QFC 003/2011
Seifeldin Abdelkareem v QFC Regulatory Authority-1
Type
Case
Court
Qatar Financial Centre - Qatar Financial Centre Regulatory Tribunal
Jurisdiction
Qatar Financial Centre
Taxonomy
Financial Services & Activities, Financial Institutions, General Professions & Ethics
Copyright
LexisNexis
Decision date
7 May 2012
Hearing/Judgment date
7 May 2012
Panel
Chairman, Michael Thomas CMG, QC; Francois Gianviti; LaurenceLi
Catchwords
Financial Services – Regulation – Duties of financial officers – Applicant chief financial officer of bank authorised by respondent QFC authority – Bank's capital position inaccurately stated to authority – Authority finding appellant knowingly in breach of requirements of integrity, skill, care, relations with regulator, management and compliance – Authority imposing penalty and prohibition order on appellant – Regulatory tribunal upholding authority's decision –Applicant seeking permission to appeal – Appropriate standards required by relevant regulations – Whether appellant in breach of standards – Whether penalty appropriate – Practice – Appeal – Permission to appeal – Test for permission to appeal – Article 8(3)(d) of QFC Law No. 7/2005.
7 May 2012
Mr Seifeldin Abdelkareem; Mr Seifeldin Abdelkareem (Appellant in Person)
Mr Ben Jaffey, Counsel, Blackstone Chambers, UK and Mr Shane Sibbet, Counsel, Blackstone Chambers, UK
DECISION
This Appeal
1. By a Notice of Appeal dated 23 May 2011, the Appellant (''Mr. Abdelkareem") appeals from a decision of the QFC Regulatory Authority (the "Authority") dated 28 March 2011 (the "Decision").
2. In the Decision, the Authority imposed on Mr. Abdelkareem:
(1) a penalty ofUS$100,000 (the "Financial Penalty"); and
(2) an order prohibiting Mr. Abdelkareem from performing any function for, or being employed by, any Authorised Firm in the Qatar Financial Centre (the "Prohibition Order").