ta’ameen Qatar was present at the Qatar Banking Summit, organised by MEEDS. Keynote speaker Michael Ryan, CEO, Qatar Financial Centre Regulatory Authority (QFCRA) highlights the latest in the regulatory landscape for institutions under QFCRA and talks about the pipeline initiatives adopted to promote Qatar as ‘a resplendent financial hub.’ 

The global financial crisis prompted an in-depth review of financial supervision and regulation across the world. Much of QFCRA’s work during 2012-2013, revolved around working towards meeting these international standards. During 2011 and 2012, the Basel community and the International Association of Insurance Supervisors (IAIS) revised their principles that captured the lessons from the crisis and laid a foundation for better regulation of banking and insurance worldwide. Driven by these developments and underlining our commitment towards transparency, the regulatory authority commissioned an independent purview during 2012, to identify the issues and align and incorporate best practices in our regulatory regime and to revise the Basel core principles. 

As part of the process, we approached the Australian Prudential Regulatory Authority, who provided us with comprehensive recommendations to allow us to move forward and be better aligned with the Basel core principles. In 2012, we also concluded self-assessment of our clients with the revised Insurance Core Principles (ICP) and these benchmarking processes led us to take some important initiatives. 

During 2012 and 2013, we also increased our collaboration on key issues and ensured that the financial sector in the State of Qatar remained well regulated, as it needs to be in a rapidly growing economy. This collaboration was focussed with the Qatar Central Bank (QCB), the Qatar Financial Markets Authority (QFMA) and more broadly, with the national Anti Money Laundering (AML) committee, the financial information unit and all state agencies to develop a strong regulatory regime. 

The QCB, the QFMA and the QFCRA issued a joint statement outlining the key provisions of the New QCB law. The enactment of the New QCB law was an important step in building the framework for the financial regulation in the state, maintaining and promoting financial stability and expanding the scope of regulation to include areas required for new and enhanced financial regulation in the state. Not only that, it also lays the foundation for increased cooperation between the regulatory bodies. 

The New QCB Law also brings with it new developments in the financial sector regulation, which would create robust foundation for financial services in Qatar. 

Michael Ryan, CEO, Qatar Financial Centre Regulatory Authority (QFCRA) 

The QCB, QFMA and the QFCRA remain independent regulators under their respective laws but the new law creates a formal structure for coordination through establishment of financial stability and a risk control committee. By creating this institutional structure, the New QCB Law makes a firm grounding for present and future cooperation between the regulatory bodies in Qatar as we look to develop policies, implement and share best practices to achieve the overall goals of Qatar National Development Strategy 2011- 2016 and Qatar National Vision 2030. 

The three regulators would be supported by a common strategy, which is to commence on 22nd September that would underpin the coordinated approach and the strength of the financial sector.