Article 7 - The Regulatory Authority

(1) The Regulatory Authority was established by the QFC Law for the purposes of regulating, authorising and supervising banking, financial and insurance-related businesses carried on in or from the QFC.
(2) The Regulatory Authority also has Functions under these Regulations arising out of other Laws and Regulations (for example, those relating to anti-money laundering and combating terrorist financing).
(3) The Regulatory Authority is a body corporate owned by the State reporting to the Council of Ministers. The Regulatory Authority has, under the QFC Law, financial and administrative autonomy from the State, the QFCA, the Appeals Body and other QFC Institutions. The Regulatory Authority has an independent budget for which the State has primary responsibility.
Amended by QFC Reg 2010-2 (as from 9th December 2010)