Doha, 25 February 2007
A moment of legal history took place today with the official inauguration of the new international, independent judiciary for the Qatar Financial Centre (QFC).
The inauguration was to recognise that the Council of Ministers of Qatar has formally appointed Lord Woolf as President of the QFC Civil and Commercial Court and William Blair QC as Chairman of the QFC Regulatory Tribunal. The Council of Ministers has also appointed six other judges to the Court and two Members of the Regulatory Tribunal.
The Court and the Regulatory Tribunal of the Centre have been designed to provide the legal infrastructure that is an essential requirement of any successful, modern, forward looking financial centre such as has been established in Qatar. International financial and commercial institutions will only become involved in a centre if they are satisfied that it upholds the rule of law and by the transparency of its organisational arrangements.
Along with the highly successful developments already of the QFC Authority itself and the QFC Regulatory Authority (QFCRA), the judicial appointments complete the Qatar Government’s ambitious plan to put in place the core organisational structure of a world class international financial centre.
The Right Honourable Lord Woolf of Barnes, President of the new Court, is a jurist of international reputation. Lord Woolf held the highest English judicial offices. In addition to being a Lord of Appeal in Ordinary, he was Master of the Rolls and Lord Chief Justice of England and Wales.
William Blair QC, Chairman of the Regulatory Tribunal, has had an outstanding career at the Bar. William Blair is a leading QC in the field of banking and finance, visiting Professor of Law at the London School of Economics, and part-time Chairman of the UK’s Financial Services and Markets Tribunal.
In addition, the Council of Ministers has appointed six other international jurists to the Court and approved the appointment of two other distinguished lawyers to the Regulatory Tribunal.
The other judges who have been appointed are:-
Justice Aziz Ahmadi, who was the Chief Justice of India.
Lord Cullen of Whitekirk, who was Lord Justice General and Lord President of the Court of Session, the most senior judge, of Scotland.
Sir Peter Gibson and Sir Philip Otton, who were senior members of the Court of Appeal of England and Wales.
Barbara Dohmann QC, who is a most distinguished member of the English Commercial Bar. She has recently been appointed to the standing committee on private international law by the UK Department of Constitutional Affairs.
Justice Ronald Sackville, who is a judge of the Federal Court of Australia and is currently Chair of the Judicial Conference of Australia,
The other members of the Regulatory Tribunal are:-
Michael Thomas QC, who has been Attorney General of Hong Kong and has been at the London Commercial Bar for 40 years.
Professor Francois Gianviti, who was General Counsel and Director of the Legal Department of the IMF.
Qatar is one of the world’s fastest growing economies and is the leading exporter of liquid natural gas. It is the Government's aim to attract world class financial expertise and investment to encourage diversification and sustainable long term growth to Qatar The Qatar Financial Centre has a central role in this development.
To achieve its objective it is essential that the QFC has a legal system which meets global standards of excellence. The members of the Court and Regulatory Tribunal who take up their appointments today are, by reputation, experience and ability, eminently of the calibre necessary to fulfil this role.
Plans have been developed to provide the Court and Regulatory Tribunal with a specially designed court building with state-of-the-art facilities. In the interim, the Court and the Tribunal will be suitably accommodated within the new QFC Tower.
The Qatar Financial Centre Civil and Commercial Court
In the event of disputes as to matters of law, the Court will be the final arbiter.
It will be modeled on the internationally respected Commercial Court in London.
It will adhere to common law principles and will have a flexible procedure designed to resolve disputes within the QFC in an effective and speedy manner.
It will operate in a way which takes into account the needs of a sophisticated financial centre. It will build trust and confidence in the new legal system which is operating within the QFC.
The QFC Regulatory Tribunal
The Regulatory Tribunal is a wholly independent body, hearing and deciding appeals from decisions of the QFC Regulatory Authority and other QFC agencies.
Institutions that wish to invest in or conduct activities within the QFC will be assured that their rights and interests will be protected in accordance with the requirements of law.
In carrying out its functions, the Regulatory Tribunal will perform its role in a manner which takes fully into account the needs of all those who operate within the QFC, thereby upholding the integrity of the QFC.
The purpose of the Court and the Regulatory Tribunal
As with the QFC Authority and the QFC Regulatory Authority, that high international standards will be met by the Court and Regulatory Tribunal of the QFC is demonstrated by the outstanding calibre of the members that have now been appointed to the Court and the Tribunal. They already have immense experience, undoubted integrity and independence. They have served with distinction in the finest legal systems around the globe. Their membership of the QFC Court and Regulatory Tribunal will inevitably inspire confidence in the standing and reliability of those institutions. A confidence that is enhanced by the QFC’s robust constitutional arrangements. Together they ensure that the Court and Tribunal will be wholly independent and will deliver justice in a totally impartial manner.
Lord Woolf said:
"I believe this is an important day, not only for Qatar but for the region as a whole. It should ensure that the rule of law applies in the QFC and I am proud to play a part in these fundamental legal developments."
"The QFC will have an international judiciary of outstanding quality to resolve disputes in accordance with the law and the needs of both Qatar and the international business community."
Further details
Roger Carroll +44 (0) 7831 154 364
Jeremy Hunt +974 545 1997
Notes to Editors:
The Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those doing business within the QFC. The QFC was created by QFC Law No. (7) of Qatar, has been open for business since 1 May 2005 and is now receiving applications.
The QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
The QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centres.