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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

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17 April 2006

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  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

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