Rules for Authorised Firms
1. What are the rules for Authorised Firms and where can I find them?
The rules for Authorised Firms are grouped into a number of QFC Regulatory Authority Rulebooks according to their subject matter.
- Governance and Control
- Conduct of Business
- Anti-Money Laundering
- Investment Management
- Collective Investment
- Insurance Mediation
Rulebooks are published following a period of public consultation. Click the links QFC Regulatory Authority Rulebooks and Consultation Papers.
2. How do the prudential rules relate to branch offices?
The prudential rules apply to the entity wherever it is based. If an Authorised Firm carries on Regulated Activities in the QFC through a branch office, in appropriate circumstances we may waive the operation of certain rules or specified parts of certain rules.
In this respect, we may seek to rely on a firm’s home state regulator when it comes to prudential supervision, provided we are satisfied that the rules are broadly equivalent to those of the QFC Regulatory Authority, and that appropriate arrangements exist or are expected to exist within the relevant home state regulator.
3. Are there rules relating to the holding of client money?
There are detailed rules concerning client money and when it must be segregated by Authorised Firms. The rules generally apply to firms that are not banks or insurers (money held by a bank, for example, may meet the definition of deposit which is subject to different requirements). There are specific requirements for insurance brokers and managers.