Part 2: Part 2: Companies Registration Office
Article 6 - The CRO(1) The
CROwas established under the QFC Lawand shall be an authority with independent legal personality and full capacity to act as such and perform legal actions in accordance with these Regulations. Without limitation to the foregoing, the CROshall have the power to own and dispose of property of any description and to enter into contracts and to sue and be sued.(2) The CROwill be managed by the Registrarunless its powers, duties and functions have otherwise been delegated under Article 6(4).(3) The CROshall conduct its affairs in accordance with the QFC Lawand these Regulationsbut shall otherwise have power, by decision of the Registrar, to determine its own procedures and management.(4) The powers, duties and functions of the CROunder these Regulationsmay be delegated either:(A) at the discretion of the QFC Authorityto any person as it determines;(B) by the CROto any person as it determines; or(C) otherwise pursuant to any Regulations. Amended (as from 5th April 2015).
Article 7 - Role of the QFC Authority(1) The
CROshall be subject to the supervision of the QFC Authoritywhich shall have the power and function to:(A) ensure that the CROexercises its statutory powers and performs its statutory functions;(B) review the performance of the CROand the use of its resources; and(C) give the CROwritten directions as to the furtherance of any of its objectives or the performance of any of its functions.
Article 8 - Role and functions of the CRO
CROshall have the following functions:(1) to receive and process all applications to incorporate or register all types of Companiesand Brancheseligible for incorporation or registration under these Regulationsand any other Entitiesin respect of which the CROis made responsible pursuant to any other Regulations;(2) to keep and maintain in such form as it shall determine an index of the names and registered numbers of the Companiesand Brancheswhich are or have been registered under these Regulationsand any other Entitieswhich may be registered by the CROpursuant to any other Regulations;(3) to receive and process all Documentsand information required to be filed with the CROpursuant to these Regulationsor any other Regulations;(4) to keep and maintain in such form as it shall determine a register in respect of each of the Companiesand Brancheswhich are or have been registered under these Regulationsand any other Entitieswhich may be registered by the CROpursuant to any other Regulations, to record in such register all Documentsand information filed with or delivered to the CROin respect of such Companies, Branchesand Entitiesand to allow any person to inspect and take copies from such register during the office hours of the CRO;(5) to administer and impose any financial penalties provided for in these Regulations; and(6) all other functions provided for in these Regulationsor any other Regulationsor otherwise considered by it to be necessary, desirable or appropriate to achieve, further or assist in relation to any of the above. Amended (as from 5th April 2015).
Article 9 - Powers of the CRO(1) The
CROshall have the following powers:(A) subject to the approval of the QFC Authority, to make rules and publish guidance for the purposes of performing its functions;(B) subject to approval of the QFC Authority, to prescribe forms to be used for the purposes of required filings with the CRO;(C) subject to approval of the QFC Authorityto prescribe the fees payable to it for incorporation, registration, filing and any other administrative services provided by the CRO; and(D) all other powers provided for in these Regulationsor any other Regulationsor otherwise considered by the QFC Authorityto be necessary, desirable or appropriate to achieve, further or assist the performance of its functions.(2) The CROshall publish rules and guidance made under these Regulationsby the QFC Authorityor the CRO, including without limitation those relating to Prescribed Formsand Prescribed Fees. Amended (as from 5th April 2015).
Article 10 - Other zones or centres
CROmay, with the approval of the QFC Authority, carry out similar functions to those provided for in these Regulationsin respect of other zones, designated precincts or other centres in the State. Amended (as from 5th April 2015).
Article 11 - Accounting and budget requirements of the CRO(1) The budget of the
CROin respect of each financial year shall be set by the QFC Authority.(2) The CROshall be exempt from the control of the Audit Bureau of the State.(3) The financial year of the CROshall commence on the first day of January and end on the last day of December each year, save that the first financial year of the CROshall commence on the date on which the QFC Lawcame into force and shall end on the last day of December of the following year.(4) The CROshall keep accounting Recordswhich are sufficient to show and explain the transactions of the CROand are such as to disclose with reasonable accuracy at any time the income and expenditure and assets and Liabilitiesand financial position of the CROand the Registrarshall procure that, as soon as reasonably practicable after the end of each financial year, accounts of the CROare prepared in accordance with internationally accepted accounting principles and audited by an independent auditor, being a firm of chartered accountants with an office in the State, who shall report as to whether the accounts of the CROshow a true and fair view of the financial affairs of the CROduring the financial year in question and the assets and Liabilitiesof the CROat the end of the year in question and such other matters as the auditors may consider it appropriate to report on.(5) The CROshall as soon as reasonably practicable after the end of each financial year send to the QFC Authoritya copy of its audited accounts for the financial year in question and a report of its activities during such financial year. The CROshall in relation to its activities submit such further reports to the QFC Authorityas the QFC Authoritymay require. Amended (as from 5th April 2015).
Article 12 - Confidentially
CRO, its officers, employees, agents or contractors shall comply with the QFC Data Protection Regulations and Rulesand any other Regulations or rules made by the QFC Authorityin respect of confidentiality. Amended (as from 5th April 2015).
Article 13 - The Registrar(1) The
Registrarshall be appointed and may be removed by the QFC Authorityand, subject to Article 6(2), shall be responsible for the day-to-day administration and operations of the CROto the extent authorised and empowered by the QFC Authority. The Registrarshall accordingly exercise such powers and have such authority as the QFC Authorityshall from time to time delegate to him.(2) The Registrarshall make suitable arrangements for keeping appropriate Recordsin relation to the exercise of the powers and performance of the functions of the CRO.