Chairman's Overview

The QFC Regulatory Authority supports the goal of creating an environment where institutions and investors coming to Qatar can do business with total confidence.

Confidence is the lifeblood of financial services businesses and, as regulators, part of our duty is to create and sustain a culture of confidence. Creating it demands experience and credibility on the part of the regulator.  Additionally, it must be perfectly clear that the regulator is consistently, optimally and financially independent if this confidence is to be maintained.

In early 2005, the Council of Ministers of Qatar determined that in order to attract international financial services firms of the highest calibre, it was essential to offer a common law regulatory framework adhering to equally eminent standards. The QFC Regulatory Authority was thus established as a fully independent organisation with its own international Board of Directors who have served on leading regulatory bodies worldwide, and a Board that in turn reports directly to the Council of Ministers.

The QFC Regulatory Authority exercises its functions and powers under the QFC Law and the Financial Services Regulations in accordance with its Regulatory Objectives, including the promotion of market confidence, public awareness and protection as well as the prevention, detection and restraint of financial crime.

In carrying out its duties, the QFC Regulatory Authority cooperates fully with its domestic, regional and international counterparts and enters into information sharing arrangements for the purposes of advancing authorisation, supervision, policy and enforcement principles of world-class bearing for Qatar. As an independent regulator, the QFC Regulatory Authority exists for the purpose of securing an efficient, transparent and robust legal and regulatory framework as a fundamental component of attracting long-term foreign investment.

I believe that Qatar - with its vibrant and expanding economy, its strong industrial base and strength in project finance, its enthusiasm for economic diversification, its readiness to partner with global institutions and its willingness to embrace a sustainable framework for regulation - is well-positioned to capitalise on these opportunities whilst upholding investor confidence. These and other efforts by the Government have been rewarded with market recognition of the quality of Qatar’s economic management, leading to international rating agencies having placed Qatar at the top of the Gulf ratings league table.

The QFC regulatory environment is solid enough to underpin confidence in the QFC as a whole. By working closely with our key stakeholders in the implementation of internationally recognised standards, the QFC Regulatory Authority will continue to design and implement progressive legislation and regulatory best practice that upholds credibility and confidence in the market.

Phillip Thorpe, Chairman and CEO, QFC Regulatory Authority