Article 33 - Enforceability of agreements
(1) An agreement made in the course of carrying on a
Regulated Activity by a Person who is not an Authorised Firm shall be unenforceable against the other party to the agreement.
(2) The other party to the agreement may apply to the
Tribunal to recover:
(A) any money paid or property transferred by him under the agreement; and
(B) compensation for any loss suffered by him as a result of such payment or transfer.
(3) If the other party chooses not to perform his obligations under the agreement or recovers any money paid or property transferred by him under the agreement, he shall repay any money or property received by him under the agreement.
(4) Where property transferred under the agreement has been transferred to a third party, references in this Article 33 to such property shall be interpreted as references to the value of the property at the time of the transfer under the agreement.
(5) If the
Tribunal is satisfied that:
Person referred to in Article 33(1) reasonably believed that he was not in breach of the Authorisation requirement set out in Article 11(2) of the QFC Law, and
(B) it is just and equitable in all the circumstances to do so,
Tribunal may make an order declaring that the agreement referred to in Article 33(1) shall be upheld and that money and property paid or transferred under the agreement be retained, or otherwise dealt with in such way as the Tribunal shall determine.