APP 2 Contraventions with Financial Penalties Stipulated

Article Creating Contravention General Nature of Contravention Maximum Financial Penalty (US$)
Article 16(A) Foundation failing to have a registered office in the QFC $2,000
Article 16(B) Foundation failing to carry out its principal activity at or from the registered office without permission from the QFC Authority to carry on such activity at or from another place within the QFC $2,000
Article 35(4) Foundations failing to provide information requested by the QFCA within 10 days of the date of the request $2,000
Rule 3.2 Failure of Foundation to notify the CRO of resignation, removal or appointment of Members of the Council. $2,000
Rule 3.3 Failure of Foundation to notify the CRO of resignation, removal or appointment of Registered Representative. $2,000
Rule 3.3 Foundation failing to have a Registered Representative. $2,000
Rule 5.2(4) Failure to provide documents and records to the Registered Representative within 14 days $10,000
Rule 5.3(1) Failure to keep and preserve accounting Records $2,000
Rule 5.3(2) Failure of Council to approve the financial statements $5,000
Rule 5.4 Failure to provide financial statements within 6 months of the date of deposit of the demand by the Interested Person $10,000
Rule 5.5 Foundation failing to lodge annual return $2,000
Rule 5.6 Failure to notify the CRO of the amendments to the Constitution within 21 days of the amendments taking effect $2,000
Article 17 Failure of Foundation to give notice of change of Registered Office $2,000