Part 1: Part 1: Application, Commencement and Interpretation
Article 1 - Citation
Regulationsmay be referred to as the Financial Services Regulations.
Article 2 - Application(1) These
Regulationsare made by the Ministerpursuant to Article 9 of the QFC Law and have received the consent of the Council of Ministersas required by Article 8.1 of the QFC Law and amongst other things define the management, objectives, duties, functions, powers and constitution of the Regulatory Authority(including the activities which shall fall to be regulated, licensed and supervised by the Regulatory Authority). These Regulationsalso define the management objectives, duties, functions, powers and constitution of the Appeals Bodyas required by Articles 8.1 and 8.2 of the QFC Law.(2) These Regulationsshall apply in the QFC. To the fullest extent permitted by the QFC Law, the laws, rules and regulations of the Stateconcerning the matters dealt with by or under these Regulationsshall not apply in the QFC.
Article 3 - Commencement
Regulationsshall come into force on 17 May 2005.
Article 4 - Language
In accordance with Article 9 of the QFC Law, these
Regulationsare 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 these Regulationsand any other version, the English text shall prevail.
Article 5 - Interpretation
Words and expressions used in these
Regulationsand interpretative provisions applying to these Regulationsare set out in Part 18.