Doha, 13 May 2008

Doha- In a recent trip to Frankfurt, Phillip Thorpe, Qatar Financial Centre Regulatory Authority (QFCRA) Chairman and Chief Executive, signed a Memorandum of Understanding with Jjochen Sanio, President of Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).

The agreement will formalise cooperative arrangements, including the sharing of information and investigative assistance between QFCRA and BaFin which is responsible for the supervision of credit institutions, financial services providers, insurance companies and re-insurance companies as well as the securities market in Germany.

QFCRA has signed MoUs with a growing list of leading international regulators including the China Banking Regulatory Commission, the Swiss Federal Banking Commission, the Jersey Financial Services Commission, Office of the Comptroller of the Currency (USA), The Financial Supervisory Commission of Korea and the Isle of Man Financial Supervision Commission. Thorpe said: "We will continue seeking ways to develop and maintain positive relationships with members of the international regulatory community, on behalf of Qatar, in order to ensure a regular and productive exchange of information and continuing cooperative arrangements."