Qatar Financial Centre Regulatory Authority and the Bahrain Monetary Agency to cooperate in banking supervision

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Notes and media contacts

Media Contacts:
Roger Carroll - Good Relations
Telephone: +44 (0) 207 861 3920
Mobile +44 7831 154 364
Fax: +44 (0) 207 861 3233

Darren Young - Good Relations
Telephone: +44 (0) 207 861 3135
Mobile: +44 (0) 7725 840 791
Fax: +44 (0) 207 861 3131

Ammara Khan - Good Relations
Telephone: +971 4 361 2822
Mobile: +971 50 258 0194
Fax: +971 4 390 8109

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 London and other major financial centres. Further details, including more extensive biographies of the Board, will be 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 multinational 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, has been open for business since 1 May 2005 and is now receiving applications.

About the QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.

About Qatar
Last year a nationwide referendum overwhelmingly approved a new constitution providing for Qatar's first legislative election and an independent judiciary. Qatar is currently a member of the UN Security Council. It has one of the world's fastest growing economies, is on course to be the world's leading exporter of liquefied natural gas and has an active programme of infrastructure investment and economic diversification.