Article 13 - Waiver or modification of Regulations and Rules
(1) Except as provided in Articles 8 and 9 of the QFC Law and subject to Article 13(2) and (10) below, the
QFC Authority may, on the Application of a Person in the QFC, or on its own initiative, by means of a written notice, provide that one or more provisions of these Regulations or other Regulations made by the Minister pursuant to Article 9 of the QFC Law or the Rules made pursuant to Article 12(1) either:
(A) shall apply to such
Person with such modifications as may be specified in the
written notice; or
(B) shall not apply in relation to such
QFC Authority shall consult with the Regulatory Authority in issuing any notice under Article 13(1) that may reasonably be expected to have a bearing on the duties, objectives and functions of the Regulatory Authority and may not issue a notice under Article 13(1) in respect of an Authorised Firm unless the Regulatory Authority has consented in writing to the issue of the notice.
QFC Authority must be satisfied, when giving a notice under Article 13(1) in relation to a Person, that:
(i) the burden experienced by that
Person in complying with the relevant
Regulation or Rule would significantly outweigh the benefits that the
Regulation or Rule was intended to achieve; or
(ii) compliance with the
Regulation or Rule would not achieve or further the purpose for which the relevant Regulation or Rule was made; and
(B) the notice would not result in undue risk to
Persons whose interests the Regulation or Rule is intended to protect.
(4) A written notice under Article 13(1) may be given subject to conditions.
(5) Where the
QFC Authority is satisfied that it is in the interests of the QFC to do so, it may publish a written notice issued under Article 13 in such a way (including publication on its website) as it considers appropriate for bringing the notice to the attention of:
(A) those likely to be affected by it; and
(B) others who may be likely to become subject to a similar notice.
QFC Authority may on the Application of the Person to whom it applies, or on its own initiative:
(A) revoke a written notice; or
(B) vary a written notice.
(7) With respect to the publication of a revocation or variation, Article 13(5) applies analogously.
QFC Authority may issue Rules, in particular with respect to the provision of a written notice and the procedures in relation thereto.
(9) Any decision of the
QFC Authority with respect to the granting or refusal of a waiver or modification of Regulations or Rules pursuant to Article 13 may be referred to the Tribunal by the Person to whom the waiver or modification relates (or would relate if granted).
(10) Article 13(1) does not apply to any
(A) made with the consent of the
Council of Ministers; or
(B) in relation to which the
Regulatory Authority has been conferred duties, functions and powers; or
(C) which expressly do not permit any such waiver.