QFC 0002/2023, [2024] QIC (A) 10
Rudolfs Veiss v Qatar Financial Centre
This case involved whether those who had a prohibition order banning them from carrying out any function in the QFC for a period could still issue letters of authority which allowed them to act as servicing agents from those who had existing insurance policies. Also considered was the penalty, suspension period and the way the penalty was to be paid.
Background
The Appellant worked in financial services. On 12 October 2023, the Regulatory Tribunal upheld in part the decision of the Respondent dated 22 September 2022 finding that the Appellant had contravened various QFC regulations. It reduced the penalty imposed by the Respondent from QAR 1,820,500 to QAR 876,000 but upheld a prohibition order that barred the Appellant from carrying out any function in the QFC for a period of five years. The Appellant appealed on the basis that the Regulatory Tribunal had erred in law in relation to liability, and appealed the financial penalty and period of suspension.