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  • Part 9: Part 9: Disciplinary and Enforcement Powers

    • Article 58 - Public censure

      If the Regulatory Authority considers that a Person has contravened a Relevant Requirement (and, in the case of an Authorised Firm or Approved Individual, irrespective of whether that Person is still an Authorised Firm or Approved Individual), the Regulatory Authority may publish a statement to that effect.

    • Article 59 - Financial penalties

      (1) If the Regulatory Authority considers that a Person has 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 Authority may not in respect of any contravention impose a financial penalty under this Article 59 in respect of any matter for which the Person has al been sanctioned by the Tribunal.
      (3) A penalty under this Part 9 is payable to the Regulatory Authority unless the Regulatory Authority determines otherwise.
      (4) Any penalty that is not paid within the period stipulated by the Regulatory Authority may on application to the Tribunal be recovered by the Regulatory Authority as a debt.
      (5) Without limitation to Article 18, the Regulatory Authority may 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 Authority may by written notice require any Person to appoint one or more individuals to act as managers of the business of such Person on such terms as the Regulatory Authority may specify in any such notice.
      (2) The individual or individuals appointed to act as managers of the business of the Person under Article 60(1) must be nominated or approved by the Regulatory Authority.

    • Article 61 - Undertakings

      (1) The Regulatory Authority may accept from any Person a legally enforceable undertaking, including an undertaking to do, or not to do, something.
      (2) The Person may withdraw or vary the undertaking at any time, but only with the consent of the Regulatory Authority.
      (3) If the Regulatory Authority is satisfied that the Person who gave the undertaking has been in breach of any of its terms, it may apply to the Tribunal for an order directing the Person to comply with the relevant terms of the undertaking or any other order that the Tribunal considers appropriate.
      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 62 - Prohibitions and restrictions

      The Regulatory Authority may by written notice:

      (1) prohibit an Authorised Firm or Approved Individual from:
      (A) entering into certain specified transactions or types of transaction;
      (B) soliciting business from certain specified Persons or types of Person; or
      (C) carrying on business in a specified manner or other than in a specified manner;
      (2) require an Authorised Firm or Approved Individual to carry on business or conduct itself or himself in a specified manner; or
      (3) prohibit a Person from performing a specified function, any function falling within a specified description or any function.

    • Article 63 - Injunctions

      (1) If the Regulatory Authority is satisfied that a Person:
      (A) will contravene a Relevant Requirement; or
      (B) has contravened a Relevant Requirement and there is a reasonable likelihood that the contravention will continue or be repeated,
      the Regulatory Authority may apply to the Tribunal for an order restraining such contravention.
      (2) If the Regulatory Authority is satisfied that:
      (A) a Person has contravened a Relevant Requirement; and
      (B) there are steps which could be taken to remedy the contravention,
      the Regulatory Authority may apply to the Tribunal for an order requiring the Person to take such steps as it may direct to remedy the contravention.
      (3) If the Regulatory Authority is satisfied that a Person may have:
      (A) contravened a Relevant Requirement; or
      (B) been knowingly concerned in the contravention of a Relevant Requirement,
      the Regulatory Authority may apply to the Tribunal for an order restraining the Person from disposing of, or otherwise dealing with, any of its assets.

    • Article 64 - Restitution orders

      If the Regulatory Authority is satisfied that a Person has 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 Persons have suffered loss or been otherwise adversely affected as a result of the contravention,
      then the Regulatory Authority may apply to the Tribunal for an order requiring the Person concerned to pay to the appropriate Person or distribute among the appropriate Persons such amount as appears to the Authority to be just, having regard to the profits appearing to the Regulatory Authority to have accrued and/or to the extent of the loss or other adverse effect suffered.

    • Article 65 - Civil proceedings

      The Regulatory Authority may make Rules giving Persons generally or particular categories of Persons who have suffered loss or damage as a result of the contravention by a Person of a Relevant Requirement the right to apply to the Tribunal for a restitution order against such Person.

    • Article 66 - Appeals

      If the Regulatory Authority exercises any of its disciplinary powers under this Part 9, the Person concerned may, within 28 days of receipt of a Decision Notice in accordance with Article 71, or such longer period as may be advised by the Regulatory Authority in such notice, refer the matter to the Appeals Body.

    • Article 67 - Power of Regulatory Authority to intervene in any proceedings

      (1) The Regulatory Authority may intervene as a party in any proceedings before the Tribunal where it considers such intervention appropriate to meet the Regulatory Objectives.
      (2) Where the Regulatory Authority so 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 Regulations or any provision of any other Regulations or any Rules.

      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 69 - Procedural irregularities

      (1) A procedure under these Regulations or any Related Regulations is not invalidated because of any procedural irregularity unless the Tribunal declares 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.