Single Family Office Regulations
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Single Family Office Regulations Enactment Notice Article 1 Citation Article 2 Application Article 3 Commencement Article 4 Language Article 5 Interpretation Article 6 Power of the QFC Authority and the Regulatory Authority to Make Rules Article 7 Interaction with the QFC Law, QFC Regulations and Rules Article 8 Single Family Article 9 Single Family Office Article 10 Family Member Article 11 Family Fiduciary Structure Article 12 Family Entity Article 13 Scope of Services Article 14 Control Article 15 Establishing a Single Family Office Article 16 Registration Article 17 Non-QFC Entities Article 18 Letter from an Eligible Firm Article 19 Articles of Association Article 20 Designated Representative Article 21 Role of Designated Representative Article 22 Annual Report Article 23 Due Diligence Measures Article 24 Anti-Money Laundering Article 25 Variation or Withdrawal of Licence Article 26 Change of Status Article 27 Duty to Provide Information Article 28 Contraventions Article 29 Prescribed Forms and Prescribed Fees Article 30 Fines Article 31 Interpretation Article 32 Definitions Schedule 1 [Deleted]
The Minister of Finance hereby enacts the following regulations pursuant to Article 9 of Law No. (7) of 2005.Ali Shareef Al Emadi
Minister of Finance of the State of Qatar
Issued at: The Qatar Financial Centre, Doha
On: Sunday 22nd December 2013
Corresponding to: 18 Safar 1435
Article 1 — Citation
These Regulations may be referred to as the Single Family Office Regulations ("SFOR") or ("Regulations").
Article 2 — Application2.1 These Regulations are made by the
Ministerpursuant to Article 9 of the QFC Lawand 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.2.2 References to the CROin these Regulations are to the Companies Registration Office whose general functions, duties, and powers are contained in Regulation No. 2 of 2005, QFC Companies Regulations (as amended).
Article 3 — Commencement
These Regulations shall come into force on the date of their signature by the
Article 4 — Language4.1 In accordance with Article 9 of the
QFC Law, these Regulations are written in the English language, and the English text thereof is the official original text. Any translation thereof into another language is not authoritative, and in the event of any discrepancy between the English text of these Regulations and any other version, the English text shall prevail.4.2 Defined terms are identified throughout these Regulations by the capitalisation of the initial letter of a word or phrase. Where capitalisation of the initial letter is not used, an expression has its natural meaning.
Article 5 — Interpretation
Article 6 — Power of the QFC Authority and the Regulatory Authority toMake Rules
QFC Authorityand the Regulatory Authority, each within the scope of their jurisdiction, authority or powers conferred upon them may make rules to the extent set out in the QFC Law, these Regulations and any other regulations conferring powers, duties and functions on the QFC Authorityand the Regulatory Authorityas are necessary or appropriate to implement, carry out or enforce these Regulations.
Article 7 — Interaction with the QFC Law, QFC Regulations and Rules7.1 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 the Regulations and the QFC Law, the QFC Lawhas precedence and the relevant provision will be construed and applied in a consistent manner with the QFC Law.7.2 Except where the contrary intention is expressly stated, these Regulations do not amend any other regulations made under the QFC Lawand which apply to a Single Family Office.7.3 These Regulations do not permit or authorise a Single Family Officeto carry on any one or more Regulated Activitiesin or from the QFC, other than SFO Activities, without prior authorisation of the Regulatory Authority.7.4 The provisions of these Regulations do not exempt the Single Family Officefrom any requirements resulting from the FSRand any of the Regulatory Authority rules if the Single Family Officeis also subject to them. If there is any conflict between these Regulations and the FSRor any Regulatory Authority rules, the FSRor Regulatory Authority rules will take precedence.
Article 8 — Single Family8.1 A
Single Familyis a family made up of a group of individuals all of whom are the bloodline descendants of a common ancestor or their spouses (including widows and widowers, whether or not remarried), and subject to such other limitations or conditions agreed with or specified by the QFC Authority.8.2 A Single Familycommon ancestor may be living or deceased and no more than three generations removed from the youngest generation of the Family Members. This Article will only apply in relation to the initial Single Family Officeand a determination of a qualifying Single Familyas at the date of application.8.3 A Single Familymust have minimum investable/liquid assets under management of USD 5 million. For the purpose of determining investable/liquid assets, only those assets which are realisable in a 180 day period can be considered.
Article 9 — Single Family Office9.1 A
Single Family Officeis a body corporate established within the QFC for the sole purpose of providing services to and carrying on activities in relation to a Single Familyin accordance with these Regulations.9.2 A Single Family Officemust at all times have a registered office situated in the QFC, and carry on its principal business activity at or from the registered office unless the QFC Authoritypermits such business activity to be carried on at or from another place within the QFC. Documents may be served on a Family Office by leaving them at, or sending them by hand or by fax or by courier to, the registered office of the Single Family Office.9.3 A Single Family Officemay charge for the provision of services to the Single Familyin accordance with these Regulations but such charging shall not by itself be conclusive evidence that the Single Family Officeis carrying on any Permitted Activitiesin or from the QFC by way of business.
Article 10 — Family Member10.1 In relation to a
Single Family, a Family Membermeans an individual who forms part of the group of individuals comprising the Single Family.10.2 Both male and female members of a family will be included in the Single Familyand step children and half-siblings of a qualifying Family Membershall also be regarded as members of the Single Family.10.3 If there is any uncertainty as to whether a family constitutes a Single Familyor whether an individual is a Family Memberof a particular Single Family, the QFC Authoritywill determine the issue in its absolute discretion and may require any supporting documentation as it considers appropriate.
Article 11 — Family Fiduciary Structure
In relation to a
Single Family, a Family Fiduciary Structuremeans a trust or other similar entity:(a) of which a Family Memberof a Single Familyor a Family Entityrelated to the Single Familyis the settlor or founder; and(b) the beneficiaries of which, or persons otherwise capable of benefiting from which, are all:(i) Family Members;(ii) charities;(iii) Family Entities; or(iv) other Family Fiduciary Structuresrelated to the Single Family.
Article 12 — Family Entity
In relation to a
Single Family, a Family Entitymeans a body corporate controlled by that Single Familywithin the meaning of Article 14.
Article 13 — Scope of Services13.1 The scope of services that a
Single Family Officemay provide will be specified in the Single Family Office's Licence.13.2 The provision of services to a Single Familymeans providing services to one or more of the following:(a) one or more Family Members;(b) a Family Fiduciary Structure; or(c) a Family Entity.13.3 A Single Family Officemay provide services to a Single Familyin relation to one or more of the following activities:(a) investment and financial activities or services including making arrangements for the acquisition or disposal of assets of any description and the provision of advice relating to the arranging or execution of transactions in investments;(b) the management of investments, money and other assets on behalf of the Single Family;(c) arranging or providing custodian or fiduciary services to the Single Familyincluding acting as trustee in relation to investments, money and other assets on behalf of the Single Familyor the beneficiaries of trusts or similar arrangements established by the Single Family Office;(d) accounting;(e) the acquisition, transfer, disposal or distribution of assets or property of the Single Familyfor philanthropic and charitable purposes under arrangements made by the Single Family Office;(f) the provision, formation, operation and administration of a Family Fiduciary Structure, or a Family Entity;(g) acting as directors, partners or in a similar capacity in relation to Family Fiduciary Structures, Family Entities, or trusts established by the Single Familyin question outside the QFC; and(h) other services falling within the Permitted Activitiesspecified in Schedule 3, Part 2 to the QFC Lawas may be determined by the QFC Authorityfrom time to time and included in the Single Family Office's Licence.13.4 A Single Family Officemay provide services only to a Single Familyand must not, except in relation to a Single Family:(a) hold itself out to third parties as engaging in any Permitted Activitiesby way of business in or from the QFC;(b) solicit any third party to engage with it in carrying on any Permitted Activitiesby way of business in or from the QFC; or(c) engage in any activity that constitutes a Regulated Activityby way of business, unless duly authorised by the Regulatory Authority.
Article 14 — Control
For the purposes of Article 12, a
Family Entityis controlled if any of the following Personsin (a) through (d) below, acting alone or together, could exercise at least 75% of the voting control or demonstrate to the satisfaction of the QFC Authoritythat they are otherwise able to exercise direct or indirect control over the affairs of the Family Entity(including having the right to appoint or remove the equivalent of 75% of the board of directors or managers of an entity in question):(a) one or more Family Members;(b) one or more Family Fiduciary Structures;(c) one or more Family Entities; or(d) by a combination of any of them.
Article 15 — Establishing a Single Family Office15.1 An applicant seeking to establish a
Single Family Officein the QFC must:(a) apply to the QFC Authorityfor a Licenceto carry on SFO Activitiesin accordance with Article 15.2; and(b) apply to the CROto incorporate a Companyin accordance with Article 15.4 and register such Company as a Single Family Officein accordance with Article 16.15.2 An application to the QFC Authorityfor a Licenceto conduct SFO Activitiesmust be accompanied by:(a) a letter from an Eligible Firmcomplying with the requirements set out in Article 18 of these Regulations; and(b) a statement signed by the applicant or its Designated Representative containing the information set out in Article 15.5 .15.3 In considering an application for a Licenceto conduct SFO Activities, any matter concerning the integrity or the reputation of the QFC will be considered. The QFC Authoritymay, in its absolute discretion, decline to grant a Licence to a Single Family Office; or may grant such a Licencesubject to conditions, restrictions or requirements as it considers appropriate; or may take action as specified under Article 23 of the QFC Authority Regulationsafter the grant of a Licence.15.4 An applicant seeking to incorporate a Companyas a Single Family Officein the QFC must:(a) comply with the formalities for incorporation, formation and registration set out in the Companies Regulations; and(b) comply with Article 19.1 of these Regulations in respect of the proposed Articles of Associationof the Company.15.5 The statement referred to in 15.2(b) must contain the following particulars:(a) the name of the common ancestor in relation to the Single Familyand sufficient information to prove that the family in question will qualify as a Single Familyas defined in Article 8;(b) a description of the source of the assets of the Single Familythat will be subject to the management of the Single Family Office;(c) full details of who controls the Single Family Officeand procedures for reaching and communicating decisions relating to the assets of the Single Family that will be subject to the management of the Single Family Office;(d) full details of the legal and beneficial owners of the Single Family Office;(e) confirmation of the total number of Family Membersto be served by the Single Family Office;(f) the SFO Activitiesto be carried on and services to be provided by the Single Family Office;(g) a description of the arrangements to be made by the Single Family Officeregarding its procedures for:(i) the terms on which it will act for and provide services to Single Family Office Clients;(ii) the procedures that it will follow to establish that an individual is a member of the Single Familywithin the meaning of these Regulations and that an entity is a Family Fiduciary Structureor a Family Entitywithin the meanings given to the respective term in these Regulations;(iii) the documentary records that the Single Family Officewill maintain to record the interests and entitlements of individual Single Family Office Clientsto investments and other assets that are under the management of the Single Family Office;(iv) opening and operating client money accounts that record the interests and entitlements of individual Single Family Office Clientsto money that is under the management of the Single Family Office;(v) carrying out the obligations of the Single Family Officeunder and maintaining the records that the Single Family Officeis required to hold by the AML/CFT Law, and the AML/CFT Rules; and(vi) the general administration of the Single Family Officeand its communications with Single Family Office Clients.(h) proof of identity of the Designated Representativeand confirmation of his background, qualifications and suitability for performing the function of Designated Representativefor the Single Family Office; and(i) confirmation that the Single Family Office Clientsare aware that the Single Family Officeis not regulated by the Regulatory Authorityand may not engage in Regulated Activitiesunless authorised to do so by the Regulatory Authority.
Article 16 — Registration16.1 Where an application for registration of a
Single Family Office, fulfilling all conditions required for the application under (i) the Companies Regulations, and (ii) these Regulations, is made, the CROmay register the Single Family Officesubject to the confirmation from the QFC Authoritythat the Single Family Officehas also complied with the QFC licensing requirements prescribed under the QFC Authority Regulations. The QFC Authoritymay provide further by way of Rules issued under Article 6, for the manner and circumstances in which the CROmay register a Single Family Office.16.2 The activities that may be carried on in or from the QFC by a Single Family Officeare limited to the activities that are provided for in the respective part of these Regulations and are specified in the Licencegranted to the Single Family Officeby the QFC Authority.16.3 The register maintained by the CROwill expressly set out the status of the company as a Single Family Office.
Article 17 — Non-QFC Entities
Subject to the terms of its
Licence, a Single Family Officemay provide services relating to the provision, formation, operation and administration of a Family Fiduciary Structure, or a Family Entityrelating to the Single Familyin or from the QFC whether or not the Family Fiduciary Structureor Family Entityin question is established in the QFC.
Article 18 — Letter from an Eligible Firm
The application to the
QFC Authorityfor Licenceto conduct SFO Activitiesmust be accompanied by a signed letter from an Eligible Firmconfirming that:(a) the Articles of Associationof the Single Family Officesatisfy the requirements of Article 19;(b) to the best of its knowledge and belief, the family in question constitutes a Single Familyand satisfies the requirements of Article 8;(c) to the best of its knowledge and belief, the Single Family Officeis ultimately beneficially owned by one or more Family Membersof the Single Family, one or more Family Fiduciary Structuresor one or more Family Entitiesor a combination of any of them;(d) it has carried out appropriate due diligence to identify the legal and beneficial owner(s) of the Single Family Officeand the Person(s) who control the Single Family Office; and(e) it has carried out appropriate due diligence to identify the common ancestor identified by the applicant in its application or has carried out appropriate due diligence to identify at least one of the most senior descendants of the common ancestor willing to support the application to establish a Single Family Office.
Article 19 — Articles of Association19.1 On applying for incorporation as a
Single Family Office, the incorporators shall file a copy of the Articles of Associationthat the Companyproposes to adopt.19.2 The objects of a Single Family Officeas set out in its Articles of Associationmust be to act as a Single Family Officeand activities that it is permitted to carry on must be limited to Single Family Officeactivities in accordance with these Regulations.19.3 The Articles of Associationof a Single Family Officemust provide that the Single Family Officeshall not carry on any activities of the type described in Paragraphs 1 to 9 of Schedule 3 to the QFC Lawin or from the QFC by way of business pursuant to the relevant provisions of the FSR.19.4 The Articles of Associationof a Single Family Officemust provide that no transfer of shares in the Single Family Officeshall take effect unless the QFC Authorityhas confirmed in writing that it is satisfied that the transfer will not affect the status of the Single Family Office.19.5 A Single Family Officemust give no less than twenty-one days' prior notice to the QFC Authority, using the Prescribed Formand after payment of the Prescribed Fee, of any proposal to amend its Articles of Association. The QFC Authoritymay consult with the Regulatory Authorityas appropriate. The QFC Authoritymay object to any proposed amendment if it is inconsistent with the status of a Single Family Office. Following any amendment of its Articles of Association, a Single Family Officemust file its amended Articles of Associationwith the CROwithin twenty-one days of the amendment coming into effect.
Article 20 — Designated Representative20.1 Each
Single Family Officemust appoint a Designated Representative. The function of acting as a Designated Representativefor a Single Family Officeshall be an additional Registered Function for the purposes of the QFCA Rules. The QFC Authoritymay provide by way of Rules issued under Article 6, for additional requirements applying to Designated Representatives.20.2 The Designated Representativeshall be the point of contact for the QFC Authoritywith the Single Family Office.20.3 The Designated Representativemust be ordinarily resident in the Stateof Qatar.20.4 If the Designated Representativeleaves the employment of the Single Family Officeor otherwise ceases to act as Designated Representative, the Single Family Officemust designate a successor and notify the QFC Authority.20.5 The Single Family Officemust ensure that its Designated Representativehas the necessary experience and ability to perform the said function and is of sufficient seniority within the Single Family Officeto enable him to:(a) act on his own authority;(b) have direct access to senior management of the Single Family Office;(c) have access to sufficient resources to fulfil his responsibilities; and(d) have unrestricted access to information the Single Family Officehas about its Single Family Office Clients.20.6 If, for any reason, the QFC Authorityconsiders that an individual does not satisfy or has ceased to satisfy the criteria required for acting as a Designated Representative, it may by notice in writing inform the Single Family Officeof its determination and require the Single Family Officeto make arrangements for the appointment of an alternative Designated Representativewithin such period as the QFC Authorityconsiders appropriate in its absolute discretion.
Article 21 — Role of Designated Representative
Single Family Officemust ensure that its Designated Representativecarries out and is responsible for:(a) ensuring that the affairs of the Single Family Officeare conducted in accordance with these Regulations and that the Single Family Officeperforms all of its obligations under these Regulations;(b) obtaining and keeping appropriate records to prove that the Single Family Officeis providing services only to a Single Familyin accordance with Article 13; and(c) responding promptly to any request for information made by competent Qatari and QFC authorities.
Article 22 — Annual Report22.1 The
Designated Representativeof the Single Family Officemust file an Annual Reportwith the QFC Authority. Subject to Article 22.2, such Annual Reportmust confirm that there have been no material changes in the operation of the Single Family Officesince its establishment or since the last Annual Reportfiled and shall contain the following:(a) confirmation that the Single Family Officecontinues to provide services solely to a Single Family;(b) confirmation that there has been no material change in the legal and beneficial ownership of the Single Family Officeor where there has been such a change full details of the legal and beneficial ownership of the Single Family Officeand all those who control the Single Family Office;(c) confirmation that the total number of Family Membersto be served by the Single Family Officehas not changed or, where it has, provide details of the change;(d) confirmation that the SFO Activitiesand services being provided by the Single Family Officehave not changed or, where they have, full details of the change;(e) confirmation that the Single Family Office Clientsare aware that the Single Family Officeis not regulated by the Regulatory Authorityand may not engage in Regulated Activitiesunless authorised to do so by the Regulatory Authority;(f) confirmation that the Single Family Officeis able to satisfy its liabilities as and when they fall due and that the Single Familycontinues to maintain investable/liquid assets in excess of US$ 5 million; and(g) confirmation that the Single Family Officecontinues to have in place policies, procedures, systems and controls to ensure compliance with the AML/CFT Lawand the AML/CFT Rules, and that it has complied with the AML/CFT Lawand AML/CFT Rules.22.2 Where there has been any material change as identified above, the Annual Reportmust be accompanied by a signed letter from an Eligible Firmconfirming the following:(a) that to the best of its knowledge and belief, the family in question still constitutes a Single Familyand satisfies the requirements of Article 8;(b) that to the best of its knowledge and belief, the Single Family Officeis ultimately still beneficially owned by one or more members of the Single Family, one or more Family Fiduciary Structuresor one or more Family Entitiesor a combination of any of them; and(c) where appropriate, confirmation that it has carried out appropriate due diligence to identify the new legal and beneficial owner of the Single Family Officeand the Personswho now control the Single Family Office.22.3 The QFC Authoritymay provide a copy of the Annual Reportfiled by the Single Family Officeto the Regulatory Authorityfor its information and review.
Article 23 — Due Diligence Measures
Designated Representativemust properly identify Single Family Office Clientsand maintain identification records on a risk-sensitive basis. Depending on the outcome of the risk assessment by the Designated Representative, he must decide the level of the identification and verification process that will need to be performed and the nature of transactions or investments that would be appropriate for the Single Family Office Clientin question.
Article 24 — Anti-Money Laundering24.1 A
Single Family Officeis a DNFBP. A Single Family Officemust have policies, procedures, systems and controls in place to ensure compliance with the AML/CFT Law, the AML/CFT Rules, and any other relevant legislation in the QFC and the Stateof Qatar.24.2 The Designated Representativeacts as a point of contact within the Single Family Officefor the competent Qatari and QFC authorities in respect of the AML/CFT Lawand associated anti-money laundering issues. The Single Family Officemay appoint a person other than the Designated Representativeto ensure that it complies with the AML/CFT Lawand the AML/CFT Rules.24.3 The records maintained by the Designated Representativemust be kept in such a manner that the Single Family Officecan satisfy (to the extent it is required to do so), within an appropriate time, any regulatory enquiry or court order to disclose information.24.4 In order to understand issues of legal and beneficial ownership, and control, and in order to comply with the requirements of submitting an Annual Report, the Designated Representativemust obtain (on a risk-sensitive basis) the relevant Customer Identification Documentationin relation to any Single Family Office Clientwho:(a) is a settlor in relation to any fiduciary structure;(b) acts as trustee, protector or enforcer of, or holds any fiduciary power in relation to, any trust or other similar entity or holds the power to appoint or remove any trustee, protector or enforcer;(c) is a director or alternate director of any body corporate which acts as trustee, protector or enforcer of, or holds any fiduciary powers in relation to, any trust or other similar entity;(d) holds any power of appointment (whether general or special) or power of revocation or direction over the assets (or the income thereof) of a trust or other similar entity;(e) receives a benefit from, as a beneficiary of, any trust or other similar entity; or(f) is a director or alternate director or partner of, or otherwise controls, any entity or business.
Article 25 — Variation or Withdrawal of Licence25.1 The
QFC Authoritymay revoke, suspend or vary the terms of, the Licencefor a Single Family Officepursuant to Article 23 of the QFC Authority Regulations.25.2 Upon deciding to exercise its powers as referred to above, the QFC Authorityshall without delay inform the Single Family Officein writing of:(a) such decision; and(b) the date on which the decision takes effect (not being a date earlier than that of the notice).25.3 Where the QFC Authorityhas decided to exercise its powers to revoke or suspend the Licenceof a Single Family Office, the QFC Authoritymay at its sole discretion give instructions to the Single Family Officeconcerning any actions that the QFC Authorityconsiders necessary or expedient to facilitate the orderly transfer of the assets under the management of the Single Family Officeto a person with the appropriate authorisation to assume responsibility for the custody, management and control of the assets until such time as the beneficial owners are able to secure the appointment of one or more persons to assume responsibility for the functions previously performed by the Single Family Office.25.4 The QFC Authoritymay exercise the powers as referred to above on its own initiative if:(a) it is satisfied that the Single Family Officeor any of its employees, officers or agents have breached, or are breaching, the QFC Law, any QFC regulation or rules; or(b) the QFC Authorityconsiders that the exercise of these powers are necessary or desirable in pursuit of the QFC's objectives.In exercising its powers under this Article 25.4, the QFC Authorityshall give the Single Family Officea suitable opportunity to make representations in person and in writing in relation to the proposed action.25.5 The opportunity to make representations by the Single Family Officeunder this Article does not apply if the QFC Authorityconcludes that any delay likely to arise as a result of such requirement is prejudicial to the interests of the QFC and notwithstanding that a notice has been given to the Single Family Officepursuant to the foregoing Article.
Article 26 — Change of Status26.1 If a
Single Family Officeseeks to engage in activities other than SFO Activitiesin or from the QFC, the Single Family Officemust apply in advance and in writing to the QFC Authorityseeking permission to vary the scope of its Licenceusing the Prescribed Formand after payment of the Prescribed Fee.26.2 If the Single Family Officeseeks to engage in Permitted Activitiesfalling within the QFC Law, Schedule 3, Part 1 thereof, then the Single Family Officemust apply in advance and in writing to the Regulatory Authorityfor authorisation to carry out any such activities in or from the QFC.26.3 The Single Family Officeshall refrain from carrying on any activities other than SFO Activitiesuntil the following has been completed:(a) the QFC Authorityand (where applicable) the Regulatory Authorityhave approved the Single Family Officeto conduct the new Permitted Activities;(b) the QFC Authorityhas issued an amended Licence;(c) where applicable, the Regulatory Authorityhas issued an authorisation to conduct Regulated Activitiesin or from the QFC; and(d) the firm has paid any applicable fees to the QFC Authorityand/or the Regulatory Authorityin connection with the change in the status of the firm.26.4 If the Single Family Office Licenceis varied such that the Single Family Officeceases to conduct and carry out SFO Activitiesin or from the QFC then the Single Family Officeshall cease to be governed by the provisions of these Regulations but will be governed by all other relevant regulations and rules applicable to QFC Licensed Firms.26.5 The Single Family Officeshall take immediate action to inform all relevant parties of the change in its status and amend its business documents as required to comply with Rule 3.2 of Part 2 of the QFCA Rules.26.6 The QFC Authoritymay provide by way of Rules for the manner and circumstances in which the CROmay revoke the registration of a Companyas a Single Family Office.
Article 27 — Duty to Provide Information27.1 The
QFC Authority, the CRO, and/or the Regulatory Authoritymay, by notice to the Designated Representativeor the Single Family Office, require the Designated Representativeor the Single Family Officeto provide such information as is specified in the notice or such other information the QFC Authority, the CRO, or the Regulatory Authoritydeem appropriate. A notice given pursuant to this Article is referred to as an "Information Notice".27.2 The Designated Representativeand the Single Family Officemust provide the information specified in the Information Notice within the stipulated time.27.3 The powers to require information under this Article may be exercised if the QFC Authority, the CRO, or the Regulatory Authority(as the case may be) consider that there are reasonable grounds to suspect that the Single Family Officehas breached, is breaching or is about to breach, its obligations under these Regulations, and the information sought to be obtained, as a result, is reasonably required to determine whether the Single Family Officehas breached, is breaching or is about to breach, its obligations under these Regulations.27.4 Where information is requested:(a) the Information Notice must set out the reasons why the required information must be provided or produced; and(b) such information must be provided or produced before the end of such reasonable period as shall be specified in the Information Notice and at such place as may be specified.
Article 28 — Contraventions28.1 If a
Single Family Officecarries on any activities other than SFO Activities, it will be in breach of its Licence.28.2 In such circumstances, the QFC Authorityshall be entitled to give notice to the Single Family Officerequiring it to desist from the activities in question with immediate effect. The QFC Authorityshall further be entitled to exercise one or more of the powers set out in Article 23 of the QFC Authority Regulationsin relation to the Single Family Office.28.3 If a Single Family Officecarries on any activity that falls within Paragraphs 1 to 9 of Schedule 3 to the QFC Lawin or from the QFC by way of business without prior authorisation from the Regulatory Authority, the Single Family Officewill be in contravention of a Relevant Requirement under Article 84 of the FSRand will be subject to disciplinary and enforcement action by the Regulatory Authorityunder the FSR.
Article 29 — Prescribed Forms and Prescribed Fees
Save to the extent otherwise provided in the Rules issued under Article 6,
Prescribed Formsand Prescribed Feesreferred to in these Regulations are set out in Appendix 2 and Appendix 3 of the Companies Rules.
Article 30 — Fines
For the purposes of Article 129 of the
Companies Regulations, the fines listed in Schedule 2 of these Regulations shall be applied in addition to the fines relevant to the Single Family Officeand as set out in Schedule 1 of the Companies Regulations.
Article 31 — Interpretation31.1 In these Regulations, a reference to:(a) a provision of any law or regulation includes a reference to that provision as amended or re-enacted from time to time;(b) the masculine gender includes the feminine and the neuter; and(c) writing includes any form of representing or reproducing words in legible form.31.2 The headings in these Regulations shall not affect its interpretation.31.3 A reference in these Regulations to a Part, Article or Schedule by number only, and without further identification, is a reference to a Part, Article or Schedule of that number in these Regulations.31.4 A reference in these Regulations to a Schedule, an Article or a Part using a short form description of such Schedule, Article or Part in parenthesis are for convenience only and the short form description shall not affect the construction of the Article or Part to which it relates.31.5 A reference in an Article or other division of these Regulations to a paragraph, subparagraph or Article by number or letter only, and without further identification, is a reference to a paragraph, sub-paragraph or Article of that number or letter contained in the Article or other division of these Regulations in which that reference occurs.31.6 Each of the Schedules to these Regulations shall have effect as if set out in these Regulations and references to these Regulations shall include reference to the Schedules.31.7 Any reference in these Regulations to "include", "including", "in particular" "for example", "such as" or similar expressions shall be considered as being by way of illustration or emphasis only and are not to be construed so as to limit the generality of any words preceding them.
Article 32 — Definitions
The following words and phrases shall where the context permits have the meaning shown against each of them:
AML/CFT Law Law No. (4) of 2010 of the Stateon Anti-Money Laundering and Combating the Financing of Terrorism. AML/CFT Rules the Regulatory Authority Anti-Money Laundering and Combating Terrorist Financing Rules 2010. Annual Report the report containing the information set out in Article 22. Articles of Association the articles of association signed by the incorporators of a Limited Liability Company setting out the rules for the internal governance of the entity and which must comply with the Companies Regulations. Company a Limited Liability Company incorporated in the QFC under the provisions of the Companies Regulations. Companies Regulations the Companies Regulations 2005. Companies Rules the Qatar Financial Centre Companies Rules. CRO the Companies Registration Office. Customer Identification Documentation the documentation described in Part 4.6 of the AML/CFT Rules. Designated Representative the Personidentified in Article 20. DNFBP designated non-financial business or profession for the purposes of the AML/CFT Lawand AML/CFT Rules. Eligible Firm an entity identified as an Eligible Firmfor the purpose of Articles 18 and 22.2 of these Regulations in Rules made by the QFC Authority. Family Entity the entity described in Article 12. Family Fiduciary Structure the structure described in Article 11. Family Member the individual described in Article 10. FSR Regulation No. (1) of 2005, the QFC Financial Services Regulations. Information Notice the notice described in Article 27. Licence a licence, approval or authorisation to operate in the QFC issued by the QFC Authoritypursuant to Article 11.1 of the QFC Law. Minister the Minister of Finance. Permitted Activities the activities listed in Schedule 3 of the QFC Lawor designated by the Council of Ministers under Article 10(1) of the QFC Law. Prescribed Fee a fee prescribed in rules made or approved by the QFC Authority. Prescribed Form a form prescribed by or approved by the QFC Authority. Person a natural or juridical person, body corporate, or body unincorporated, including a branch, a company, partnership, unincorporated association or other undertaking, government or state. QFC Authority the Qatar Financial Centre Authority established pursuant to Article 3 of the QFC Law. QFC Authority Regulations Regulation No. 9 of 2006, the QFC Authority Regulations. QFCA Rules the rules of the QFC Authoritymade pursuant to Article 12 of the QFC Authority Regulations. QFC Law Law No. (7) of 2005 of the State, as amended. Regulated Activities those activities subject to regulation by the Regulatory Authorityas defined in the QFC Law. Regulatory Authority the Qatar Financial Centre Regulatory Authority established pursuant to Article 8 of the QFC Law. Rules rules made by the QFC Authoritypursuant to Article 6 of these Regulations. Single Family a family described in Article 8. Single Family Office Client any Personto whom a Single Family Officeprovides services. SFO or Single Family Office the office described in Article 9. SFO Activities activities that a Single Family Officeis allowed to carry on in or from the QFC as set out in Article 13 of these Regulations. SFO Regulations these Regulations. State the State of Qatar.
Schedule 1 [Deleted]