DOHA, 27 February 2007

The Qatar Financial Centre Authority (QFCA) has released draft Rules for companies licensed by the QFCA for public consultation. The document will be open for public consultation for a period of 30 days from 26 February 2007.

The QFCA Rules codify the processes currently applied in licensing firms to conduct non-regulated activities in or from the QFC, and set out the continuing compliance obligations of all QFCA Licensed Firms. In some cases they also include obligations of firms authorised by the QFC Regulatory Authority, under Regulations administered by the QFCA. Each section of the draft Rules identifies whether its scope is limited to QFCA Licensed Firms (ie non-regulated firms) or whether that section also applies to QFC Regulatory Authority authorised firms (ie regulated firms).

The draft Rules contain four main parts, including the General Rules, which address matters such as Disclosure of Licensed Status, Communication with or Complaints against the QFC Authority, Reporting and Record Keeping requirements, Waivers and Modifications, and Fitness and Propriety. This part also contains five schedules that include Principles of Conduct for Licensed Firms, Fees and Licensing Criteria. The remaining Parts address Conduct of Business requirements, which includes rules on confidentiality and conflicts of interest, Assets Rules, which are intended to ensure the proper handling of assets belonging to clients of QFCA Licensed Firms, and Compliance and Enforcement Rules, which contains requirements on the process by which the QFCA will ensure compliance with and enforce the requirements of the Regulation which it administers.

Stuart Pearce, Chief Executive Officer and Director General of the QFC Authority, said “The draft Rules now issued for public comment are based on best practices found in the world’s leading financial centres. They also demonstrate the transparency that we have applied to everything we have done since the QFC Authority opened for business in 2005. We welcome comments from all those wishing to ensure that the rules we apply are fair and workable.”

The draft rules can be found on the QFC Authority website under QFC Legislation/ Consultation Papers/Current Papers/2007 (click here)

Media Contact: Steve Martin Head of Corporate Communications and Marketing

Tel +974 496 7755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa

Notes to Editors:

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 will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.

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 authorize, 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 centers. The Regulatory Authority is currently receiving applications and granting authorisations.

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.