QFC Law No - Thomson Reuters



|Applicable Section |

|Article 6 : |Licensed Firm/ |You must establish and maintain systems and controls that comply with the requirements for the | | |

|General Requirements |Authorised Firm |processing of Personal Data under Article 6. | | |

|Article 7: Requirements |Licensed Firm/ |You may only Process Personal Data if it satisfies any of the requirements stated in Article 7. | | |

|for legitimate Processing|Authorised Firm |Pease identify the requirement in which you are able to satisfy under Article 7. | | |

| | | | | |

|Article 8 : Processing of|Licensed Firm/ |You shall not process Sensitive Personal Data unless you have complied with Article 8(1) or you | | |

|Sensitive Personal Data |Authorised Firm |can claim one of the carve-outs set forth in Article 8(2). | | |

|Article 9 : Transfers to |Licensed Firm/ |If you transfer Personal Data to a Recipient located in a jurisdiction outside QFC, please | | |

|jurisdiction with |Authorised Firm |confirm that you have satisfied yourself that the laws and regulations applicable to the | | |

|adequate levels of | |Recipient ensure that there is an adequate level of protection for that Personal Data. If not, | | |

|protection | |you must be able to confirm compliance with Article 10. | | |

|Article 10 : |Licensed Firm/ |If the transfer of the Personal Data is made to a Recipient which is not subject to laws and | | |

|Transfers to |Authorised Firm |regulations which ensure an adequate level of protection within the meaning of Article 9, please| | |

|jurisdictions without | |confirm that you have fulfilled any one of the conditions as stipulated in Article 10(1). Please| | |

|adequate level of | |state the relevant condition applicable to you. | | |

|protection | | | | |

|Article 11 : Providing |Licensed Firm/ |You shall, upon collection of the Personal Data in respect of that Data Subject, notify the Data| | |

|information where data |Authorised Firm |Subject of the identity of the Data Collector, purposes of the Processing and any further | | |

|obtained from the Data | |information required in this Article. | | |

|Subject | | | | |

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|Article 12 : Providing |Licensed Firm/ |If the Personal Data is not been obtained from the Data Subject, you or your representatives | | |

|information where data |Authorised Firm |must at the time of undertaking the recording of Personal Data or if a disclosure to a Third | | |

|not obtained from the | |Party is envisaged, no later than the time when the Personal Data is first recorded or disclosed| | |

|Data Subject | |provide the Data Subject with at least the following information: | | |

| | | | | |

| | |the Personal Data or categories of Personal Data concerned; and | | |

| | |the information set out in Article 11(1). | | |

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|Article 13 : |Licensed Firm/ |You must ensure that you have policies in place to protect the confidentiality of the Personal | | |

|Confidentiality |Authorised Firm |Data. | | |

|Article 14 : |Licensed Firm/ |You must implement appropriate technical and organizational measures to protect Personal Data | | |

|Security of Processing |Authorised Firm |against accidental or unlawful destruction or accidental loss, alteration, unauthorized | | |

| | |disclosure or access and against all other unlawful forms of Processing, in particular where the| | |

| | |Processing of Personal Data is performed pursuant to Article 8 and 10. Please confirm compliance| | |

| | |with this requirement and that the measures taken are appropriate to the risks of the processing| | |

| | |and the nature of the Personal Data to be protected. | | |

| | | | | |

| | |In situations whereby the Processing is carried out by a Data Processor on your behalf, please | | |

| | |confirm that you have obtained sufficient guarantees in respect of the technical measures and | | |

| | |organizational measures governing the Processing to ensure compliance with this Article. | | |

|Article 15 : Right to |Licensed Firm/ |You must allow the Data Subject to obtain the following information from you if Personal Data | | |

|access, rectification, |Authorised Firm |relating to the Data Subject is being processed: | | |

|erasure and blocking of | | | | |

|Personal Data | |(A) confirmation of the Personal Data that is being processed, the purposes of the Processing, | | |

| | |the categories of Personal Data concerned and Recipients or categories of Recipients to whom the| | |

| | |Personal Data is disclosed; | | |

| | |(B) communication to him of the Personal Data undergoing Processing and of any available | | |

| | |information as to its source; and | | |

| | |(C) as appropriate, the rectification, erasure or blocking of Personal Data the Processing of | | |

| | |which does not comply with the provisions of these Regulations. | | |

|Article 16 : Right to |Licensed Firm/ |You must put in place a system to allow the Data Subject to object to the Processing of his | | |

|object to Processing |Authorised Firm |Personal Data and be informed before a disclosure of Personal data is made. | | |

|Article 17 : Requirement |Licensed Firm/ |You must establish and maintain a record of all wholly or partly automatic Personal Data | | |

|to record operations and |Authorised Firm |Processing operations or set of such operations intended to secure a single purpose or several | | |

|notify QFCA | |related purposes in accordance with the requirements of the QFC Data Protection Rules. | | |

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|QFC Data Protection Rules |

|Rule 4.1 : Records |Licensed Firm/ |You must record the following information in relation to your Personal Data Processing | | |

| |Authorised Firm |operations: | | |

| | | | | |

| | |description of the Personal Data Processing being carried out; | | |

| | |an explanation of the purpose for the Personal Data Processing; | | |

| | |the Data Subjects or class of Data Subjects whose Personal Data is being processed; | | |

| | |a description of the class of personal Data being processed; and | | |

| | |a list of jurisdictions to which Personal Data may be transferred by the Data Controller, along | | |

| | |with an indication as to whether the particular jurisdiction has been assessed as having | | |

| | |adequate levels of protection for the purposes of Articles 9 and 10 of the Data Protection | | |

| | |Regulations. | | |

|Rule 4.2 : Notifications |Licensed Firm/ |You must notify the QFC Authority if any of the following Personal Data Processing operations | | |

| |Authorised Firm |are undertaken other than in accordance with a permit issued by the QFC Authority : | | |

| | | | | |

| | |any Personal Data Processing operation or set of operations involving the Processing of | | |

| | |Sensitive Personal Data; and | | |

| | |any Personal Data Processing operation or set of operations involving the transfer of Personal | | |

| | |Data to a Recipient outside of the QFC which is not subject to laws and regulations which ensure| | |

| | |an adequate level of protection. | | |

| | | | | |

| | |In such circumstances, you must ensure that the notification given to the QFC Authority complies| | |

| | |with the requirement under Data Protection Rules 4.2.2, 4.2.3 and 4.2.4. | | |

| | | | | |

| | |You must provide notification to the QFC Authority: | | |

| | | | | |

| | |immediately upon commencing Personal Data Processing referred to in Rule 4.2.1, | | |

| | |on an annual basis where the Personal Data Processing is to continue in the subsequent year, and| | |

| | |immediately upon any Personal Data Processing being processed in a manner different to that | | |

| | |described in the initial notification. | | |

| | | | | |

| | |The annual notification required above must be submitted to QFC Authority within four months of | | |

| | |your financial year end. | | |

| |

|QFC Regulation No.10 of 2006 : QFC Employment Regulations |

|Article 10 : Minors | Licensed Firm/ |You shall not employ a person who is under 18 years of age except with the consent of the | | |

| |Authorised Firm |minor’s legal guardian and pursuant to rules issued under the Regulations. | | |

|Article 12 : Immigration |Licensed Firm/ |You shall obtain an Employer’s Identity Card from the QFC immigration Office in accordance with | | |

| |Authorised Firm |Article 8 of the Immigration Regulations and otherwise comply with the QFC Immigration | | |

| | |Regulations. | | |

|Article 13 : Information |Licensed Firm/ |On bi-annual basis, you are required to provide the information below to QFC Employment | | |

|to be submitted to the |Authorised Firm |Standards Office on any Employee (exclude temporary employees) employed during that semester and| | |

|State Labour Office | |any changes to information previously provided on any Employee: name of the Employee, age, | | |

| | |nationality and job title. | | |

|Article 14 : Records |Licensed Firm/ |You shall maintain a record on the following and retained for 2 years after the employment | | |

| |Authorised Firm |terminates: | | |

| | | | | |

| | |in respect of each Employee : name, nationality, job title, salary, date of commencement of | | |

| | |work, marital status, academic and professional qualifications, annual and sick leave taken and | | |

| | |any disciplinary measures taken against him; | | |

| | |a payroll register showing the amount of salary paid in respect of each Employee, any additional| | |

| | |wages paid to the Employee, and the amounts of any deductions and the net wages received by each| | |

| | |Employee; | | |

| | |a register of any work injuries showing the work injuries sustained by any Employee; and | | |

| | |an end of service register containing the names of the Employees whose services have been | | |

| | |terminated, the dates and causes of the termination and any entitlements paid to them. | | |

|Article 15 : Prohibition |Licensed Firm/ |You must have in place policies and procedures on prohibition of discrimination and these | | |

|on Discrimination |Authorised Firm |policies must be made known to your Employees. | | |

|Article 16 : |Licensed Firm/ |You must have in place a policy mandating non-retaliation against employees who whistleblow. | | |

|Whistleblowing |Authorised Firm | | | |

|Article 17 : Employment |Licensed Firm/ |You must ensure that each of your Employee has entered into a written employment contract with | | |

|contract |Authorised Firm |you and it must include the minimum requirements as stated in this Article. | | |

|Article 18 : Probation |Licensed Firm/ |Employee probationary periods may not extend past six months, except for cause, and two weeks | | |

|Period |Authorised Firm |notice must be provided to terminate employment. | | |

|Article 19 : Obligations |Licensed Firm/ |Employees have been informed of their obligations as employees as set forth in this Article, | | |

|of Employees |Authorised Firm |except as modified by Employer or agreed otherwise in employment contract. | | |

|Article 20 : Restrictive |Licensed Firm/ |Your employment contract must not contain provisions such as unreasonable non-compete | | |

|covenants |Authorised Firm |provisions, which may constitute an unreasonable restraint on trade and not appropriate relative| | |

| | |to the circumstances of the Employee’s employment. | | |

|Article 21 : |Licensed Firm/ |You must continue to pay your Employee his entitled benefits if you are responsible for his | | |

|Impossibility of work |Authorised Firm |inability to perform his duties. | | |

|Article 22 : Work |Licensed Firm/ |Unless otherwise provided in the employment contract, you may change your Employee’s job title, | | |

|description |Authorised Firm |work description or location within the State from time to time provided that prompt notice is | | |

| | |given to your Employee. | | |

| | | | | |

| | |You must allow your Employee to seek a determination from the Employment Standards Office that | | |

| | |his employment has been constructively terminated if a condition of employment is substantially | | |

| | |altered. | | |

|Article 23: |Licensed Firm/ |Terminations of employment must comply with the notice period, unless otherwise agreed between | | |

|Termination of employment|Authorised Firm |the parties, and must be in writing. | | |

|with notice | | | | |

|Article 24 : Termination |Licensed Firm/ |You must, at the request of your Employee, provide a written statement of the reason for the | | |

|of employment without |Authorised Firm |termination and the Employee’s recourse. | | |

|notice | | | | |

|Article 25 : End of |Licensed Firm/ |You shall pay all outstanding wages and other fees owing to your Employee within thirty (30) | | |

|service |Authorised Firm |days after you or your Employee terminates the employment. | | |

|Part 7 : Payment of |Licensed Firm/ |In relation to your Human Resources Policies, you must comply with the minimum requirements set | | |

|Salary, |Authorised Firm |forth in Parts 7, 8 and 9 of the QFC Employment Regulations. | | |

|Part 8 : Work Hours and | | | | |

|Leave, | | | | |

|and | | | | |

|Part 9 : Employment of | | | | |

|Women | | | | |

|Article 43 : General Duty|Licensed Firm/ |You have reasonable measures in place to ensure the health, safety and welfare of your | | |

| |Authorised Firm |Employees. | | |

|Article 44 : Health and |Licensed Firm/ |You have a duty to inform your Employee at the time of recruitment of any work related risks and| | |

|safety information |Authorised Firm |hazards and the safety measures to be taken. | | |

|Article 45 : |Licensed Firm/ |You shall, as far as is reasonably practical : | | |

|Precautionary measures |Authorised Firm | | | |

| | |provide and maintain a workplace that is safe, presents no risks to an Employee’s health and | | |

| | |that is free of harassment; | | |

| | |ensure adequate systems are in place that minimize risks to health and safety and the use, | | |

| | |handling, storage and transport of dangerous articles and substances; | | |

| | |provide information, instruction, training and supervision to Employees in English, Arabic or | | |

| | |any other language, if appropriate, to ensure their health and safety at work; | | |

| | |provide and maintain adequate and safe access to and from the workplace; and | | |

| | |provide any other facilities or meet any other requirements as prescribed in these Regulations | | |

| | |or rules, policies or orders issued thereunder. | | |

|Article 47 : Obligations|Licensed Firm/ |You must provide a first aid box which must be kept in a conspicuous place and made available to| | |

|of Employer |Authorised Firm |your Employees for every group of 25 Employees or less. | | |

|Article 48 : Health and |Licensed Firm/ |You are required to obtain and maintain insurance cover for health and disability income in the | | |

|disability insurance |Authorised Firm |manner prescribed in rules, policies or orders issued under these Regulations which shall | | |

| | |provide for periodic payments in respect of lost income when the Employee is unable to work due | | |

| | |to illness or injury. | | |

|Article 49 : Work related|Licensed Firm/ |You shall immediately notify the Employment Standards Office if your Employee dies while | | |

|injuries |Authorised Firm |performing his work or as a result of his work or sustains a work-related injury. | | |

|Article 50 : Treatment of|Licensed Firm/ |You shall pay medical cost as prescribed by a competent medical authority if your Employee | | |

|work related injuries |Authorised Firm |sustains a work-related injury. | | |

|Article 51 : Compensation|Licensed Firm/ |You shall pay compensation in the manner prescribed in rules, policies or orders issued under | | |

|for work related injuries|Authorised Firm |these Regulations if your Employee sustains an employment injury or dies as a result of an | | |

| | |employment accident or contracts an occupational disease. | | |

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|QFC Regulation No.11 of 2006 : Immigration Regulations |

|Article 8 : Entry of |Licensed Firm/ |You must ensure that each of your QFC Employees and Family Member wishing to reside in the | | |

|foreigners into the State|Authorised Firm |State: | | |

| | | | | |

| | |obtain a residence permit from the Immigration Office; and | | |

| | |leave the State upon the expiry of their residence permit unless they have previously obtained | | |

| | |an extension from the Immigration Office. | | |

|Article 9 : Sponsorship |Licensed Firm/ |Your QFC Employees who are not Qatari Nationals or otherwise sponsored by an appropriate sponsor| | |

|of QFC Employees |Authorised Firm |must be sponsored in the State by you. | | |

|Article 10 : Application |Licensed Firm/ |If you wish to bring a QFC Employee to the State, you must provide the following information to | | |

|for approval to bring a |Authorised Firm |the Immigration Office to obtain an entry visa for purposes of obtaining residency: | | |

|QFC Employee into the | | | | |

|State | |the QFC Employee’s name; | | |

| | |the position of the QFC Employee; and | | |

| | |a copy of the QFC Employee’s passport. | | |

|Article 11 : Residence |Licensed Firm/ |You must apply to the Immigration Office for a state residence permit for your QFC Employees and| | |

|Permit |Authorised Firm |Family Member within 5 working days of the arrival of the QFC Employee and Family Member in the | | |

| | |State respectively. | | |

|Article 14 : Residence | | | | |

|permits for Family Member| | | | |

|Article 12 : Multiple |Licensed Firm/ |You are required to provide each of the QFC Employees whom you sponsor with multiple exit visas | | |

|exit visa |Authorised Firm |that should be valid for the duration of the sponsorship. | | |

|Article 13 : Sponsorship |Licensed Firm/ |The Family Members of your QFC Employees who reside in the State must be duly sponsored by your | | |

|of Family Members |Authorised Firm |QFC Employee. | | |

|Article 17 : Change of |Licensed Firm/ |Your QFC Employee must inform the Immigration Office within 5 working days of any change of | | |

|address |Authorised Firm |address. | | |

| | | | | |

|Article 18 : Visit and |Licensed Firm/ |If you wish to apply for business visit visa for a business contact or member of staff employed | | |

|Business Visa |Authorised Firm |outside State in circumstances where : | | |

| | | | | |

| | |the visit will extend past the period for which State requirements on entry into the State | | |

| | |generally apply; and/or | | |

| | |the business contact or staff holds a passport from a jurisdiction that has no visa waiver | | |

| | |program with the State, | | |

| | | | | |

| | |you shall file the documents identified for this purpose by the Immigration Office. | | |

|Article 20 : Provisions |Licensed Firm/ |You must ensure that your QFC Employee whose employment has terminated leaves the State within | | |

|relating to sponsored QFC|Authorised Firm |thirty (30) days of such termination. | | |

|Employees | | | | |

| | | | | |

|Article 21 : Obligations |Licensed Firm/ |You have an obligation to : | | |

|of Employer |Authorised Firm |cooperate with the Immigration Office and relevant State authorities if your QFC Employee fails | | |

| | |to leave the State as required; | | |

| | |to cooperate fully with the Immigration Office and relevant State Authorities in connection with| | |

| | |any criminal or security proceeding involving the QFC Employee; and | | |

| | |to bear the expenses of preparing and burying the body of your deceased QFC Employee in the | | |

| | |cemeteries designated for that purpose in the State, or, at the request of a legitimate heir of | | |

| | |the deceased or any other party, to transport the body to the native country or permanent place | | |

| | |of residence of the deceased QFC Employee, whatever the reason of death might be | | |

| | | | | |

| | |and have policies consistent with the above. | | |

| |

|QFCA RULES, PART 2 : GENERAL RULES |

|Rule 2.2 : General |Licensed Firm |You shall ensure that your firm is and remains fit and proper, and complies with all applicable | | |

|Conduct | |QFC Regulations and Rules, and at all times ensure the firm conducts itself in a manner that | | |

| | |reflects the Principles as set out in Schedule 1 and does not harm or hinder the QFC Authority | | |

| | |in achieving its Objectives, strategies and priorities. | | |

|Rule 3.2 : Disclosure of |Licensed Firm |You must not misrepresent your firm’s status expressly or impliedly. | | |

|licensed Status | | | | |

| | |You must ensure that your business documents include the following disclosure : | | |

| | |“Licensed by the Qatar Financial Centre Authority” or “Licensed by the QFC Authority”. | | |

| | | | | |

| | |You must ensure that the QFC Authority logo is only reproduced with the express written | | |

| | |permission of the QFC Authority and in accordance with any conditions for use issued from time | | |

| | |to time. | | |

|Rule 3.3 : Communication |Licensed Firm/ |You shall ensure that all your communications to the QFC Authority are made in English by your | | |

|with the QFC Authority |Authorised Firm |authorised officer/employee. | | |

| | | | | |

| | |All your internal procedures, records or other documentation created shall be in English. | | |

|Rule 4.2 : Provision of |Licensed Firm |You must ensure that each notification issued to the QFC Authority is in writing, contains your | | |

|Notifications | |firms’ name and QFC number, and is submitted on any relevant QFC form and in the manner as | | |

| | |prescribed in the Rule. | | |

| | | | | |

| | |Unless a Rule specifies otherwise all notifications must be signed by the Senior Executive or a | | |

| | |Director or other authorized signatory (the “Authorized Signatory”). | | |

|Rule 4.3 : Core Details |Licensed Firm |You must provide the QFC Authority with reasonable advance notice of any change highlighted in | | |

| | |General Rule 4.3.1. | | |

| | | | | |

| | |If you are a Local Licensed Firm, you must provide QFC Authority with prior notice of the | | |

| | |establishment or closure of a branch office anywhere in the world from which it carries on | | |

| | |services. | | |

|Rule 4.4 : Significant |Licensed Firm |You must advise the QFC Authority immediately if you become aware of any matters that have | | |

|Events | |occurred or may occur in the foreseeable future that could materially impact on your firm, your | | |

| | |customers or QFC. | | |

|Rule 4.5 : Fraud and |Licensed Firm |You must notify the QFC Authority immediately if : | | |

|Errors | | | | |

| | |you become aware that your employee may have committed a fraud against one of your customers; | | |

| | |a serious fraud has been committed against you; | | |

| | |you have reason to believe that a Person is acting with intent to commit a serious fraud against| | |

| | |you; or | | |

| | |you identify significant irregularities in your accounting or other records, whether or not | | |

| | |there is evidence of fraud. | | |

|Rule 4.6 : Action against|Licensed Firm |You must notify the QFC Authority immediately if : | | |

|a Licensed Firm | | | | |

| | |civil proceedings are brought against you and the amount of the claim is in excess of 20% of | | |

| | |your financial resources or is significant in relation to your reputation; or | | |

| | |you are prosecuted for, or convicted of, any offence involving fraud or dishonesty, or any | | |

| | |penalties are imposed for tax evasion. | | |

|Rule 5.2 : Provision of |Licensed Firm/ |You must ensure that each report you provide to the QFC Authority is duly signed by the | | |

|Reports |Authorised Firm |Authorized Signatory, contains your name, QFC Number and must be received by QFC Authority in | | |

| | |the manner specified by 5pm on the due date or the following day if the due date falls on a | | |

| | |non-Business Day. | | |

|Rule 6.2 : General |Licensed Firm/ |You must maintain appropriate records of : | | |

|Requirements |Authorised Firm |matters and dealings, including accounting records; | | |

| | |policies and procedures; and | | |

| | |other documentation | | |

| | | | | |

| | |which are required under Relevant Requirements. | | |

|Rule 6.3 : Maintenance of|Licensed Firm/ |You must ensure your records, however stored, are capable of reproduction on paper within three | | |

|Records |Authorised Firms |(3) business days upon request. | | |

| | | | | |

| | |You must ensure that you maintain records in accordance with the requirements for preservation, | | |

| | |confidentiality, security and frequency and ease of access to records. | | |

| | | | | |

| | |Records created by third parties may be kept in any language provided they can be reproduced in | | |

| | |English within three (3) business days upon request. | | |

| | | | | |

| | |Where original documents cannot be maintained, you must ensure that copies may be kept provided | | |

| | |that it is duly certified in the manner prescribed in General Rule 6.3.4 (B). | | |

| | | | | |

| | |You must maintain the relevant records and documents for at least six years unless otherwise | | |

| | |stated in a specific provision. | | |

|Rule 7.2 : Application to|Licensed Firm / |You must apply in writing in the manner prescribed in General Rule 7.2 to Legal Department of | | |

|waive or modify Rules |Authorised Firm |QFC Authority if you wish to apply for a Waiver or Modification Notice. | | |

| | | | | |

| | |You must immediately notify the QFC Authority if you become aware of any material change in | | |

| | |circumstances which may affect the application for a Waiver or Modification Notice. | | |

|Rule 7.6 : Continuing |Licensed Firm / |You must immediately notify the QFC Authority if you become aware of any material change in | | |

|Relevance of a Written |Authorised Firm |circumstances which could affect the continuing relevance of a Waiver or Modification Notice. | | |

|Notice | | | | |

|Rule 8.2 : General |Licensed Firm |You must provide information on your Controllers in the form and manner required by Form Q01. | | |

|Provisions | | | | |

| | |You must establish and maintain systems and controls to enable you to: | | |

| | |be advised of any proposed or actual acquisitions or changes in Control; and | | |

| | |monitor any proposed or actual acquisition or changes in control. | | |

|Rule 8.3 : Requirement to|Licensed Firm |You must submit a Controller Notice to QFC Authority to notify the QFC Authority of an | | |

|notify the QFC Authority | |acquisition or cessation of Control in your firm. | | |

| | | | | |

|Rule 8.4 : Controller |Licensed Firm |Your Authorized Signatory must submit the Controller Notice in writing on any relevant form to | | |

|Notice | |the QFC Authority not less than 30 days in advance of the proposed acquisition or change in | | |

| | |Control or where this is not reasonably practicable, immediately upon you becoming aware of the | | |

| | |proposed or actual acquisition or change in Control. | | |

|Rule 8.6 : Annual |Licensed Firm |You must submit a Controller’s Report to QFC Authority annually within four (4) months of your | | |

|Controller’s Report | |financial year end and the Controller’s report must include : | | |

| | | | | |

| | |the name of each Person having Control over the Licensed Firm; | | |

| | |the level and type of Control of each Person in (A); | | |

| | |if the Person in (A) is a Body Corporate, its country of incorporation, address and registered | | |

| | |number; and | | |

| | |if the Person in (A) is an individual, his date and place of birth. | | |

|Rule 9.2 : Accounting |Licensed Firm |You must maintain the accounting records, financial records and statements and auditors reports | | |

|records | |required under the Companies Regulations, the Limited Liability Partnership Regulations, any | | |

| | |other applicable Regulations and this chapter for at least six years from the date to which they| | |

| | |relate. The accounting records must be maintained in the manner prescribed in General Rule | | |

| | |9.2.1. | | |

|Rule 9.3 : Accounting |Licensed Firm |You must prepare and maintain all financial accounts and statements in accordance with IFRS, US | | |

|Standards | |GAAP, UK GAAP or such other principles or standards approved in writing by the QFC Authority. | | |

| | | | | |

|Rule 9.4 : Financial |Licensed Firm |You must ensure that your accounts and financial statements are examined and reported upon by | | |

|Accounts and Statements | |your auditor in accordance with the Companies or other Regulations as appropriate and file a | | |

| | |copy of the financial statements and auditor’s report with the CRO within 4 months of the end of| | |

| | |your financial year. | | |

|Rule 9.5 : Auditor’s |Licensed Firm |You must ensure that your auditor: | | |

|Report | |conducts an audit of your accounts and financial statements in accordance with the requirements | | |

| | |of the relevant standards published by the IAASB or other standards deemed acceptable by QFC | | |

| | |Authority; and | | |

| | |produces the reports required under General Rule 9.5.1. | | |

|Rule 10.2 : General |Licensed Firm |Where an annual or supplementary fee in relation to ongoing supervision is due under a provision| | |

|Provisions | |of these Rules, you are required to pay such fee by the date upon which it falls due. | | |

|Rule 10.4 : Application |Licensed Firm |You are required to pay the Application Fees specified in Schedule 4 and any supplementary fee | | |

|Fees | |required by the QFC Authority. | | |

|Rule 10.5 : Annual Fees |Licensed Firm |You must pay to the QFC Authority the annual fee (pro rated) specified in Schedule 4 and within | | |

| | |twenty-one (21) days of the date of grant of license and in subsequent years on or before | | |

| | |January 1 of each calendar year. | | |

|Rule 10.6 : Fees for |Licensed Firm |If you are seeking extracts of public register information in accordance with General Rule 3.6, | | |

|extracts of information | |you must upon application pay the fee prescribed in Schedule 4. | | |

|from the Registers of | | | | |

|Public Information | | | | |

| | | | | |

|Rule 11.3 : Additional |Licensed Firm |You must ensure that the Senior Executive Function is carried out by an individual who is | | |

|Requirements for | |ordinarily resident in the State unless you are operating as a branch in the QFC in which case | | |

|Registered Functions | |the individual must spend an appropriate proportion of his time in the State having due regard | | |

| | |to his Senior Executive Functions. If you fall within the definition of a Relevant Person under| | |

| | |the QFC Anti-Money Laundering Regulations you must provide for a Money Laundering Reporting | | |

| | |Function pursuant to QFC Regulatory Authority Requirements. | | |

|Rule 11.4 : Registered |Licensed Firm |You must have one individual registered to carry on the Senior Executive Function and, if | | |

|Function | |applicable, the Money Laundering Reporting Function. | | |

| | | | | |

| | |If more than one individual is appointed to perform any of the Registered Functions, you must | | |

| | |ensure that the allocation of responsibility avoids duplication and omission. | | |

| | | | | |

|Rule 12.2 : Notification |Licensed Firm |You must notify QFC Authority of each person that conducts a Registered Function on your behalf | | |

|of an individual | |in writing on QFC Form Q01, and any changes in status, identity and qualifications of such | | |

|conducting Registered | |individual. | | |

|Functions | | | | |

| | | | | |

|Rule 13.2 : Licensed |Licensed Firm |You must make reasonable enquiries as to an individual’s fitness and propriety to carry out a | | |

|Firms’ assessment of | |Registered Function before registering such person with the QFC Authority and have regard to the| | |

|Individuals | |matters specified in that Rule. | | |

| | | | | |

| | |You must not register an individual to conduct a Registered Function if you have reasonable | | |

| | |grounds to believe that the individual is not fit and proper to carry out such Function. | | |

|Rule 14.2 ; Suitability |Licensed Firm |You should carry out appropriate investigations as to skill, experience, background, | | |

|and Competence | |qualifications of that individual having regard to the nature and complexity of the relevant | | |

| | |Registered Function in the context of the Non-Regulated Activities carried on by the Licensed | | |

| | |Firm inclusive of all relevant factors which may impact on that individual’s fitness and | | |

| | |propriety. You must ensure that an individual performing the MLRO function has adequate | | |

| | |knowledge of the QFC AML Regulations and Rules. | | |

|Rule 14.3 : Training and |Licensed Firm |You must implement appropriate procedures to ensure that individuals you have assessed as | | |

|Supervision | |competent are and remain competent taking into account the functions they perform and any | | |

| | |changes to the products and services offered. | | |

|Rule 15.2 : Multiple |Licensed Firm |You may allow your employees to carry on Registered Functions for more than one Licensed Firm | | |

|Appointments | |provided that you are aware of that employees Registered Functions for other Firms, you are | | |

| | |satisfied there is no conflict of interest and QFCA is satisfied no conflict of interest will | | |

| | |arise. | | |

| | | | | |

| | |If your employee carries more than one Registered Function for you, you must be satisfied that | | |

| | |the performance of such Functions do not give rise to any internal or external conflicts of | | |

| | |interest and is appropriate having regard to the nature, scale and complexity of the business | | |

| | |carried on by you. | | |

|Rule 16.2 : Definition |Licensed Firm |Licensed Firms conducting Professional Support Services defined in Rule 16.3, must ensure their | | |

| | |activities conform to the specific services for which they have been licensed and that they do | | |

|Rule 16.3 : Definitions | |so from a permanent place of business in the QFC. | | |

|of Professional Support | | | | |

|Services | | | | |

| | | | | |

|Rule 16.5 : On going |Licensed Firm |Without prejudice to the general operating requirements under the QFCA Rules, and other Rules | | |

|Duties |(conduct |and Regulations of the QFC applicable to a QFCA Licensed Firm, you shall comply with any | | |

| |Professional |Recognised Conduct Rules and any other requirements of the Recognised Professional Body. | | |

| |Support Services) | | | |

| | |You shall keep a record of all your employees and partners operating in or from the QFC that are| | |

| | |registered or certified by any Recognised Professional Body and to provide such information to | | |

| | |QFC Authority. | | |

| | | | | |

| | |You must ensure that all your employees and partners or other officers of the licensed Firm | | |

| | |shall comply with any training requirements of the Recognised Professional Body, including any | | |

| | |requirements for continuing professional education and shall maintain any registration or | | |

| | |authorization by the Recognised Professional Body. | | |

| | | | | |

| | |You must inform the QFC Authority in writing as soon as you become aware of any change in the | | |

| | |information provided pursuant to QFCA General Rule 16.4.1, or of any investigation of the | | |

| | |activities or employees or officers of the Licensed Firm or its affiliates whether based in | | |

| | |Qatar or outside Qatar, by any regulatory body or professional body to which either you or any | | |

| | |of your affiliates are responsible or is a member. | | |

| | | | | |

| |

|QFCA RULES, PART 3 : CONDUCT OF BUSINESS RULES |

|Rule 3.1 : Communication |Licensed Firm |You must take reasonable steps to communicate information to a Client in a manner which is | | |

|of Information | |clear, fair and not misleading. | | |

| | | | | |

| | |You must not, in any form of communication with a Client, attempt to avoid or limit any duty or | | |

| | |liability it may have to that Client or any other person under a Relevant Requirement. | | |

|Rule 3.2 : Reliance on |Licensed Firm |If the information or marketing material is based on information provided to you by others you | | |

|others | |must be able to demonstrate that you were reasonable in relying on such information. | | |

|Rule 3.3 : Marketing |Licensed Firm |You must ensure that your marketing material is accurate and not misleading. | | |

|Material | | | | |

|Rule 3.4 : |Licensed Firm |You must refrain from disclosing outside the Firm any confidential information acquired in the | | |

|Confidentiality | |conduct of your business without proper and specific authority unless there is a professional or| | |

| | |legal duty to disclose. | | |

|Rule 4.1 : Conflicts and |Licensed Firm |You must establish systems and controls to identify and manage any actual and potential conflict| | |

|Material Interests | |of interest and material interest to ensure that all of your Clients are fairly treated and not | | |

| | |prejudiced by any such interests. | | |

| | | | | |

| | |When you have knowledge of a conflict or material interest you must comply with the procedures | | |

| | |in Rule 4.1.2. If you cannot manage it you must decline to act for the Client. | | |

| | | | | |

| | |You must ensure that neither you nor your employees offer, give, solicit or accept any | | |

| | |inducement which is likely to conflict to a material extent with any duty you owe to your | | |

| | |Clients. | | |

|Rule 5.1 : Complaints |Licensed Firm |You must establish and operate appropriate and effective written internal complaints handling | | |

|Handling | |procedures for dealing with complaints made against you by Clients in relation to Non-Regulated | | |

| | |Activities (whether justified or not) fairly, efficiently and with due diligence and | | |

| | |consideration. | | |

| | | | | |

| | |You must take reasonable steps to ensure that relevant Employees are aware of the internal | | |

| | |complaint handling procedures and you must endeavour to ensure that they act in accordance with | | |

| | |them. | | |

| | | | | |

| | |Your systems and controls must include appropriate management controls to : | | |

| | | | | |

| | |handle complaints fairly, consistently and promptly; and | | |

| | |identify and remedy any recurring or systemic problems, as well as any specific problem | | |

| | |identified by a complaint. | | |

|Rule 5.2 : Record Keeping|Licensed Firm |You must make and retain records of complaints for at least six years from the date of its | | |

| | |receipt. | | |

| |

|QFC Rules, Part 4 : Licensed Firms Assets Rules |

|Rule 3.1 : Provision of |Licensed Firm |When a Rule in this Rulebook requires information to be sent to a Client, you must provide that | | |

|Information | |information directly to the Client and not to another Person unless that you have a written | | |

| | |instruction from the Client requiring or permitting you to provide the relevant information to | | |

| | |that other Person, so long as that other Person is not connected with you. | | |

|Rule 4.3 : Creation of |Licensed Firm |All Client Money held by you is subject to a trust and shall be held on the terms prescribed in | | |

|Trust over Client Money | |Rule 4.3.1 of LFAR. | | |

|Rule 4.4 : Payment of |Licensed Firm |You must hold Client Money consistent with the requirements of LFAR 4.4 in regard to manner of | | |

|Client Money into Client | |receipt, recordkeeping and proper depositories | | |

|Bank Accounts | | | | |

| | | | | |

|Rule 4.5 : Segregation of|Licensed Firm |You must not deposit your own money into a Client Bank Account. | | |

|Client Money from the | | | | |

|Licensed Firm’s own money| |You may not commingle your money with Client Money in a Client Bank Account except as provided | | |

| | |in LFAR 4.5.2 | | |

| | | | | |

| | |You must maintain systems and controls for identifying money that is not permitted to be in a | | |

| | |Client Bank Account and for transferring any such money which is in a Client Bank Account out of| | |

| | |that account | | |

|Rule 4.6 : Payment of |Licensed Firm |You must have procedures for ensuring all withdrawals from a Client Bank Account are authorized | | |

|Client Money from Client | |and otherwise consistent with LFAR 4.6.2 and 4.6.3. | | |

|Bank Accounts | | | | |

|Rule 4.7 : Client |Licensed Firm |You must notify your Client in writing of the terms on which the Client Money is held as soon as| | |

|Notifications | |practicable upon receipt of the Client Money. | | |

|Rule 4.8 : Client |Licensed Firm |You must send a statement to Client on quarterly basis or at such intervals as are agreed in | | |

|Reporting | |writing with the Client. | | |

| | | | | |

| | |Such statement must be prepared within one calendar month of the statement date, and must | | |

| | |contain the information required under Rule 4.8.2 of LFAR. | | |

|Rule 4.9 : Reconciliation|Licensed Firm |You must maintain a system to ensure that accurate reconciliations of the Client Bank Accounts | | |

| | |in which Client Money is held are carried out, as frequently as necessary to ensure the accuracy| | |

| | |of your records and no less than once as at the close of the last Business Day of each calendar | | |

| | |month and otherwise consistent with LFAR 4.9.2. | | |

| | | | | |

| | |You must perform the reconciliations required pursuant to LFAR 4.9.2 within ten Business Days of| | |

| | |the date to which the reconciliation relates. | | |

| | | | | |

| | |You must notify QFC Authority immediately if there is a material discrepancy with the | | |

| | |reconciliation which has not been rectified within one Business Day following the day on which | | |

| | |that discrepancy was identified. | | |

|Rule 4.10 : Auditor’s |Licensed Firm |If you hold Client Money, you must arrange for your auditors to prepare a report and submit it | | |

|Reports | |to the QFC Authority in accordance with General Rule 9.5.1(D). | | |

|Rule 4.11 : Record |Licensed Firm |You must maintain records which enable you to demonstrate to your auditors and the QFC Authority| | |

|Keeping | |your compliance with the requirements set out in LFAR and to demonstrate and explain all entries| | |

| | |of money required to be held. | | |

| | | | | |

| | |You must maintain proper books and accounts based on the double-entry booking principles. It | | |

| | |must be legible, up to date and contain narratives with the entries which identify and provide | | |

| | |adequate information about each transaction to which LFAR applies. Entries must be made in | | |

| | |chronological order and the current balance must be shown on each of your ledgers. | | |

| | | | | |

| | |You must maintain a master list of all your Client Bank Accounts. | | |

| | | | | |

| | |All records maintained by you pursuant to LFAR must be kept for at least six years. | | |

I am an officer of [ firm ] duly authorized to make this representation on behalf of [ firm ]. By signing below, I am confirming that [ firm ] is in compliance with each provision of the Requirements so confirmed.

Signed by : _________________________________

Name : _________________________________

Designation : _________________________________

Name of Firm: _________________________________

Date : _________________________________

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