Page 76 - Annual Report 2019

73 ANNUAL REPORT 2019 POLICY AND ENFORCEMENT

Enforcement actions
First Abu Dhabi Bank P.J.S.C for QFC court judgments Disciplinary action against three
obstruction of investigation The Regulatory Authority was party to a number of directors of Guardian Wealth
In August 2019, the Regulatory Authority imposed a proceedings in the QFC Civil and Commercial Court Management Qatar LLC (in liquidation)
financial penalty of QAR 200,000,000 (US$54,945,055) in 2019, including: In July 2019, the Regulatory Authority took disciplinary
on First Abu Dhabi Bank P.J.S.C (FAB) for obstruction of action against three members of the Board of Guardian
the Regulatory Authority’s investigation into suspected • Qatar Financial Centre Regulatory Authority v Wealth Management Qatar LLC (GWMQ) (in liquidation),
manipulation by FAB of the Qatari Riyal, Qatari Government First Abu Dhabi Bank P.J.S.C - Case No CTFIC1009/2018 who were ultimately found to be responsible for the
securities and related financial instruments. The (17 September 2019); governance framework at GWMQ that led substantially
financial penalty reflected the gravity and seriousness • Qatar Financial Centre Regulatory Authority v First Abu to the contraventions for which the firm was penalised
of FAB’s breaches of regulatory requirements caused Dhabi Bank P.J.S.C - Case No 2 of 2019 (13 May 2019); and in April 2018.
by the deliberate and intentional steps taken by FAB to • Ms Ileana Mercedes D’Lacoste Agudelo v Horizon
obstruct the QFC Regulatory Authority’s investigation. Crescent Wealth LLC and Others and Ms Eniluz Jhoana Mr John Hasberry and Mr David Howell, the two
Gonzalez Aponte v Horizon Crescent Wealth LLC and directors of the firm, agreed a settlement with the QFC
On 14 March 2019 and 9 June 2019, the Regulatory Others - Case Nos 6 and 7 of 2018 (2 October 2019). Regulatory Authority. As part of the settlement, each
Authority issued Supervisory Notices to FAB that restricted agreed to a financial penalty of US$200,000 and a
the activities of FAB’s QFC Branch. The Regulatory Authority In all proceedings the court judgment found three-year prohibition.
took these actions due to fitness and probity concerns and in favour of the Regulatory Authority.
FAB’s failure to comply with orders issued by the QFC Civil The Regulatory Authority issued a public censure to
and Commercial Court. Settlement with NEXtCARE Mr Vincent Jones, the chairman and independent
Lebanon SAL, QFC Branch director of the firm. The conduct of Mr Jones fell
below the Principles of Conduct for an Approved
The Regulatory Authority agreed a settlement with Individual, and were it not for the evidence of significant
NEXtCARE Lebanon SAL, QFC Branch (NC). The investigation mitigating circumstances, the Regulatory Authority
found that during the period April 2017 to August 2018, would have imposed a financial penalty of US$75,000
NC misrepresented in certain publications that it offered and a two-year prohibition against Mr Jones.
insurance mediation services in or from the QFC when
it was not authorised to do so. As part of the settlement,
NC agreed to pay the reasonable costs and expenses
of the investigation of QAR 54,600 (US$15,000).