• Part 2: Part 2: Introduction

    • Article 6 - Interrelation with QFC

      The QFC was established pursuant to the QFC Law and the commercial operations of the QFC are managed by the QFC Authority. The objectives of the QFC Authority are:

      (1) to establish, develop and promote the QFC as 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 Body and the Appeals Body as may be appropriate, in the establishment and maintenance of an appropriate legal and regulatory regime to govern the QFC and 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 Authority was established by the QFC Law for the purposes of regulating, authorising and supervising banking, financial and insurance-related businesses carried on in or from the QFC.
      (2) The Regulatory Authority also has Functions under these Regulations arising out of other Laws and Regulations (for example, those relating to anti-money laundering and combating terrorist financing).
      (3) The Regulatory Authority is a body corporate owned by the State reporting to the Council of Ministers. The Regulatory Authority has, under the QFC Law, financial and administrative autonomy from the State, the QFCA, the Appeals Body and other QFC Institutions. The Regulatory Authority has an independent budget for which the State has primary responsibility.
      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 8 - The Appeals Body

      (1) The Appeals Body was established by the QFC Law for the purposes of hearing appeals against the decisions of the Regulatory Authority.
      (2) The Appeals Body has, under the QFC Law, financial and administrative autonomy from the State, the QFCA, the Regulatory Authority and other QFC Institutions. The Appeals Body has an independent budget for which the State has primary responsibility. According to the QFC Law, the Appeals Members are independent in the performance of their duties and neither the State, the Council of Ministers, the Chairman of the QFCA, the Regulatory Authority nor any other person may intervene in the course of the decisions of the Appeals Body.
      (3) The Appeals Body is the only body with jurisdiction to hear appeals against decisions made by the Regulatory Authority and its decision is final and binding on the parties and is not subject to further appeal.
      (4) The Appeals Body must 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 Body shall 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 Law also makes provision for the establishment of the Tribunal which 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 Tribunal will include (subject to Article 8(3) (Jurisdiction of the Appeals Body)):
      (A) any civil or commercial proceedings brought by any Person pursuant to the TDR Regulations or any other QFC Law or Regulation;
      (B) any application for judicial review of a decision of the QFC Authority taken under any QFC Law or Regulation, or of a Person exercising the powers and functions of a body established under the QFC Law or any Regulation;
      (C) any application brought pursuant to any QFC Law or Regulation;
      (D) any matter that appears to the Tribunal, or the application of the QFC Authority, to affect the integrity of the QFC or the QFC Law, or which is alleged by any other Person to affect that integrity and which the Tribunal thinks fit to hear; and
      (E) any other class of case that another law empowers the Tribunal to hear and determine.