Article 25 — Variation or Withdrawal of Licence
QFC Authority may revoke, suspend or vary the terms of, the Licence for a Single Family Office pursuant to Article 23 of the QFC Authority Regulations.
25.2 Upon deciding to exercise its powers as referred to above, the
QFC Authority shall without delay inform the Single Family Office in writing of:
(a) such decision; and
(b) the date on which the decision takes effect (not being a date earlier than that of the notice).
25.3 Where the
QFC Authority has decided to exercise its powers to revoke or suspend the Licence of a Single Family Office, the QFC Authority may at its sole discretion give instructions to the Single Family Office concerning any actions that the QFC Authority considers necessary or expedient to facilitate the orderly transfer of the assets under the management of the Single Family Office to a person with the appropriate authorisation to assume responsibility for the custody, management and control of the assets until such time as the beneficial owners are able to secure the appointment of one or more persons to assume responsibility for the functions previously performed by the Single Family Office.
QFC Authority may exercise the powers as referred to above on its own initiative if:
(a) it is satisfied that the
Single Family Office or any of its employees, officers or agents have breached, or are breaching, the QFC Law, any QFC regulation or rules; or
QFC Authority considers that the exercise of these powers are necessary or desirable in pursuit of the QFC's objectives.
In exercising its powers under this Article 25.4, the
QFC Authority shall give the Single Family Office a suitable opportunity to make representations in person and in writing in relation to the proposed action.
25.5 The opportunity to make representations by the
Single Family Office under this Article does not apply if the QFC Authority concludes that any delay likely to arise as a result of such requirement is prejudicial to the interests of the QFC and notwithstanding that a notice has been given to the Single Family Office pursuant to the foregoing Article.