DOHA: The QFC Regulatory Authority has released two consultation papers containing proposals that will strengthen and streamline the QFC Regulatory Authority’s prudential framework for banking, investment management and advisory activities undertaken by authorised firms in the Qatar Financial Centre (QFC).
In a press release issued yesterday, the QFC Regulatory Authority said the papers call for public comment on draft rules that are designed to clearly differentiate between the sectors of banking business, and investment and advisory business, QNA reported.
It is proposed that the current Investment and Banking Business Rules 2005 will be repealed and replaced by the draft Banking Business Prudential Rules 2014, and Investment Management and Advisory Rules 2014.
These initiatives support the QFC Regulatory Authority’s ongoing commitment to meet high international regulatory standards, and support the continued development of the QFC as a leading financial and business centre in the region.
The consultation period is open until November 2, 2014. The consultation papers and draft rules are available on the website of the QFC Regulatory Authority at www.qfcra.com.
The proposed Banking Business Prudential Rules 2014 update and expand the prudential framework for banking business firms and are designed to align with the principles established by the 2012 revised Basel Core Principles for effective Banking Supervision and Basel Accord (I, II, 2.5 and III) frameworks. The framework as set out by the Basel Committee on Banking Supervision, is aimed at promoting a more resilient global banking system.
The proposed rules focus on risk management and Internal Capital Adequacy Assessment Process; capital adequacy and capital requirements;. credit risk; market risk; interest rate risk in the banking book; liquidity risk; group risk; prudential reporting; and Islamic financial management firms. The Peninsula
