Article 12 - Powers to issue Rules
(1) Subject to Articles 12(4) and 12(7), the
QFC Authority may make Rules to the extent set out in the QFC Law, these Regulations or Related Regulations as it deems necessary or appropriate to facilitate the pursuit, achievement and furtherance of its objectives or to aid it to implement, carry out or enforce its duties, functions and powers under the QFC Law, these Regulations or Related Regulations.
(2) In particular and without limiting the generality of Article 12(1), the
QFC Authority may make Rules in respect of:
(A) the process and requirements for
Persons to become licensed to carry on Permitted Activities in or from the QFC (including any terms, conditions and requirements applying to such licences and the process and requirements for varying or withdrawing such licences);
(B) the standards of conduct applicable to particular
Persons in the QFC (including standards applicable when those Persons deal with particular types of client or customer (or prospective client or customer) or when carrying on particular types of business);
(C) the infrastructure, systems, controls and processes to be implemented and maintained by particular
Persons in the QFC;
(D) the fees payable by particular
Persons in the QFC to the QFC Authority (on a periodic basis or in respect of particular circumstances or events);
(E) the processes, requirements and standards applicable to
Persons in the QFC when dealing with the QFC Authority; and
(F) the conduct of the
QFC Authority and its officers, employees and agents in relation to the exercise of the QFC Authority’s powers and the performance of its functions.
QFC Authority may also issue standards, principles or codes of practice which, unless otherwise stated in such standards, principles or codes shall constitute Rules for the purpose of these Regulations.
(4) Before making any Rules pursuant to Article 12(1), the
QFC Authority shall publish the proposed Rules. The publication shall contain the following information:
(A) the draft text of the proposed Rules;
(B) the date on which the Rules will come into force; and
(C) an invitation to make comments to the
QFC Authority and the date by which comments must be received.
(5) The procedures set out in Article 12(4) shall not apply to the making of Rules if the
QFC Authority determines that the delay in bringing such Rules into force that would arise as a consequence of compliance with Article 12(4) would be contrary to the interests of the QFC or if such amendments are minor or inconsequential. In such circumstances the information that would otherwise be required to be published pursuant to Article 12(4) shall be published on the QFC Authority’s website no later than the day on which the relevant Rules come into force.
QFC Authority may also issue such other consultative documents, open letters, policy statements, information notices, discussion documents and undertake such other forms of consultation and discussion as it thinks appropriate.
(7) Rules issued under these
Regulations are binding on those to whom they are expressed to apply but such Rules shall not apply to Authorised Firms unless the Regulatory Authority has consented in writing to such application.