Qatar Financial Centre Regulatory Authority
From MarketsWiki
| Qatar Financial Centre Regulatory Authority | |
| |
| Headquarters | Doha, Qatar |
|---|---|
| Key People | Phillip Thorpe, chairman and CEO; Richard Collins, MD financial sector development and policy; Michael Lesser, MD supervision; Jamie Orchard, MD legal and regulatory compliance; Michael Webb, MD |
| Web site | http://www.qfcra.com/ |
The Qatar Financial Centre Regulatory Authority (QFCRA) was established by statute in May 2005 to oversee all financial services in the Gulf emirate as the independent regulatory body of the Qatar Financial Centre.[1]
The QFCRA operates under a principles-based regime, with operations and rulebooks drawn heavily from the Financial Services Authority. It is headed by Phillip Thorpe, a former managing director at the UK Financial Services Authority who also spearheaded the creation of the Dubai Financial Services Authority.
The authority is one of two financial regulators in Qatar, alongside the country's central bank, but plans were announced in July 2007 to unify the oversight structure. Legislation for the combination is expected to be introduced in September 2008.[2]
The authority reports to the Qatari Council of Ministers, which funds the body and appoints its five-member board. This currently includes Thorpe and Jean-Francois Lepetit, Andrew Sheng, Robert O'Sullivan and Brian Quinn.
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References
- ↑ Annual Report 2006. QFCRA. Retrieved on November 30, 2007.
- ↑ Qatar lifts standards by unifying regulator. Financial Times. Retrieved on November 30, 2007.
