With the growth in Qatar's economy the establishment of Qatar Financial Centre was governed by Qatar Law No. 7/2005 Promulgating the Qatar Financial Centre (QFC) Law, which became effective on 1 May 2005. However, the text of article 9 of Qatar Law No. 7/2005 was replaced by virtue of article 3 of Qatar Law No. 2/2009 Related to the Qatar Financial Centre (QFC) Law dated 17/02/2009. It sets out the structure of the QFC and establishes the independent bodies necessary for its operation. These include the QFC Authority, the QFC Regulatory Authority, the Civil and Commercial Court (first instance and appellate divisions). The QFC Regulatory Tribunal will have the power to prepare, amend and cancel its own regulations, as it may deem appropriate to achieve its objectives or to aid it to implement, carry out and enforce its powers and functions, including the provisions for the determination and payment of compensation and fines in the event of breach of the provisions stated in these regulations.