Article 26 — Change of Status
26.1 If a
Single Family Office seeks to engage in activities other than SFO Activities in or from the QFC, the Single Family Office must apply in advance and in writing to the QFC Authority seeking permission to vary the scope of its Licence using the Prescribed Form and after payment of the Prescribed Fee.
26.2 If the
Single Family Office seeks to engage in Permitted Activities falling within the QFC Law, Schedule 3, Part 1 thereof, then the Single Family Office must apply in advance and in writing to the Regulatory Authority for authorisation to carry out any such activities in or from the QFC.
Single Family Office shall refrain from carrying on any activities other than SFO Activities until the following has been completed:
QFC Authority and (where applicable) the Regulatory Authority have approved the Single Family Office to conduct the new Permitted Activities;
QFC Authority has issued an amended Licence;
(c) where applicable, the
Regulatory Authority has issued an authorisation to conduct Regulated Activities in or from the QFC; and
(d) the firm has paid any applicable fees to the
QFC Authority and/or the Regulatory Authority in connection with the change in the status of the firm.
26.4 If the
Single Family Office Licence is varied such that the Single Family Office ceases to conduct and carry out SFO Activities in or from the QFC then the Single Family Office shall cease to be governed by the provisions of these Regulations but will be governed by all other relevant regulations and rules applicable to QFC Licensed Firms.
Single Family Office shall take immediate action to inform all relevant parties of the change in its status and amend its business documents as required to comply with Rule 3.2 of Part 2 of the QFCA Rules.
QFC Authority may provide by way of Rules for the manner and circumstances in which the CRO may revoke the registration of a Company as a Single Family Office.