Article 12 - Objectives

(1) The Regulatory Authority shall exercise its functions and powers under the QFC Law and these Regulations in accordance with the Regulatory Objectives set out in Article 12(3).
(2) The Regulatory Authority shall be entitled to do, or refrain from doing, such other acts or things as it considers necessary, desirable or appropriate for or incidental to the exercise of its functions and powers in accordance with Article 12(1).
(3) The objectives of the Regulatory Authority are:
(A) the promotion and maintenance of efficiency, transparency and the integrity of the QFC;
(B) the promotion and maintenance of confidence in the QFC of users and prospective users of the QFC;
(C) the maintenance of the financial stability of the QFC, including the reduction of systemic risk relating to the QFC;
(D) the prevention, detection and restraint of conduct which causes or may cause damage to the reputation of the QFC, through appropriate means including the imposition of fines and other sanctions;
(E) the provision of appropriate protection to those licensed to carry on business at the QFC and their clients or customers;

In considering what constitutes appropriate protection, the Regulatory Authority shall take into account:
(i) the financial integrity of Authorised Firms through appropriate financial resources requirements complemented by a robust system of internal controls;
(ii) the differing degrees of protection which may be appropriate for clients or customers of Authorised Firms as a result of their experience, expertise, business and means and the differing degree of information which it may be appropriate to give to such clients or customers;
(iii) the differing degree of risk involved in different kinds of investment or transaction; and
(iv) the general principle that clients or customers of Authorised Firms should take responsibility for their own decisions;
(F) the promotion of understanding of the objectives of the QFC amongst users and prospective users of the QFC and other interested Persons;
(G) ensuring the Regulatory Authority is run with a view to:
(i) it operating at all times in accordance with best international standards for financial and business centres of a similar kind; and
(ii) establishing and maintaining the QFC as a leading financial and business centre in the Middle East; and
(H) minimising the extent to which the business carried on by a Person carrying on Regulated Activities can be used for the purposes of or in connection with Financial Crime.

In considering this objective, the Regulatory Authority shall have regard to the desirability of Authorised Firms having appropriate systems, controls and procedures to detect and prevent the incidence of Financial Crime.
(4) Except as set out in the QFC Law or in these Regulations, the Regulatory Authority shall perform its functions and discharge its duties and determine its own procedures and management in such manner as it shall decide, provided that it shall always operate in compliance with the requirements and provisions of the QFC Law and these Regulations.
(5) For the purposes of Article 12(3) (Regulatory Objectives) and 13(2) (International Competitiveness), the Regulatory Authority shall be entitled to assume that it will fulfill its objectives relating to the QFC by fulfilling those objectives with respect to the Financial System operating within the QFC.