Article 7 - Powers of the QFC Authority
(1) Pursuant to Article 6 of the QFC Law, the
QFC Authority has the following powers:
(A) to provide infrastructure, premises, administrative services and any other services required for realising the
(B) to co-operate and enter into arrangements with states, international financial and business centres and other bodies, institutions and organisations;
(C) to arrange for the proper administration and operation of the
QFC and to delegate powers to the Director General in this regard as it thinks appropriate;
(D) to submit
Regulations to the Minister in accordance with Article 9 of the QFC Law;
(E) to approve, authorise and license persons, companies and other entities which may be authorised pursuant to this Law that wish to conduct their business at the
QFC (whether by establishing a branch or other business in the QFC or by incorporating or establishing a new company or Entity therein) provided that such
persons, companies and other entities shall not be permitted to conduct any
Regulated Activities unless they have received an appropriate approval,
authorisation or licence from the Regulatory Authority;
(F) to streamline business procedures between the various entities that operate within the
QFC and any other bodies outside the QFC;
(G) to charge and collect fees for services provided by the
QFC Authority or any QFC Institutions;
(H) to provide advice to the
State on any appropriate double tax treaties;
(I) to undertake any other tasks or duties relating to the
QFC that may be entrusted to it by the Council of Ministers;
(J) to enter into arrangements with such providers as the
QFC Authority shall
determine to provide information technology and communications services and
equipment in the event that Qatar Telecom (Qtel) Q.S.C. is unable or unwilling to
provide such services and equipment to a standard or in a manner or on terms
sufficient for the purposes of the QFC or of activities carried on within the QFC, in
which case Qatar Telecom (Qtel) Q.S.C. shall promptly provide and maintain all
such interconnections and interfaces with its own networks and equipment as shall
be necessary or desirable to facilitate the function or use of such services and
equipment within the QFC;
(K) to form companies and other entities for the purpose of carrying out any of its functions;
(L) to appoint an Advisory Board to provide advice to the
QFC Authority on a strategy for achieving its objectives and such Advisory Board shall comprise persons with international experience as to the operation of bodies similar to the QFC Authority;
(M) to appoint employees, consultants and any other service providers as the
QFC Authority deems necessary or desirable; and
(N) all other powers provided for in this Law or otherwise reasonably considered by it to be necessary, desirable or appropriate to achieve, further or assist in relation to any of the above.
(2) Pursuant to the
QFC Law, the QFC Authority shall be free to exercise or delegate whatever will assist it to carry out its functions or powers under the QFC Law, save to the extent described therein, and any subsequent laws, rules or regulations applicable to it in
such manner as it shall determine in its sole and unfettered discretion.
(3) Where the
QFC Authority delegates a function or power in accordance with the QFC Law, the Person to whom such function or power is delegated shall comply with any requirement, restriction or duty in respect of the exercise of that power to which the QFC Authority is subject in respect of that function or power.
QFC Authority shall exercise its powers under the QFC Law and these Regulations in accordance with its objectives.
(5) Notwithstanding any provision of these
Regulations or any other Regulations to the contrary, in exercising its powers in these Regulations or Related Regulations to issue notices, directions, determinations, decisions and fines the QFC Authority or any Person to whom such function has been delegated shall have the power to obtain documents and information, to appoint investigators, to discipline and to otherwise enforce such Regulations, as further detailed in Rules issued pursuant to such Regulations, provided further that the QFC Authority or such other Person shall have regard to the provisions of Article 8 - Principles of Good Regulation.
(6) Pursuant to the
QFC Law, the QFC Authority shall have no power or take any action in respect of any objective, duty, functions or powers reserved to the Regulatory Authority as set forth in the Financial Services Regulations.