Article 18 - Deemed Disposals
(1) This Article applies whenever a
(a) gives up or has its
QFC Licence revoked;
(b) ceases to be
Resident in Qatar; or
(c) appoints a liquidator at the commencement of a winding up under the Insolvency Regulations 2005.
(2) Subject to Articles 18(3) and (4), on the occurrence of any of the events in Article 18(1) the
QFC Entity will be treated as though, immediately prior to the occurrence of the first such event, it disposed of and immediately reacquired all of its assets and liabilities at their Market Value.
(3) When a
QFC Entity ceases to be Resident in Qatar, without an event in Article 18(1)(a) or (c) occurring, Article 18(2) does not apply to any assets and liabilities retained by a Permanent Establishment situated in Qatar of that QFC Entity.
(4) Article 18(2) will only be applied once to the same
QFC Entity but where Article 18(3) applies, Article 18(2) will not be regarded as having been applied in respect of the assets and liabilities retained by the Permanent Establishment situated in Qatar.
|Amended (as from 18th June 2014)|