Article 13 - Principles of a Good Regulation

In exercising its functions and powers under the QFC Law and these Regulations, the Regulatory Authority shall have regard to:

(1) the need to use its resources in the most efficient and economic way;
(2) the desirability of facilitating innovation and fostering the international competitiveness of the QFC;
(3) the desirability of fostering competition between those who are subject to regulation by the Regulatory Authority;
(4) the principle that the Regulatory Authority should exercise its powers and functions in a fair and transparent manner;
(5) the need to comply with such generally accepted principles of good governance as it is reasonable to regard as applicable to it;
(6) the need to balance the burdens and restrictions on firms with the benefit of regulation; and
(7) the need to act in accordance with all laws and Regulations to which it is subject.