Back Link Text Only Rich Text Print Custom print

  • Part 4: Part 4: Regulated Activities

    • Article 22 - Background

      (1) The QFC Law provides that no activities may be conducted in or from the QFC unless they fall within the general categories of Permitted Activities set out in the QFC Law (and which are set out in Part 4 of Schedule 3 for ease of reference).
      (2) The QFC Law also provides that no Regulated Activities are to be conducted in or from the QFC save pursuant to an appropriate approval, authorisation or licence from the Regulatory Authority.

    • Article 23 - Regulated Activities

      (1) Subject to any Rules, an activity is a Regulated Activity for the purposes of the QFC Law and these Regulations if it:
      (A) falls within one or more of the categories of Specified Activities set out in Part 2 of Schedule 3 applying (to the extent stated in Part 2 of Schedule 3) to one or more Specified Products; and
      (B) is carried on by way of business as described in Article 25.
      (2) A Permitted Activity is also a Regulated Activity for the purposes of the QFC Law and these Regulations if it is declared to be a regulated activity by or under any Rules.
      (3) However, subject to any Rules, an activity is not a Regulated Activity for the purposes of the QFC Law or these Regulations if it falls within 1 or more of the exemptions in Part 1 of Schedule 3.
      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 24 - Regulated Activities in respect of retail customers

      (1) The Regulatory Authority may authorise Persons to carry on Regulated Activities with or for retail customers in the State after it has put in place measures to ensure appropriate customer protections commensurate with the needs of such customers.
      (2) References in Articles 24(1) to retail customers are to individuals having such characteristics or such other type or category of Person as the Regulatory Authority may specify by Rules.

    • Article 25 - Activities carried on by way of business

      (1) Subject to Article 25(2) for the purposes of this Part an activity is carried on by way of business if:
      (A) the Person who carries on the activity;
      (i) holds himself out to other Persons as engaging in that activity; or
      (ii) regularly solicits Persons other than Authorised Firms to engage with him in transactions constituting that activity; or
      (B) the activity is carried on in a manner which is otherwise deemed to constitute the carrying on of an activity by way of business in accordance with Rules issued by the Regulatory Authority under Article 25(2).
      (2) The Regulatory Authority may from time to time issue Rules
      (A) as to the circumstances in which an activity is or is not to be regarded as carried on by way of business to supplement the provisions in this Article; and
      (B) in respect of the scope of Article 25(1)(A) including the circumstances in which a Person should not be regarded as holding out or soliciting or should otherwise be regarded as a customer to the market (and accordingly not carrying on a Regulated Activity for the purposes of the QFC Law and these Regulations).

    • Article 26 - Activities conducted in or from the QFC

      (1) A Person who would not otherwise be regarded as carrying on activities in or from the QFC shall be deemed to be carrying on activities in or from the QFC for the purposes of Article 11(2) of the QFC Law and these Regulations if:
      (A) that Person is a QFC Entity and the day-to-day management of those activities (even if those activities are undertaken in whole or in part from outside the QFC) are the responsibility of the QFC Entity;
      (B) that Person's head office is outside the QFC but the activity is carried on from an establishment maintained by him in the QFC; or
      (C) the activities are conducted in circumstances that are deemed to amount to activities carried on in or from the QFC under Rules made by the Regulatory Authority in accordance with Article 26(2).
      (2) The Regulatory Authority may from time to time issue Rules as to the circumstances in which activities capable of having an effect in the QFC are or are not to be regarded as conducted in or from the QFC.
      Amended by QFC Reg 2010-2 (as from 9th December 2010)