Page 75 - Annual Report 2019

72 ANNUAL REPORT 2019 POLICY AND ENFORCEMENT

Enforcement Summary: Enforcement Statistics for 2019
Enforcement is a necessary component of an effective • Enforcement actions taken against 6 QFC firms
regulatory regime and enables the Regulatory Authority to and individuals, including 4 settlements, 2
take appropriate enforcement action where breaches of the public censures, 2 prohibition orders, 4 financial
rules and regulations occur. While such breaches are rare, penalties and 2 other enforcement actions
unfortunately they do, at times, occur. When they do, the • 2 investigations commenced related to individuals
Regulatory Authority acts swiftly, decisively, and in a manner • 3 investigations commenced related to QFC firms
that is consistent with its stated policies and procedures, • Total of 5 Regulatory Authority investigations commenced
to achieve an effective and proportionate outcome.

In 2019, the Enforcement department had more than 30
investigations under management and was successful
in court proceedings to which it was a party.