Article 39 - Imposition of Financial Penalties

(1) The QFC Authority may in Rules prescribe procedures in relation to the imposition and recovery of financial penalties under these Regulations.
(2) Where the QFC Authority considers that a Person has contravened a provision in these Regulations referred to in the Rules and in relation to which a penalty is stipulated in that Schedule, the QFC Authority may impose by written notice given to the person a penalty, in respect of the contravention, of such amount as it considers appropriate but not exceeding the amount of the maximum penalty specified in the Rules in respect of each contravention.
(3) If, within the period specified in the notice:
(A) the Person pays the prescribed penalty to the CRO, then no proceedings may be commenced by the CRO against the Person in respect of the relevant contravention; or
(B) the Person takes such action as is prescribed in any rules made by the QFC Authority to object to the imposition of the penalty or has not paid the prescribed penalty to the QFC Authority, the QFC Authority may apply to the Regulatory Tribunal for, and the Regulatory Tribunal may so order, the payment of the penalty or so much of the penalty as is not paid and make any further order as the Regulatory Tribunal sees fit for recovery of the penalty.
(4) A certificate that purports to be signed by or on behalf of the QFC Authority and states that a written notice was given to the Person pursuant subsection (1) a penalty on the basis of specific facts is:
(A) conclusive evidence of the giving of the notice to the person; and
(B) prima facie evidence of the facts contained in the notice in any proceedings commenced under this Article.
(5) In this Article 36, "Person" does not include the QFC Authority, the Regulatory Authority, or the CRO.
Derived (as from 22nd September 2016).