Article 57 - 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 CRO considers that a person has contravened a provision in these Regulations referred to in Schedule 1 and in relation to which a penalty is stipulated in that Schedule, it 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 Schedule 1 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 rules made by the QFC Authority to object to the imposition of the penalty or has not paid the prescribed penalty to the CRO, the CRO 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 CRO and states that a written notice was given to the person pursuant to Article 57(2) imposing 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) Where a person commits a contravention of these Regulations and no penalty is stipulated in Schedule 1 in relation to such contravention, such person shall be liable to such penalty as may be provided for or determined under any other provision of these Regulations or any other Regulations.
Amended by QFCA RM2012-1 (as from 11th April 2012)