QFCRT 001/2014
International Legal Consultants LLC v QFC Companies Registration Office
Type
Case
Court
QFC Regulatory Tribunal (Qatar)
Jurisdiction
Qatar Financial Centre
Taxonomy
General Company Law & Business Entities
Copyright
LexisNexis
Decision date
26 Oct 2014
Hearing/Judgment date
26 October 2014
Panel
Rt. Hon. Sir David Keene, Chairman, Professor Francois Gianviti, Professor Nisuke Ando
Catchwords
Companies – Registration and maintenance of company information – Late filing of documentation –– Financial penalties – Company moving floors of tower block – Company failing to notify change of address to Companies Registration Office (CRO) for seventeen months following move – CRO issuing maximum financial penalty in accordance with CRO Late Filings Penalty Guidance – Company's appeal being dismissed – Regulatory Tribunal finding CRO applying guidance in mechanical fashion and substituting financial penalty order with penalty at half of maximum – CRO appealing – Whether CRO guidance providing adequate and proportionate approach to determining penalties for late filing – QFC Companies Regulations 2005, Article 43(1)
26 October 2014
Signed by: Christopher Grout, Acting Registrar of the QFC Regulatory Tribunal on behalf of the Tribunal
Introduction
1. This is the first appeal against a decision of the QFC Companies Registration Office ("CRO") to be heard by this Tribunal. There is no dispute as to our jurisdiction; under Article 8(2)(c) of the QFC Law No 7/2005, as amended, this Tribunal's jurisdiction covers appeals against decisions of the QFCA, the Regulatory Authority and "other QFC institutions", of which the CRO is undoubtedly one.