QFC 011/2019

Qatar Financial Centre Regulatory Authority v First Abu Dhabi Bank PJSC [2020] QIC (F) 2

This case involved the role of the court when called to rule on non-payment of a regulatory penalty within the required time frame.

Background

Under Article 59(4) of the Financial Services Regulations any penalty issued by the regulator not paid within the specified penalty can on application to the court by the regulatory authority be recovered by the regulatory authority as a debt. A financial penalty was issued against the bank and was not paid within the required 14 days. No appeal or application for a stay of execution had been made and the bank had not participated in these proceedings.

On 5 June 2017 a number of countries including the UAE cut off diplomatic ties with Qatar.

The bank had its headquarters in the UAE. This political situation had an impact on the currency.

However, analysis of exchanges which had taken place during the Eid Al Fitr weekend led to newspaper speculation on state sponsored attacks on Qatar and its currency.