Schedule 1 — Fines for Contraventions

Provision Contravened General nature of contravention Maximum fine
Article 8.3, 9.3, 20.3, 24.1, 24.4, 29.1, 29.2 Special Company engages in activities other than Special Purpose Company Activities or Holding Company Activities outside the Scope of Licence or approval given by the QFC Authority. US$ 10,000
Article 27 Special Purpose Company receives Corporate and Administrative Services otherwise than as approved or directed by the QFC Authority or permitted by these Regulations or Rules. US $ 5,000
Article 27 Holding Company receives Corporate and Administrative Services otherwise than as approved or directed by the QFC Authority or permitted by these Regulations or Rules. US$ 5,000
Article 14.9 and 20A.9 Filing requirements. US$ 2,000
Article 16, 25.5 and 28 Reporting requirements not fulfilled. US$ 2,000
Article 12.3 and Article 23A.1 Failure to notify QFC Authority of a share transfer. US$ 5,000
Article 16 and 23A Reporting requirements not fulfilled. US $ 2,000
Article 12.5 and Article 23C Failure to take reasonable measures to obtain and maintain up-to-date details of its Beneficial Owners. US $ 5,000

Amended (as from 19th October 2017).