Qatar Foundation - Education City

Introduction

The QFC Regulatory Authority is an independent statutory body which reports directly to the Council of Ministers. It regulates and supervises the full spectrum of financial services activities conducted in or from the QFC. These include all types of banking, insurance, asset management, financial advisory services, securities and derivatives dealing, and Islamic finance.

As a combined banking, insurance and markets regulator, the QFC Regulatory Authority has powers of authorisation, supervision and enforcement consistent with those available in major world financial markets. It provides a legal and regulatory regime which will be familiar to firms that presently operate in well-regulated international financial markets, and which meets international standards of integrity, efficiency and transparency.

Its rules, powers and structure are modelled on international best practices. These are reflected in the laws, regulations and rules which have been developed for the QFC, and which are available on the Regulatory Authority's website at www.qfcra.com. The QFC Regulatory Authority can also recommend laws for enactment, and enact subordinate legislation.

The QFC Regulatory Authority's objectives include the promotion and maintenance of efficiency, transparency, integrity and confidence in the QFC, as well as the maintenance of financial stability and reduction of systemic risk. It also strives to prevent financial crime and conduct which may cause reputational damage to the QFC, and to provide appropriate protection to firms carrying on business, together with their clients and customers.

To operate in or from the QFC, a firm will need to be

• incorporated or registered by the QFC Companies Registration Office

• licensed by the Qatar Financial Centre Authority, and

• in the case of regulated activities, authorised by the QFC Regulatory Authority.

To simplify the application procedure, firms need only make one submission to the QFC Regulatory Authority, which will then co-ordinate the process, including that for licenses issued by the QFC Authority. In either case the applicant firm needs to demonstrate its ability to comply with the QFC's standards and requirements.

Authorised Firms (i.e those authorised to conduct relevant financial services activities) will be supervised by the QFC Regulatory Authority. The QFC Regulatory Authority can take enforcement or disciplinary action for non-compliance with applicable laws and rules.

An independent Appeals Body has been established under the QFC Law to hear appeals against decisions of the QFC Regulatory Authority.