Article 2 - Application

(1) These Regulations are made by the Minister pursuant to Article 9 of the QFC Law and have received the consent of the Council of Ministers as required by Article 8.1 of the QFC Law and amongst other things define the management, objectives, duties, functions, powers and constitution of the Regulatory Authority (including the activities which shall fall to be regulated, licensed and supervised by the Regulatory Authority). These Regulations also define the management objectives, duties, functions, powers and constitution of the Appeals Body as required by Articles 8.1 and 8.2 of the QFC Law.
(2) These Regulations shall apply in the QFC. To the fullest extent permitted by the QFC Law, the laws, rules and regulations of the State concerning the matters dealt with by or under these Regulations shall not apply in the QFC.