Qatar Financial Centre Regulatory Authority: New Rules

Analysis

The QFC Regulatory Authority (QFCRA) is the independent regulatory body of the Qatar Financial Centre (QFC) with wide powers to supervise, enforce and authorise firms conducting regulated activities in or from the QFC. The main objective of the QFCRA is to promote efficiency, transparency, integrity and confidence in the QFC. In a press release, dated 17 January 2013 the QFCRA issued new rules (New Rules) dealing with three areas of regulation, being corporate governance, anti-money laundering and combating the financing of terrorism and Islamic finance windows.

Corporate governance

The New Rules issued on Governance and Controlled Functions will come into force on 1 July 2013. The QFCRA has stated that these New Rules will seek to reinforce regulation covering governance and risk management by requiring the governing body of a QFC authorised firm (QFC Firm) to approve and establish:

• a formal governance framework;

• risk management and internal controls framework; and

• remuneration policy.