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The QFCRA operates independently of Government departments and the appointments have been made by the Council of Ministers.
The four independent directors are:-
Jean-Francois Lepetit
As a banker, he was CEO of Bank Indosuez and then Chairman of BNP Group's Market Risk Committee. In a regulatory capacity, he has served as Chairman of the Conseil des Marchés à Terme, Chairman of the Conseil des Marchés Financiers, President of Commission des Opérations de Bourse (COB) and a member of the Comité de la Réglementation Bancaire et Financière and a member of Comité des Etablissements de Crédit et des Entreprises d'investissement (CECEI).
Robert A. O'Sullivan
He was a senior vice president in the Bank Supervision Group of the Federal Reserve Bank of New York. He has had supervisory responsibility for financial examinations covering foreign banking organisations with operations in New York and for overseeing various technical assistance programmes to benefit foreign-based bank supervisory authorities.
Brian Quinn
He is a former Executive Director, Supervision & Surveillance, and Acting Deputy Governor of the Bank of England. As well as holding previous positions in the Bank of England and the IMF, he was member of the Basle Supervisors Committee and Chairman of the Supervisory Committee of EC Governors. He has acted as a consultant to the World Bank, IMF, BIS and a number of central banks and supervisory agencies.
Andrew L.T. Sheng
As a banker, he has held senior positions with Bank Negara Malaysia and was seconded to the World Bank in the Financial Sector Development Department. He served as Chairman for seven years of the Hong Kong
Securities & Futures Commission. He has chaired the Technical Committee of IOSCO, various committees of the Financial Stability Forum and the Group of 22 Finance Ministers and Central Bank Governors and advises the China Banking Regulatory Commission.
Phillip Thorpe said:
"The QFCRA now has an international Board with a variety and depth of banking and regulatory experience that is hard to match. Banks and financial institutions seeking to establish a base in the region can have the comfort of knowing that the QFCRA is a transparent, independently supervised regulator which matches aspirations with action.
"An independent regulatory authority of this quality is essential to enable the Qatar Financial Centre to be a magnet to attract the international expertise and capital needed to make the most of Qatar's emerging role as the world's leading exporter of liquid natural gas."
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Posted by Lara Lynn Golden, News Editor
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