Article 9 – Power to make regulations
1. Each of The
QFC Authority, The Regulatory Authority, The Regulatory Tribunal and The Civil and Commercial Court shall have the power to prepare and submit to The Minister its Regulations (or amendments, modifications to or repeal of the existing regulations) as it shall deem appropriate to achieve its respective objectives or to aid it to implement, carry out and enforce its powers and functions, including provisions for the determination and payment of compensation and fines in the event of breach of, or as otherwise provided in, any such Regulations. The Minister shall have power to enact such Regulations (save that the enactment of any Regulations referred to in Article (8) shall additionally require the consent of The Council of Ministers) as required by such Article) and, save as aforesaid, The Minister shall have power to enact amendments and modifications to and may repeal existing Regulations.
Regulations may govern, without limitation, the matters set out in schedule (2) and may be written in such language as the Minister shall determine.
|Amended by Law No. (2) of 2009 (as from 24th May 2009).|