DOHA: In response to an article published by The Peninsula entitled: “QFC to be integrated with QCB and SJC” on 7 February 2016, the Qatar Financial Centre Authority (QFCA) clarified that the article creates misunderstanding and conjecture regarding the financial regulatory framework in Qatar and the QFC, as a business and financial centre.
The QFCA would like to correct the record as follows: In 2013, the Qatar Central Bank (QCB), working closely with QFC Regulatory Authority (QFCRA) and Qatar Financial Markets Authority, released a joint Strategic Plan for Financial Sector Regulation.
Promoting regulatory co-operation among the three regulatory authorities is a primary goal of this strategy, said the QFCA CEO. The QFCA CEO was misquoted and did not mention that the QFCRA will be integrated with the QCB. He explained that the proposed QFC law (“bill”) will reflect the existing regulatory arrangements between QCB and the QFCRA as already set out in the Law No. 13 of 2012 on the Issuance of the QCB Law and Regulation of Financial Institutions and build on the common areas between the QFCRA and the QCB, which will enhance the collaboration between both parties. Under the bill, the QCB Governor will continue to be the Chairman of the QFCRA.
The QFC is not a free-zone. It is an onshore platform for investors to establish companies in Qatar. The QFC will remain so under the bill, which will further clarify this principle and reflect relevant and appropriate international best practices that are also adopted in other financial centres, including those that are freezones. The judicial system of the QFC maintains its independence and impartiality. The bill strengthens links with the Supreme Judicial Council to further promote the QFC’s efficiency, especially in relation to enforcement of orders.
The bill, being a draft law at this stage, is currently going through the legislative review and approval processes. The QFCA CEO explained that the bill, when announced, will aim to enhance existing collaboration between the mentioned entities.The Peninsula
DOHA: In response to an article published by The Peninsula entitled: “QFC to be integrated with QCB and SJC” on 7 February 2016, the Qatar Financial Centre Authority (QFCA) clarified that the article creates misunderstanding and conjecture regarding the financial regulatory framework in Qatar and the QFC, as a business and financial centre.
The QFCA would like to correct the record as follows: In 2013, the Qatar Central Bank (QCB), working closely with QFC Regulatory Authority (QFCRA) and Qatar Financial Markets Authority, released a joint Strategic Plan for Financial Sector Regulation.
Promoting regulatory co-operation among the three regulatory authorities is a primary goal of this strategy, said the QFCA CEO. The QFCA CEO was misquoted and did not mention that the QFCRA will be integrated with the QCB. He explained that the proposed QFC law (“bill”) will reflect the existing regulatory arrangements between QCB and the QFCRA as already set out in the Law No. 13 of 2012 on the Issuance of the QCB Law and Regulation of Financial Institutions and build on the common areas between the QFCRA and the QCB, which will enhance the collaboration between both parties. Under the bill, the QCB Governor will continue to be the Chairman of the QFCRA.
The QFC is not a free-zone. It is an onshore platform for investors to establish companies in Qatar. The QFC will remain so under the bill, which will further clarify this principle and reflect relevant and appropriate international best practices that are also adopted in other financial centres, including those that are freezones. The judicial system of the QFC maintains its independence and impartiality. The bill strengthens links with the Supreme Judicial Council to further promote the QFC’s efficiency, especially in relation to enforcement of orders.
The bill, being a draft law at this stage, is currently going through the legislative review and approval processes. The QFCA CEO explained that the bill, when announced, will aim to enhance existing collaboration between the mentioned entities.The Peninsula
