Article 2 - Application

(1) These Regulations are made by the Minister pursuant to Article 9 of the QFC Law and 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.
(2) These Regulations shall apply to all contracts where the parties have agreed to incorporate them into their contract or that their contract is governed by them.
(3) These Regulations shall apply to:
(A) contracts between the QFC Authority, the Regulatory Authority, Appeals Body or QFC Institutions and persons licensed to operate in or from the QFC; and
(B) all contracts between persons licensed to operate in or from the QFC
if the parties have not agreed that any particular system or rules of law will govern their contract.
(4) These Regulations shall apply to contracts between persons licensed to operate in or from the QFC and other persons where:
(A) the parties have not agreed that any particular system or rules of law will govern their contract; and
(B) these Regulations are more closely connected with the contract than any other system or rules of law.