• 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) These Regulations are made by the Minister pursuant to Article 9 of the QFC Law and have received the consent of the Council 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 the Regulatory Authority (including the activities which shall fall to be regulated, licensed and supervised by the Regulatory Authority). These Regulations also define the management objectives, duties, functions, powers and constitution of the Appeals Body as required by Articles 8.1 and 8.2 of the QFC Law.
      (2) These Regulations shall apply in the QFC. To the fullest extent permitted by the QFC Law, the laws, rules and regulations of the State concerning the matters dealt with by or under these Regulations shall not apply in the QFC.

    • 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 these Regulations and any other version, the English text shall prevail.

    • Article 5 - Interpretation

      Words and expressions used in these Regulations and interpretative provisions applying to these Regulations are set out in Part 18.