Doha, Qatar, 1 October 2013: The QFC Regulatory Authority today released a consultation paper on proposed rule changes that update and strengthen the rules for the acquisition of significant ownership positions in QFC authorised firms.

The consultation period is open until 7 November 2013. The draft amendments are to the General Rules (GENE); please click here for the consultation paper and click here to see the proposed amendments.


The QFC Regulatory Authority seeks public comments on the proposal to update the rules relating to the acquisition of significant ownership positions in QFC authorised firms, most significantly with regard to the approval of those ownership positions.


The proposed changes would introduce four threshold bands, reducing the need to seek approval unless a shareholding moved from one band to another. This move would bring the rules into line with international best practice.


The proposed new controller band thresholds are:

  • 10%;
  • exceeding 24% but not more than 49%;
  • exceeding 49% but not more than 74%; and
  • exceeding 74%.

Other proposed amendments cover a range of rules relating to approvals, systems, controls and reports. The proposals are relevant to all QFC authorised firms and any firms considering doing business in the QFC.

This initiative supports the QFC Regulatory Authority’s ongoing commitment to meet high international regulatory standards, and supports the continued development of the QFC as a leading financial and business centre in the region.

 

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