The relevant legislation is:
Article 8 of the Qatar Financial Centre Law (Law No. 7 of 2005) (“the QFC Law”); and
the Financial Services Regulations (“the FSR”) made by the Minister under Article 9 of the QFC Law.
The QFC Law and the FSR provide for the Board of the QFC Regulatory Authority, its constitution, membership, duties and powers.
The principal matters dealt with in the Governance Resolution are:
the respective roles of the Board, the Chairman and the Chief Executive Officer (“CEO”);
the establishment of two Board committees: an Audit and Risk Committee and a Nominations and Remuneration Committee;
the Board’s policy on various other governance matters; and
certain delegations and decision-making processes within the QFC Regulatory Authority.
ROLE OF THE BOARD