• CTRL Part 1.1 CTRL Part 1.1 Preliminary

    • CTRL 1.1.1 Name of rules

      These rules are the Governance and Controlled Functions Rules 2020 (or CTRL).

      Derived from QFCRA RM/2012-4 (as from 1st July 2013)
      Amended by QFCRA RM/2020-4 (as from 1st July 2021)

    • CTRL 1.1.2 Commencement

      These rules commence on 1 July 2021.

      Derived from QFCRA RM/2012-4 (as from 1st July 2013)
      Amended by QFCRA RM/2020-4 (as from 1st July 2021)

    • CTRL 1.1.3 Effect of definitions, notes and examples

      (1) A definition in the Glossary also applies to any instructions or document made under these rules.
      (2) A note in or to these rules is explanatory and is not part of these rules. However, examples and guidance are part of these rules.
      (3) An example is not exhaustive, and may extend, but does not limit, the meaning of these rules or the particular provision of these rules to which it relates.

      Note Under FSR, article 17 (4), guidance is indicative of the view of the Regulatory Authority at the time and in the circumstances in which it was given.
      Derived from QFCRA RM/2012-4 (as from 1st July 2013)
      Amended by QFCRA RM/2020-4 (as from 1st July 2021)

    • CTRL 1.1.4 Application of CTRL

      (1) These rules apply to an authorised firm in relation to the carrying on of a regulated activity in or from the QFC.
      (2) These rules also apply to:
      (a) an authorised firm’s governance, its risk management framework, and its policies and procedures, outside the QFC to the extent that they relate to a regulated activity carried on in or from the QFC; and
      (b) every function exercised by or on behalf of an authorised firm outside the QFC (including any outsourced function), to the extent that the function relates to the carrying on of a regulated activity in or from the QFC.
      Derived from QFCRA RM/2012-4 (as from 1st July 2013)
      Amended by QFCRA RM/2020-4 (as from 1st July 2021)