QFC 002/2019 on 13 May 2019
Qatar Financial Centre Regulatory Authority v First Abu Dhabi Bank PJSC
This case involved whether the QFC regulators had the ability to request documents which related to the operations of a branch outside Qatar and the QFC, as part of an investigation into foreign exchange activity when the branch was not a separate entity but was QFC regulated.
Background
On 18 May 2018, the Qatar Financial Centre Regulatory authority appointed investigators to look into the conduct of bank as a result of the bank on qatari currency on the foreign exchange market. The bank had a registered branch at the QFC. The investigators issued a notice requiring the bank to provide documents and information. The branch handed over the documents it had at the branch but refused to hand over other documents.
The QFC issued proceedings for the other documents and the bank challenged the authority to request those documents and the jurisdiction of the court over the bank. The court of first instance issued a ruling that it had jurisdiction. A permission to appeal was made on the basis of the court and QFC jurisdiction.