GLOSSARY

APPROVED INDIVIDUAL
An individual approved by the Regulatory Authority to perform one or more controlled functions.
 
AUTHORISED FIRM
A firm that has been authorised to conduct one or more regulated activities in or from the QFC.
 
CONTROLLED FUNCTION
A function that is under Article 41 of the Financial Services Regulations and Rules made under that article which may be carried out by an Approved Individual.
 
FIRM
A body corporate (whether incorporated in the QFC or elsewhere), limited liability partnership (whether incorporated in the QFC or elsewhere) or unincorporated association.
 
GFP
Graduate Fellowship Programme
 
IAIS
International Association of Insurance Supervisors
 
IOSCO
International Organisation of Securities Commissions
 
LICENSED FIRM
A firm that has been licensed to undertake one or more permitted activities in or from the QFC.
 
PERMITTED ACTIVITY
The QFC Law lists (in Schedule 3) a number of activities that are permitted to be carried out in or from the QFC. A firm that carries on a permitted activity in or from the QFC is required to hold a licence from the QFCA. Some permitted activities are also regulated activities. A firm that carries on a regulated activity in or from the QFC must hold an authorisation (additional to its licence) to do so from the Regulatory Authority and its carrying on of the activity is regulated by the Regulatory Authority. 
 
QFC
The Qatar Financial Centre was established by the State of Qatar pursuant to Law No.7 of 2005 to attract international financial institutions and multinational corporations to establish business within the QFC and to encourage their participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC’s commercial and regulatory environment and systems are organised and operated through the following authorities that are independent of each other and from host Qatari systems:

 

  • the QFC Authority, which manages the commercial operations of the QFC and is also responsible for the supervision of the QFC Companies Registration Office, which incorporates limited liability companies and limited liability partnerships within the QFC, and registers branches of companies operating within the QFC;
  • the Regulatory Authority, which authorises, regulates and supervises banking, financial and insurance-related businesses carried on in or from the QFC and also has other functions (in particular, relating to Anti-Money Laundering and Combating the Financing of Terrorism);
  • the Regulatory Tribunal, which hears appeals against the decisions of the Regulatory Authority; and
  • the Civil and Commercial Court, which has jurisdiction to determine disputes relating to activities undertaken in or from the QFC, or events occurring in the QFC.
 
REGULATED ACTIVITIES
Permitted activities that are subject to authorisation and regulation by the Regulatory Authority. The principal regulated activities are the provision of financial and banking services, and insurance.