DOHA: The Qatar Financial Centre (QFC) Regulatory Authority Tuesday released a consultation paper on proposed rule changes that strengthen the rules for the acquisition of significant ownership positions in QFC authorised firms.
The Regulator seeks public comments on the proposal to update the rules relating to the acquisition of significant ownership positions in QFC authorised firms, most significantly with regard to the approval of those ownership positions, the Regulator said today in a media statement.
The proposed changes would introduce four threshold bands, reducing the need to seek approval unless a shareholding moved from one band to another.
This move would bring the rules into line with international best practice.
The proposed new controller band thresholds are: 10 percent; Exceeding 24 percent but not more than 49 percent; Exceeding 49 percent but not more than 74 percent; and exceeding 74 percent.
The other proposed amendments cover a range of rules relating to approvals, systems, controls and reports.
The proposals are relevant to all QFC authorised firms and any firms considering doing business in the QFC.
The consultation period is open until November 7, 2013.
The draft amendments are to the General Rules (GENE) and the proposed amendments and consultation paper can be accessed via www.qfcra.com
This initiative supports the QFC Regulatory Authority's ongoing commitment to meet high international regulatory standards, and supports the continued development of the QFC as a leading financial and business centre in the region, the Regulator said. (QNA)
