Part 2: Part 2: Introduction
Article 6 - Interrelation with QFC
QFCwas established pursuant to the QFC Lawand the commercial operations of the QFCare managed by the QFC Authority. The objectives of the QFC Authorityare:(1) to establish, develop and promote the QFCas a leading location for international finance and business designed to attract international banking, financial services, insurance businesses, corporate head office functions, as well as other business;(2) to participate, in consultation with the Regulatory Bodyand the Appeals Bodyas may be appropriate, in the establishment and maintenance of an appropriate legal and regulatory regime to govern the QFCand activities lawfully conducted within it or conducted outside it by persons, companies or entities established within it;(3) to ensure the QFC, including the QFC Institutions, have adequate finance or are able to obtain adequate finance, so that they can finance their respective activities without undue difficulty and are financially stable;(4) to act in accordance with and promote international best practice and to eliminate bureaucracy to the maximum extent possible; and(5) all other things reasonably considered by it to be necessary, desirable or appropriate to achieve, further or assist in relation to any of the above objects.
Article 7 - The Regulatory Authority(1) The
Regulatory Authoritywas established by the QFC Lawfor the purposes of regulating, authorising and supervising banking, financial and insurance-related businesses carried on in or from the QFC.(2) The Regulatory Authorityalso has Functionsunder these Regulationsarising out of other Lawsand Regulations(for example, those relating to anti-money laundering and combating terrorist financing).(3) The Regulatory Authorityis a body corporate owned by the Statereporting to the Council of Ministers. The Regulatory Authorityhas, under the QFC Law, financial and administrative autonomy from the State, the QFCA, the Appeals Bodyand other QFC Institutions. The Regulatory Authorityhas an independent budget for which the Statehas primary responsibility. Amended by QFC Reg 2010-2 (as from 9th December 2010)
Article 8 - The Appeals Body(1) The
Appeals Bodywas established by the QFC Lawfor the purposes of hearing appeals against the decisions of the Regulatory Authority.(2) The Appeals Bodyhas, under the QFC Law, financial and administrative autonomy from the State, the QFCA, the Regulatory Authorityand other QFC Institutions. The Appeals Bodyhas an independent budget for which the Statehas primary responsibility. According to the QFC Law, the Appeals Membersare independent in the performance of their duties and neither the State, the Council of Ministers, the Chairmanof the QFCA, the Regulatory Authoritynor any other person may intervene in the course of the decisions of the Appeals Body.(3) The Appeals Bodyis the only body with jurisdiction to hear appeals against decisions made by the Regulatory Authorityand its decision is final and binding on the parties and is not subject to further appeal.(4) The Appeals Bodymust comply with the requirements as to its management and constitution set out in Schedule 4.(5) Without prejudice to any other powers and rights that it may have hereunder or under any other applicable laws or Regulations, the Appeals Bodyshall have the powers and rights and be subject to the duties and obligations set out in Schedule 4.
Article 9 - The Tribunal(1) The
QFC Lawalso makes provision for the establishment of the Tribunalwhich will have jurisdiction to determine disputes relating to activities undertaken in or from the QFC, or events occurring in the QFC, or to make orders, directions or determinations in accordance with and to the extent provided for in the TDR Regulations.(2) The jurisdiction of the Tribunalwill include (subject to Article 8(3) (Jurisdiction of the Appeals Body)):(A) any civil or commercial proceedings brought by any Personpursuant to the TDR Regulationsor any other QFC Lawor Regulation;(B) any application for judicial review of a decision of the QFC Authoritytaken under any QFC Lawor Regulation, or of a Personexercising the powers and functions of a body established under the QFC Lawor any Regulation;(C) any application brought pursuant to any QFC Lawor Regulation;(D) any matter that appears to the Tribunal, or the application of the QFC Authority, to affect the integrity of the QFCor the QFC Law, or which is alleged by any other Personto affect that integrity and which the Tribunalthinks fit to hear; and(E) any other class of case that another law empowers the Tribunalto hear and determine.