Article 15 - Powers to issue Rules
Regulatory Authority may make rules—
(a) with respect to any matter for which it is required or permitted to make rules by any
Law or Regulations; or
(b) that it considers necessary or appropriate to facilitate the pursuit, achievement or furtherance of the
Regulatory Objectives or to aid it to Exercise or enforce its Functions under any Law or Regulations.
(2) In particular, the
Regulatory Authority may make Rules in respect of:
(A) the process and requirements for individuals to become approved or other
Persons to become authorised to carry on Regulated Activities in or from the QFC (including any terms, conditions and requirements applying to such approvals and Authorisations and the process and requirements for varying or withdrawing such approvals or Authorisations);
(B) 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 levels and types of resources (including financial resources and human resources) to be maintained by particular
Persons in the QFC;
(D) the infrastructure, systems, controls and process to be implemented and maintained by particular
Persons in the QFC;
(E) the safeguarding or protection by particular
Persons in the QFC of monies and other assets belonging to their clients or customers;
(F) the fees payable by particular
Persons in the QFC to the Regulatory Authority (on a periodic basis or in respect of particular circumstances or events);
(G) processes, requirements and standards applicable to
Persons in the QFC when dealing with the Regulatory Authority;
(H) the conduct of the
Regulatory Authority and its officers, employees and agents in relation to the exercise of the Regulatory Authority's powers and the performance of its functions, including the exercise of its powers relating to supervision, investigation, intervention and disciplinary proceedings, as appropriate; and
(I) duties, powers and functions conferred on or delegated to the
Regulatory Authority under Schedule 2.
Regulatory 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 15(1), the
Regulatory Authority shall publish the proposed Rules on the Regulatory Authority's website. 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
Regulatory Authority and the date by which comments must be received.
(5) The procedures set out in Article 15(4) shall not apply to the making of Rules if the
Regulatory Authority determines that the delay in bringing such Rules into force that would arise as a consequence of compliance with Article 15(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 15(4) shall be published on the Regulatory Authority's website no later than the day on which the relevant Rules come into force.
Regulatory 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.
(8) References in this Article to "making Rules" shall be construed as including making amendments to existing Rules.
|Amended by QFC Reg 2010-2 (as from 9th December 2010)|