DOHA, February 26, 2009
The Qatar Financial Centre Authority (QFCA) has issued Consultation Paper No. 1 of 2009 inviting public comments on proposed amendments to the QFCA Rules. 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.
The proposed amendments seek to clarify the activities that may be undertaken by a QFC licensed law firm, and proposes additional conditions on law firms becoming and remaining a QFC licensed firm. The QFCA believes that the enactment of these proposals will promote more clarity and transparency in the criteria and process for becoming and remaining a QFC law firm.
Copies of the Consultation Paper can be found by visiting the website at www.qfcra.com.
A copy of the Consultation Paper is attached to this release.
Media Contact:
Steve Martin
Director of Marketing and Corporate Communications
Tel +974 4967755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa
Layla Salem
Senior Media Executive
Tel +974 4967793 Mob +974 5830054 e-mail l.salem@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.
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