Doha, Qatar, Monday 18 May 2014: The QFC Regulatory Authority announced today that it has taken formal regulatory action to withdraw the authorisation of Concordia Capital LLC (Concordia) to conduct financial services in or from the Qatar Financial Centre (QFC).
This action was taken due to Concordia’s failure to meet its capital and financial resource requirements after being provided with reasonable time to correct its non-compliance but failing to do so. As a result, Concordia is no longer authorised to conduct financial services in or from the QFC.
Mr Michael Ryan, Chief Executive Officer of the QFC Regulatory Authority said:
“Capital and financial resources requirements are among the most important pillars of the regulatory framework that protect clients and the integrity and reputation of the QFC. It is critical that firms conducting financial services meet these requirements in order to conduct business in a sound manner and to contribute towards maintaining the stability of the QFC.”
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