Presentation is loading. Please wait.

Presentation is loading. Please wait.

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

Similar presentations


Presentation on theme: "17 April 2006 Phillip Thorpe Chairman and CEO, Qatar Financial Centre Regulatory Authority."— Presentation transcript:

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

2 2 The Right Environment An all-new legal and regulatory environment Separate business system from Qatars 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 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 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 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 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 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 You


Download ppt "17 April 2006 Phillip Thorpe Chairman and CEO, Qatar Financial Centre Regulatory Authority."

Similar presentations


Ads by Google