• GENE Part 10.7 GENE Part 10.7 Fees for certain reporting etc contraventions

    • GENE 10.7.1 Application of Part 10.7

      (1) This Part applies if a person contravenes any of the rules mentioned in subrule (2) by failing to provide a notification, report or return (however described) to the Regulatory Authority as, or within the time within which, that rule requires it to be provided.
      (2) The rules are the following:
      (a) rules 8.2.3, 8.3.2, 8.4.2, 8.5.3 and 9.4.1;
      (b) CAPI, rule 2.3.1 (Preparation of prudential returns), rule 2.3.7 (Strategy and risk document — copy must be given to Regulatory Authority), rule 7.2.4(2) (Time for giving report) and rule 7.3.1 (Regulatory Authority may require additional reports);
      (c) the Collective Investment Schemes Rules 2010, rule 5.6.3 (Reports and accounts generally — QFC qualified investor schemes), rule 5.6.18 (Publication and availability of annual and half-yearly long reports — QFC retail schemes), rule 9.2.7 (Accounting and reports during winding-up — all QFC schemes) and rule 10.2.6 (Quarterly returns for financial promotions etc — all non-QFC schemes);
      (d) IMEB, rule 2.4.2 (Time Limit for Annual Prudential Returns) and rule 2.4.3 (Time Limit for Quarterly Prudential Returns );
      (e) CTRL, rule 9.3.10;
      (f) BANK, rule 2.1.4 (Preparing returns) and rule 2.1.5 (Giving information);
      (g) IBANK, rule 2.1.4 (Preparing returns) and rule 2.1.5 (Giving information);
      (h) INMA, rule 2.1.2 (Preparing returns) and rule 2.1.3 (Giving information);
      (i) PINS, rule 1.4.2 (Time limit for annual prudential returns of insurers), rule 1.4.3 (Time limit for biannual prudential returns of insurers), and rule 1.4.4 (Time limit for quarterly prudential returns of insurers);
      (j) the Private Placement Schemes Rules 2010, rule 5.5.3 (Reports and accounts generally) and rule 7.2.6 (Accounting and reports during winding-up);
      (3) Without limiting subrule (1) and to remove any doubt, this Part applies:
      (a) in relation to a contravention referred to in subrule (1) whether the relevant rule uses the word "provide", "submit", "give", "notify", "advise", "inform" or "tell", or some other word; and
      (b) to a failure to provide a notification, report, or return (however described) to the authority as, or within the time within which, it was required to be provided, if:
      (i) the notification, report or return was not received (or considered to have been received) at all by the authority within that time; or
      (ii) the notification, report or return was received by the authority within that time, but:
      (A) it was incomplete or inaccurate in a material respect;
      (B) if under any regulations or rules it was required to be in a particular form, it was not in substantially that form;
      (C) if under any regulations or rules it was required to be prepared, completed or signed in a particular way, it was not prepared, completed or signed in that way; or
      (D) if under any regulations or rules it was required to be provided (however described) to the authority in a particular way, it was not provided in that way.
      (4) In this Part, a reference to a notification, report, or return (however described) includes a reference to any part of the notification, report or return.
      Amended by RM/2018-4 (as from 1st August 2018)
      Amended by QFCRA RM/2020-6 (as from 15th October 2020)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021).

    • GENE 10.7.2 Late fees

      (1) A fee, of the relevant amount, is payable by a person for a contravention by the person to which this Part applies if the contravention continues for 2 business days or longer.
      (2) The relevant amount is the total of:
      (a) QR 800; and
      (b) QR 400 for each business day (or part of a business day) after the 2nd business day during which the contravention continues.
      Note The Regulatory Authority may reduce, waive or refund such a fee (see rule 10.2.3).
      Editorial changes (as from 1st January 2016)
      Amended by QFCRA RM/2020-6 (as from 15th October 2020).

    • GENE 10.7.3 Other action not prevented

      Nothing in this Part prevents the Regulatory Authority taking action under the FSR, article 31 or Part 8 or 9, in relation to a contravention to which this Part applies.

      Editorial changes (as from 1st January 2016).