Qatar

Qatar Financial Centre Regulatory Authority (QFCRA) is an autonomous regulatory body established in 2005 for the regulation of the offshore financial industry of the State of Qatar. Since the QFCRA is located in Doha, it is regulated by means of the legislation granted to it through QFC Law No. 7 of 2005. Therefore, the QFCRA functions as a regulator of finance in the specialized business center known as the Qatar Financial Centre (QFC). QFCRA is wholly independent of the domestic civil law frameworks; it functions under an advanced principle-based framework that is backed up by the English common law system. Michael G. Ryan is the CEO of the QFCRA and oversees the regulation of all international banks, investment firms, insurance companies, asset managers, and corporate service firms in the center.

The Qatar Financial Centre Regulatory Authority (QFCRA) is the regulatory, licensing, and supervisory authority for all financial organizations and individuals conducting their business operations in and through the Qatar Financial Centre (QFC). Functioning in an English common law jurisdiction system that is different from the other two systems, the Qatar Financial Centre Regulatory Authority reviews and licenses international banks, investment firms, insurance companies, asset managers, and corporate service providers. It maintains an exceptionally strict regulatory framework that entails the conduct of business, capital adequacy, risk management, and consumer protection rulebook for all the regulated companies. The Qatar Financial Centre Regulatory Authority probes into the business practices of the companies and penalizes them with fines and censorship in case of non-compliance with the regulations. The QFCRA implements the internationally recognized AML/CFT standards in the region and collaborates closely with the Qatar Central Bank in the National Financial Stability and Risk Control Committee.