Article 56 - Involvement in contraventions
(1) If a person is knowingly concerned in the contravention of these
Regulations or any other Regulations conferring functions on the CRO committed by another person, the aforementioned person as well as the other person, commits the contravention and is liable to be proceeded against and dealt with accordingly.
(2) Without limiting the generality of Article 56(1), if an officer of an
Entity is knowingly concerned in a contravention of these Regulations or any other Regulations conferring functions on the CRO committed by an Entity, the officer as well as the Entity commits the contravention and is liable to be proceeded against and dealt with accordingly.
(3) If the affairs of an
Entity are managed by its Members, Article 56(2) applies in relation to the acts and defaults of a Member in connection with his functions of management as if he were an officer of the Entity.
(4) For the purposes of this Article 56, "officer" means a
Member, member of a committee of management, chief executive, managing partner, manager, secretary or other civil officer of an Entity, or a person purporting to act in such capacity, and an individual who is in control of that body.
(5) For the purposes of this Article 56, a person is "knowingly concerned" in a contravention if, and only if, the person:
(A) has aided, abetted, counselled or procured the contravention;
(B) has induced, whether by threats or promises or otherwise, the contravention;
(C) has in any way, by act or omission, directly or indirectly, been knowingly involved in or been party to, the contravention;
(D) has conspired with another or others to effect the contravention; or
(E) has, alone or in concert with others, directly or indirectly, done, attempted or planned any of the following:
(i) to conceal the existence or matter of a contravention; or
(ii) obstruct, impede or prevent the
QFC Authority, the Regulatory Authority or the CRO from detecting, investigating or prosecuting a contravention.
(6) In this Article 56, "person" does not include the
QFC Authority or the Regulatory Authority, the CRO or the Registrar.
|Amended by QFCA RM2012-1 (as from 11th April 2012)|