GENE 4.1.4 Notice of events relating to fraud etc
(1) If an event to which this rule applies happens in relation to the activities of an authorised firm that are conducted in or from the QFC, the firm must tell the Regulatory Authority about the event immediately, but within 1 business day after the day the event happens.
See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
(2) This rule applies to the following events:
(a) it becomes aware that an employee may have committed a fraud against 1 of its customers;
(b) a serious fraud has been committed against it;
(c) it has reason to believe that a person is acting with intent to commit a serious fraud against it;
(d) it identifies significant irregularities in its accounting or other records, whether or not there is evidence of fraud;
(e) it suspects that 1 of its employees who is connected with the authorised firm's regulated activities may be guilty of serious misconduct concerning his honesty or integrity.
|Editorial changes (as from 1st January 2016).|