1 / 8

17 April 2006

Phillip Thorpe Chairman and CEO, Qatar Financial Centre Regulatory Authority. 17 April 2006. The Right Environment. An all-new legal and regulatory environment Separate business system from Qatar’s existing structure

alaula
Download Presentation

17 April 2006

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Phillip Thorpe Chairman and CEO, Qatar Financial Centre Regulatory Authority 17 April 2006

  2. The Right Environment • An all-new legal and regulatory environment • Separate business system from Qatar’s existing structure • Regulatory framework that is familiar to firms operating in well regulated jurisdictions • Reflects international best practices and high standards • Stand-alone arbitration and dispute resolution procedures

  3. The QFC Regulatory Authority • Fully independent • Full authority to authorise, supervise, discipline • Providing prudential, disclosure and conduct of business regulation • Modern, efficient and responsive regulation

  4. The Structure • Established by the QFC Law (Law No 7 of 2005) • Board reports directly to Council of Ministers • Council of Ministers appoints RA Board and approves budget • Chairman and CEO appointed by Council • Executive staff exercise administrative functions, reporting to Board

  5. QFC Regulation in practice • Efficient application process – incorporation/registration, licensing, authorisation – a single integrated process • Risk based supervision – aligning resources to risks to QFC objectives • Full range of disciplinary powers against firms and individuals • Extensive powers to permit international cooperation

  6. The Relationships • QFC bodies • QFC Authority • Appeals Body, Tribunal • Qatari bodies • QCB, FIU • International relations • IOSCO, IAIS, Basle, AAOIFI, IFSB • National regulators in other jurisdictions

  7. Progress to date • 1 May 2005 commenced receiving license applications • Regulations and Rules in operation • New Rulebook on Islamic Finance, consultation on Insurance Prudential Rules, Collective Investment Scheme Rules • Authorisations completed and underway • Supervision activities • International cooperation

  8. Thank Youwww.qfcra.com

More Related