Part 9: Part 9: Disciplinary and Enforcement Powers
Article 58 - Public censure
Regulatory Authorityconsiders that a Personhas contravened a Relevant Requirement(and, in the case of an Authorised Firmor Approved Individual, irrespective of whether that Personis still an Authorised Firmor Approved Individual), the Regulatory Authoritymay publish a statement to that effect.
Article 59 - Financial penalties(1) If the
Regulatory Authorityconsiders that a Personhas contravened a Relevant Requirement, it may impose on it a financial penalty, in respect of the contravention, of such amount as it considers appropriate.(2) The Regulatory Authoritymay not in respect of any contravention impose a financial penalty under this Article 59 in respect of any matter for which the Personhas al been sanctioned by the Tribunal.(3) A penalty under this Part 9 is payable to the Regulatory Authorityunless the Regulatory Authoritydetermines otherwise.(4) Any penalty that is not paid within the period stipulated by the Regulatory Authoritymay on application to the Tribunalbe recovered by the Regulatory Authorityas a debt.(5) Without limitation to Article 18, the Regulatory Authoritymay publish a statement describing the contravention to which this Article relates and the amount of any financial penalty imposed.
Article 60 - Appointment of managers(1) The
Regulatory Authoritymay by written notice require any Personto appoint one or more individuals to act as managers of the business of such Personon such terms as the Regulatory Authoritymay specify in any such notice.(2) The individual or individuals appointed to act as managers of the business of the Personunder Article 60(1) must be nominated or approved by the Regulatory Authority.
Article 61 - Undertakings(1) The
Regulatory Authoritymay accept from any Persona legally enforceable undertaking, including an undertaking to do, or not to do, something.(2) The Personmay withdraw or vary the undertaking at any time, but only with the consent of the Regulatory Authority.(3) If the Regulatory Authorityis satisfied that the Personwho gave the undertaking has been in breach of any of its terms, it may apply to the Tribunalfor an order directing the Personto comply with the relevant terms of the undertaking or any other order that the Tribunalconsiders appropriate. Amended by QFC Reg 2010-2 (as from 9th December 2010)
Article 62 - Prohibitions and restrictions
Regulatory Authoritymay by written notice:(1) prohibit an Authorised Firmor Approved Individualfrom:(A) entering into certain specified transactions or types of transaction;(B) soliciting business from certain specified Personsor types of Person; or(C) carrying on business in a specified manner or other than in a specified manner;(2) require an Authorised Firmor Approved Individualto carry on business or conduct itself or himself in a specified manner; or(3) prohibit a Personfrom performing a specified function, any function falling within a specified description or any function.
Article 63 - Injunctions(1) If the
Regulatory Authorityis satisfied that a Person:(A) will contravene a Relevant Requirement; or(B) has contravened a Relevant Requirementand there is a reasonable likelihood that the contravention will continue or be repeated,the Regulatory Authoritymay apply to the Tribunalfor an order restraining such contravention.(2) If the Regulatory Authorityis satisfied that:(A) a Personhas contravened a Relevant Requirement; and(B) there are steps which could be taken to remedy the contravention,the Regulatory Authoritymay apply to the Tribunalfor an order requiring the Personto take such steps as it may direct to remedy the contravention.(3) If the Regulatory Authorityis satisfied that a Personmay have:(A) contravened a Relevant Requirement; or(B) been knowingly concerned in the contravention of a Relevant Requirement,the Regulatory Authoritymay apply to the Tribunalfor an order restraining the Personfrom disposing of, or otherwise dealing with, any of its assets.
Article 64 - Restitution orders
Regulatory Authorityis satisfied that a Personhas contravened a Relevant Requirement, or been knowingly concerned in the contravention of a Relevant Requirement, and(A) profits have accrued to him as a result of the contravention, or(B) one or more Personshave suffered loss or been otherwise adversely affected as a result of the contravention,then the Regulatory Authoritymay apply to the Tribunalfor an order requiring the Personconcerned to pay to the appropriate Personor distribute among the appropriate Personssuch amount as appears to the Authority to be just, having regard to the profits appearing to the Regulatory Authorityto have accrued and/or to the extent of the loss or other adverse effect suffered.
Article 65 - Civil proceedings
Regulatory Authoritymay make Rulesgiving Personsgenerally or particular categories of Personswho have suffered loss or damage as a result of the contravention by a Personof a Relevant Requirementthe right to apply to the Tribunalfor a restitution order against such Person.
Article 66 - Appeals
Regulatory Authorityexercises any of its disciplinary powers under this Part 9, the Personconcerned may, within 28 days of receipt of a Decision Noticein accordance with Article 71, or such longer period as may be advised by the Regulatory Authorityin such notice, refer the matter to the Appeals Body.
Article 67 - Power of Regulatory Authority to intervene in any proceedings(1) The
Regulatory Authoritymay intervene as a party in any proceedings before the Tribunalwhere it considers such intervention appropriate to meet the Regulatory Objectives.(2) Where the Regulatory Authorityso intervenes it shall, subject to any other law, have all the rights, duties and liabilities of such a party in such proceedings.
Article 68 - Effect of provisions
A provision of this Part is additional to, and does not limit, any other provision of these
Regulationsor any provision of any other Regulationsor any Rules. Amended by QFC Reg 2010-2 (as from 9th December 2010)
Article 69 - Procedural irregularities(1) A procedure under these
Regulationsor any Related Regulationsis not invalidated because of any procedural irregularity unless the Tribunaldeclares the procedure to be invalid.(2) For the purposes of this Article:(A) procedure includes the making of a decision, the conduct of a hearing, the giving of a notice, and any proceedings (legal or otherwise); and(B) procedural irregularity includes a reference to a defect, irregularity or deficiency of notice or time.