Part 1: Part 1: General Provisions
Article 1 — Citation
These regulations may be referred to as the Special Company Regulations ("SCR") or "Regulations".
Article 2 — Application
These Regulations are made by the
Ministerpursuant to Article 9 of the QFC Lawand shall apply in the QFC. To the fullest extent permitted by the QFC Law, the laws, rules and regulations of the Stateconcerning the matters dealt with by or under these Regulations shall not apply in the QFC.
Article 3 — Commencement
These Regulations shall come into force on the date of their signature by the
Article 4 — Language
In accordance with Article 9 of the
QFC Law, these Regulations are written in the English language and the English text thereof shall be the official original text. Any translation into another language shall not be authoritative and in the event of any discrepancy between the English text of these Regulations and any other version, the English text shall prevail.
Article 5 — Interpretation
Words and expressions used in these Regulations and interpretative provisions applying to these Regulations are set out in Part 5 of these Regulations.
Amended (as from 19th October 2017).
Article 6 — Companies Regulations References
For the purposes of these Regulations and where appropriate, reference to the terms "Limited Liability Company" or "LLC" in the Companies Regulations shall be read as references to "
Special Company", " Holding Company" or " Special Purpose Company" as set out in these Regulations.
Article 7 — Power of QFC Authority and the Regulatory Authority to make Rules
QFC Authorityand the Regulatory Authority, each within the scope of their jurisdiction, authority or powers, may make rules to the extent set out in the QFC Law, these Regulations and any other regulations as is necessary or appropriate to implement, carry out or enforce these Regulations.
Article 8 — Interaction with the QFC Law, QFC Regulations and Rules8.1 These Regulations are made in accordance with and take effect under the QFC Law. If there is any conflict or inconsistency between the provisions of these Regulations and the QFC Law, the QFC Law has precedence and the relevant provision will be construed and applied only in a consistent manner with the QFC Law.8.2 Except where the contrary is expressly stated, these Regulations do not affect any other
QFCregulations made under the QFC Law which apply to a Special Company.8.3 These Regulations do not permit or authorise a Special Companyto carry on any Regulated Activityin or from the QFC, other than Special Purpose Company Activityor Holding Company Activity, as the case may be, without prior authorisation of the Regulatory Authority.8.4 The provisions of these Regulations do not exempt a Special Companyfrom any requirements resulting from the FSR and any of the Regulatory Authority'srules to which a Special Companyis subject. If there is any conflict between these Regulations and the FSR or any Regulatory Authorityrules, the FSR or rules will take precedence.8.5 Subject to Article 8.1, if there is any conflict between these Regulations and the Companies Regulations, these Regulations will take precedence. Amended (as from 19th October 2017).