Part 1: Part 1: Application, Commencement and Interpretation
Article 1 - Citation
These
Regulations may be referred to as the Financial Services Regulations.Article 2 - Application
(1) TheseRegulations are made by theMinister pursuant to Article 9 of the QFC Law and have received the consent of theCouncil of Ministers as required by Article 8.1 of the QFC Law and amongst other things define the management, objectives, duties, functions, powers and constitution of theRegulatory Authority (including the activities which shall fall to be regulated, licensed and supervised by theRegulatory Authority ). TheseRegulations also define the management objectives, duties, functions, powers and constitution of theAppeals Body as required by Articles 8.1 and 8.2 of the QFC Law.(2) TheseRegulations shall apply in theQFC . To the fullest extent permitted by theQFC Law , the laws, rules and regulations of theState concerning the matters dealt with by or under theseRegulations shall not apply in theQFC .Article 3 - Commencement
These
Regulations shall come into force on 17 May 2005.Article 4 - Language
In accordance with Article 9 of the QFC Law, these
Regulations are written in the English language and the text thereof shall be the official original text. Any translation thereof into another language shall not be authoritative and in the event of any discrepancy between the English text of theseRegulations and any other version, the English text shall prevail.Article 5 - Interpretation
Words and expressions used in these
Regulations and interpretative provisions applying to theseRegulations are set out in Part 18.