DOHA, 16 May 2007

The Qatar Financial Centre Authority (QFCA) Rules, issued for public consultation for thirty days on 27 February 2007, were approved on 15 May by the QFC Authority Board.

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 Firms licensed by the QFC Authority. In some cases they also include obligations of firms authorised by the QFC Regulatory Authority, under Regulations administered by the QFC Authority. Each section of the draft Rules identifies whether its scope is limited to Firms licensed by the QFC Authority (ie non-regulated firms) or whether that section also applies to QFC Regulatory Authority authorised Firms (ie regulated firms).

Stuart Pearce, Chief Executive Officer and Director General of the QFC Authority, said “These Rules are a comprehensive and essential guide for nonregulated firms licensed by the QFC Authority. They articulate licensing standards that the QFC Authority applies in evaluating firms interested in operating from the QFC. These standards are intended to be appropriate to the particular business conducted by these firms and comply with best practice.Our aim is to attract quality firms to the QFC and these Rules ensure that those who are licensed meet our rigorous requirements.”

The Rules can be found under QFC Legislation/QFCA Rules.

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.