17 January 2017
Doha, Qatar – The Qatar Financial Centre Regulatory Authority (“QFC Regulatory Authority”) has been approved as a full signatory to the International Organisation of Securities Commissions (“IOSCO”) Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (“MMoU).
The approval of the QFC Regulatory Authority as a signatory to the IOSCO MMoU comes after a rigorous screening process of the applicant’s legislative and regulatory regime, including provisions on information-sharing, confidentiality and international cooperation.
The IOSCO MMoU sets an international benchmark for cross-border cooperation for securities related matters. By entering into the IOSCO MMoU, the QFC Regulatory Authority is able to consult, cooperate and exchange information with other signatories to the IOSCO MMoU for the purpose of securities markets compliance and enforcement.
The signing of the MMoU highlights the QFC Regulatory Authority’s continuing commitment to international standards and fostering international cooperation with other regulators.
Mr. Michael Ryan, CEO of the QFC Regulatory Authority welcomed the signing of the MMoU saying:
“The QFC Regulatory Authority operates to the highest international standards of regulation and best practice and the approval of the Regulatory Authority as a signatory to the IOSCO MMoU is testament to our adherence to international securities standards. We look forward to working closely with IOSCO and IOSCO MMoU signatories on matters of mutual interest.”
About the QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on that used in major financial centres. Further details are available on the website www.qfcra.com
About the Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those doing business within the QFC. The QFC was created by QFC Law No.(7) of Qatar and has been open for business since 1 May 2005.
Head of Corporate Communications
QFC Regulatory Authority
T: +974 4495 6772
M: +974 3355-0206
E: [email protected]
© Press Release 2017
© Copyright Zawya. All Rights Reserved.