Article 20 - International relations and co-operation
Regulatory Authority shall foster relations with Overseas Regulators and International Regulatory Associations outside the QFC with a view to promoting the highest standards of domestic and international regulation and supervision and providing mutual assistance to ensure the integrity of the international marketplace.
Regulatory Authority may, in pursuance of Article 20(1), enter into such memoranda of understanding, protocols or similar arrangements (whether or not binding) as it considers appropriate.
Regulatory Authority may Exercise its Functions to cooperate with and provide assistance to Overseas Regulators in the Exercise of their Functions or in connection with the detection or prevention of money laundering, terrorist financing or other Financial Crime.
(4) In deciding whether or not to
Exercise its Functions under Article 20(3), the Regulatory Authority may take into account such factors as it considers relevant, including:
(A) whether the country or territory of the relevant
Overseas Regulators would confer corresponding co-operation and assistance to the Regulatory Authority;
(B) whether the requested co-operation or assistance relates to a breach of law, or other requirement which has no close parallel in the
(C) the seriousness of the case and whether it is in the public interest to provide the requested co-operation or assistance.
Regulatory Authority may not deny co-operation or assistance solely on the basis that the type of conduct to which a request for co-operation or assistance from the other Overseas Regulators relates would not result in a violation of the QFC Law, this Regulation, any other Regulation or the Rules.
Regulatory Authority will keep confidential any requests for co-operation and assistance received from another Overseas Regulator. The Regulatory Authority will keep confidential any Confidential Information received from an Overseas Regulator pursuant to a request for co-operation or assistance made by the Regulatory Authority to that other Overseas Regulator except:
(A) to the extent that it uses the
Confidential Information for the purposes set out in the request for assistance or co-operation including ensuring compliance with the Law, Regulations or Rules to which the request relates;
(B) to the extent that it uses the
Confidential Information for purposes within the general framework of the use stated in the request for assistance or co-operation, including conducting a civil or administrative enforcement proceeding, assisting in a criminal prosecution or conducting any investigation for any purported or suspected contravention of the provisions specified in the request (if the contravention relates to the QFC);
(C) with the consent of the
Overseas Regulator that has supplied the information or document; or
(D) in response to a legally enforceable demand, provided that the
Regulatory Authority notifies the Overseas Regulator that has supplied the information or document prior to complying with the demand and asserts such appropriate legal exemptions and privileges with respect to such information as may be available to it.
Regulatory Authority may decide that it will not exercise its powers under Article 20(3) unless the Overseas Regulator undertakes to make such contribution towards the cost of such co-operation and assistance as the Regulatory Authority considers appropriate.
|Amended by QFC Reg 2010-2 (as from 9th December 2010)|