The role of the Board, subject to the QFC Law and other applicable legislation, is to lead the QFC Regulatory Authority.
Schedule 4 to the QFC Law outlines the powers and duties of the Board.
In addition, the Board seeks to:
- Exercise functions of the QFC Regulatory Authority that, under the QFC Law or other QFC legislation, only the Board can exercise;
- Make strategic decisions affecting the future operation of the QFC Regulatory Authority;
- Oversee the executive management’s discharge of the day to day business of the QFC Regulatory Authority;
- Set appropriate policies to establish a system of internal controls to manage risks to the QFC Regulatory Authority;
- Maintain a sound system of financial control;
- Take and record decisions which the Board or executive management consider to be of such significance as to require to be taken by the Board;
- Maintain high-level relations with other appropriate organisations and authorities; and
- Provide an accountability mechanism for decisions of the executive management, including through periodic reporting to the Board.