17 April 2006

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

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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 - PowerPoint PPT Presentation

Transcript of 17 April 2006

Page 1: 17 April 2006

17 April 2006

Phillip ThorpeChairman and CEO,

Qatar Financial Centre Regulatory Authority

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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

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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

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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

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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

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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

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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

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Thank Youwww.qfcra.com