• Part 13: Part 13: Contraventions

    • Article 84 - Contravention of Relevant Requirements

      (1) For the purposes of these Regulations a Person contravenes a Relevant Requirement if he:
      (A) fails to comply with any prohibition or requirement imposed on him by the Regulatory Authority or any undertaking given by him to the Regulatory Authority;
      (B) does anything that is prohibited under, or that Contravenes any provision of, any Law, Regulations or Rules;
      (C) does not do something that the Person is required to do under any Law, Regulations or Rules;
      (D) commits an act of fraud or abuses any fiduciary duty which he owes to his clients or customers; or
      (E) otherwise commits any contravention described as such in these Regulations.
      (2) Without prejudice to the generality of Article 84(1), for the purposes of these Regulations a Person contravenes a Relevant Requirement if he:
      (A) knowingly or recklessly provides to the Regulatory Authority any information which is false, misleading or deceptive, or conceals information where the concealment of such information is likely to mislead or deceive the Regulatory Authority;
      (B) conducts Regulated Activities in or from the QFC in breach of Article 11.2 of the QFC Law;
      (C) knows or suspects that Regulatory Authority action under Parts 5-10 of these Regulations is being or is likely to be conducted and:
      (i) falsifies, conceals, destroys or otherwise disposes of a document which he knows or suspects is or would be relevant to such action, or
      (ii) causes or permits the falsification, concealment, destruction or disposal of such a document,
      unless he shows that he had no intention of concealing facts disclosed by the documents from the Regulatory Authority or any Nominated Person preparing a report or Investigator undertaking an investigation under Part 8 (Supervision and Investigations) of these Regulations.
      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 85 - Involvement in contraventions

      (1) If a Person is knowingly concerned in the contravention of a Relevant Requirement by another Person, that Person also commits a contravention of a Relevant Requirement.
      (2) If an officer of a body corporate is knowingly concerned in the contravention of a Relevant Requirement committed by a body corporate, the officer also commits a contravention of a Relevant Requirement.
      (3) If the affairs of a body corporate are managed by its members, Article 85(2) applies in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body corporate.
      (4) If a partner (or a Person purporting to act as a partner) is knowingly concerned in a contravention of a Relevant Requirement committed by a partnership in which he is a partner or by all or some of its constituent partners, he also commits a contravention of a Relevant Requirement.
      (5) If an officer of an unincorporated association (other than a partnership) or a member of its governing body is knowingly concerned in a contravention of a Relevant Requirement committed by the association, that officer or member also commits a contravention of a Relevant Requirement.
      (6) For the purposes of Article 85, officer means a director, member of a committee of management, chief executive, manager, secretary or other similar officer of the body corporate or association, or a Person purporting to act in such capacity, and an individual who is a Controller of the body.
      (7) For the purposes of Article 85, a Person is knowingly concerned in a contravention of a Relevant Requirement if, and only if, that Person:
      (A) has aided, abetted, counselled, or procured the contravention;
      (B) has induced, whether by threats or promises or otherwise, the contravention;
      (C) has in any way, by act or omission, directly or indirectly, been knowingly involved in or been party to, the contravention; or
      (D) has conspired with another or others to commit the contravention.