasury operations	5000
Professional services including legal, accounting and consulting	5000
Holding companies	5000
Formation, operation and administration of trusts	5000
Formation, operation and administration of companies	5000
Special Purpose Companies	5000
Single Family Offices	5000

No separate fee is payable for registration with the CRO.

2. Annual Fees

2.1 Initial Annual Fee

(1) A Licensed Firm must pay to the QFCA an initial annual fee for the initial period after the grant of Licensed Firm status.

(2) The initial annual fee is calculated as the standard annual fee pro-rated over the whole months remaining between the date of the grant of the Licence and the end of the calendar year.

2.2 Subsequent Annual Fees

(1) A Licensed Firm must pay to the QFCA a standard annual fee after the period described in above paragraph 2.1.

(2) The standard annual fee is as follows, and may be amended by the QFCA:

Non-regulated Activity	(USD or equivalent in QAR)
Ship broking and shipping agents	5000
Classification services including credit ratings	5000
Non-regulated Activity	(USD or equivalent in QAR)
Company headquarters, management offices and treasury operations	5000
Professional services including legal, accounting and consulting	5000
Holding companies	500
Formation, operation and administration of trusts	5000
Formation, operation and administration of companies	5000
Special Purpose Companies	500
Single Family Offices	5000

3. Provision of Extracts of Information from the Registers of Public Information

In accordance with General Rule 10.6, Persons must upon Application for extracts of information from the registers of public information maintained by the QFCA, whether relating to either a Licensed Firm or a Registered Function, pay to the QFCA the prescribed fee of US$50 for each specific information request.

4. Miscellaneous Fees

The QFCA may also charge fees as specified in Schedule 4 or otherwise by notice for various services requested by Licensed or Authorised Firms not mandated by any Relevant Requirement but are otherwise consistent with the QFCA's Objectives. The minimum fee for any such service shall be US$50.00 and notice will be provided in advance of actual fees to be assessed for that service.

Amended (as from 23rd September 2014)

Schedule 5 — Licensing Criteria
When assessing an Application to conduct a Professional Services or other Non-Regulated Activity, as the QFCA may determine on a case by case basis, the QFCA may consider any of the following criteria, as well as any other criteria which in its sole discretion it considers relevant in order to further the QFCA's Objectives in Article 5 of the QFC Law to establish, develop and promote the QFC as a leading location for international finance and business with a legal and regulatory structure that complies with international best practice.

(A) In respect to providing Legal Services
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) details of any codes of practice or rules to which the Applicant complies;

(iii) a list of the laws and jurisdictions in which the Applicant and its lawyers are qualified to practice;

(iv) a list of any investigations undertaken by any regulatory body that regulates the Applicant;

(v) details of the types of Clients and matters that the Applicant has worked on in the past;

(vi) the extent to which the Applicant has shown its qualification to practice particular areas of law in support of different Permitted Activities to the standard that shall apply in the QFC;

(vii) the extent to which the Applicant has demonstrated that its core areas of practice are not readily available from provider of legal services al available in the State of Qatar or elsewhere in the region;

(viii) details of the Applicants professional indemnity insurance cover;

(ix) such other criteria as the QFCA may consider relevant or necessary.

(B) Accountancy Services
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) details of any codes of practice or rules to which the Applicant complies;

(iii) a list of any investigations undertaken by any regulatory body that regulates the Applicant;

(iv) details of the types of Clients and matters that the Applicant has worked on in the past;

(v) details of the Applicants professional indemnity insurance cover;

(vi) qualifications to apply IFRS, UK GAAP, US GAAP, General Accepted Accounting Standards and/or AAOIFI standards;

(vii) such other criteria as the QFCA may consider relevant or necessary.

(C) Tax Services
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) details of the codes of practice or rules to which the Applicant complies;

(iii) a list of any investigations undertaken by any regulatory body that regulates the Applicant;

(iv) details of the types of Clients and matters that the Applicant has worked on in the past;

(v) details of the tax systems on which the Applicant has experience of advising;

(vi) details of the Applicant's professional indemnity insurance cover;

(vii) such other criteria as the QFCA may consider relevant or necessary.

(D) Ship Broking and Agents Services
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) details of the codes of practice or rules to which the Applicant complies;

(iii) a list of any investigations undertaken by any regulatory body that regulates the Applicant;

(iv) details of the types of Clients and matters that the Applicant has worked on in the past;

(v) details of the Applicant's professional indemnity insurance cover;

(vi) such other criteria as the QFCA may consider relevant or necessary.

(E) Credit Rating Services
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) details of the codes of practice or rules to which the Applicant complies;

(iii) a list of any investigations undertaken by any regulatory body that oversees the Applicant;

(iv) details of the types of Clients and matters that the Applicant has worked on in the past;

(v) details of the Applicant's professional indemnity insurance cover;

(vi) such other criteria as the QFCA may consider relevant or necessary.

(F) Classification Services
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) details of the codes of practice or rules to which the Applicant complies;

(iii) a list of any investigations undertaken by any regulatory body that oversees the Applicant;

(iv) details of the types of Clients and matters that the Applicant has worked on in the past;

(v) details of the Applicant's professional indemnity insurance cover;

(vi) such other criteria as the QFCA may consider relevant or necessary.

(G) Other Non-Regulated Activities
(i) a list of the professional bodies to which the Applicant is associated and/or regulated by;

(ii) a list of the codes of practice or rules to which the Applicant complies;

(iii) a list of any investigations undertaken by any regulatory body that oversees the Applicant;

(iv) details of the types of Clients and matters that the Applicant has worked on in the past;

(v) details of the Applicant's professional indemnity insurance cover;

(vi) such other criteria as the QFCA may consider relevant or necessary.

Amended (as from 23rd September 2014)

Location:

Part 2: Part 2: General Rules

General Rule 1. Application

General Rule 2. General Rule 2. Licence to Conduct Non-Regulated Activities

General Rule 2.1 Application

General Rule 2.2 General Conduct

General Rule 2.3 Rejection of Licence Application

General Rule 3. General Rule 3. General Provisions

General Rule 3.1 Application

General Rule 3.2 General Rule 3.2 Disclosure of Licensed Status

General Rule 3.2.1

General Rule 3.2.2

General Rule 3.3 General Rule 3.3 Communication with the QFCA and the CRO

General Rule 3.3.1

General Rule 3.3.2

General Rule 3.4 Complaints against the QFCA

General Rule 3.5 General Rule 3.5 Registers of Public Information

General Rule 3.5.1

General Rule 3.5.2

General Rule 3.6 Provision of Information

General Rule 4. General Rule 4. Notices to the QFCA

General Rule 4.1 Application

General Rule 4.2 General Rule 4.2 Provision of Notifications

General Rule 4.2.1

General Rule 4.2.2

General Rule 4.2.3

General Rule 4.3 General Rule 4.3 Core Details

General Rule 4.3.1

General Rule 4.3.2

General Rule 4.4 General Rule 4.4 Significant Events

General Rule 4.4.1

General Rule 4.5 General Rule 4.5 Fraud and Errors

General Rule 4.5.1

General Rule 4.6 General Rule 4.6 Action against a Licensed Firm

General Rule 4.6.1

General Rule 5. General Rule 5. Reporting

General Rule 5.1 Application

General Rule 5.2 General Rule 5.2 Provision of Reports

General Rule 5.2.1

General Rule 5.2.2

General Rule 5.3 Summary of Reporting Requirements

General Rule 6. General Rule 6. Record Keeping

General Rule 6.1 Application

General Rule 6.2 General Rule 6.2 General Requirements

General Rule 6.2.1

General Rule 6.3 General Rule 6.3 Maintenance of Records

General Rule 6.3.1

General Rule 6.3.2

General Rule 6.3.3

General Rule 6.3.4

General Rule 6.3.5

General Rule 7. General Rule 7. Waivers and Modifications

General Rule 7.1 Application

General Rule 7.2 General Rule 7.2 Application to Waive or Modify Rules

General Rule 7.2.1

General Rule 7.2.2

General Rule 7.2.3

General Rule 7.2.4

General Rule 7.3 General Rule 7.3 Procedure on Receipt of an Application

General Rule 7.3.1

General Rule 7.3.2

General Rule 7.4 General Rule 7.4 Conditions for Granting a Waiver or Modification

General Rule 7.4.1

General Rule 7.5 General Rule 7.5 Applicability of a Waiver or Modification Notice

General Rule 7.5.1

General Rule 7.5.2

General Rule 7.6 Continuing Relevance of a Written Notice

General Rule 7.7 General Rule 7.7 Publication of a Waiver or Modification Notice

General Rule 7.7.1

General Rule 7.8 Revocation or Variation of a Waiver or Modification Notice

General Rule 7.9 Referral of the QFCA's Decisions in Relation to a Waiver or Modification Notice

General Rule 8. General Rule 8. Controllers

General Rule 8.1 General Rule 8.1 Application

General Rule 8.1.1

General Rule 8.2 General Rule 8.2 General Provisions

General Rule 8.2.1

General Rule 8.2.2

General Rule 8.2.3

General Rule 8.3 Requirement to Notify the QFCA

General Rule 8.4 General Rule 8.4 Controller Notice