Article 29 — Change of Status

29.1 A Special Company shall not undertake any activities which are not Special Purpose Company Activities or Holding Company Activities without the prior written consent to a change of its status by the QFC Authority or Regulatory Authority as applicable.
29.2 The Special Company must not carry on any activities other than Special Purpose Company Activities or Holding Company Activities until the following have been completed:
(a) the QFC Authority and where applicable the Regulatory Authority have given formal notice to the Special Company recording the change of its status;
(b) the QFC Authority has issued the amended Licence to the Special Company;
(c) where applicable, the Regulatory Authority has issued an authorisation to the Special Company to conduct Regulated Activities in or from the QFC;
(d) the Special Company has paid the Prescribed Fees resulting from the change of status to the QFC Authority and/or the Regulatory Authority; and
(e) the CRO has revoked its status as a Special Company.
29.3 If the status as a Special Company is changed pursuant to this Article:
(a) the Company ceases to be a Special Company and these Regulations shall no longer apply to its activities; and
(b) the Company becomes subject to all provisions of the QFC Regulations, the Companies Regulations, the Insolvency Regulations, and any other relevant regulations applicable to QFC Licensed Firms.
29.4 The QFC Authority may provide by way of Rules for the manner and circumstances in which the CRO may change or revoke the status of a Company as a Special Company.
29.5 An entity licensed by the QFC Authority, that is not a Special Company, may apply to the QFC Authority to change its status and its permitted activities to those of a Special Company.
Amended (as from 19th October 2017).