The Qatar Financial Centre Regulatory Authority and the QFC Authority issue regulations and rules for public comment

The Regulatory Authority is responsible for the development and administration of the rules applicable to financial services activities regulated under the QFC Law (9 March 2005) and Financial Services Regulations (17 May 2005).

The three draft Rulebooks that are issued today for public comment by the Regulatory Authority are:
• General Rulebook: The General Rulebook contains some of the core provisions applicable to Authorised Firms, including rules regarding Fitness and Propriety of Authorised Firms, Fees, Auditing and Accounting Requirements and the reports and notifications that must be made to the Regulatory Authority.
• Assets Rulebook: The Assets Rulebook contains the requirements in relation to the proper safeguarding of money and other assets belonging to clients of Authorised Firms.
• Conduct of Business Rulebook: The Conduct of Business Rulebook contains rules regarding the manner in which regulated activities must be carried on, in or from the QFC.

The Rules and Regulations issued for comment by the QFC Authority are:
• Limited Liability Partnership Regulations: The LLP Regulations enable the incorporation and registration of limited liability partnerships in the QFC.
• Arbitration Regulations: The Arbitration Regulations provide for an international standard of arbitration for the resolution of commercial disputes between parties.
• Companies Rules: The Companies Rules expand on the framework contained in the Companies Regulations enabling the incorporation and registration of companies in the QFC.

The QFC seeks comments on these regulations and rules from the international financial and legal community prior to their adoption. Comments are requested within the next thirty (30) days and may be forwarded to the Regulatory Authority.

The Consultation Papers are available on the Regulatory Authority website:
Regulations:www.qfcra.com/regulations.htm
Rulebook:www.qfcra.com/rulebook.htm