The Strategic Plan has been prepared within the context of the overall objectives of the Qatar National Vision 2030 and the Qatar National Development Strategy Plan 2011–2016. It is underpinned by two recent revisions to the legal structure of the financial sector regulatory framework of the State: Law No. (13) of 2012 on the Qatar Central Bank and the Regulation of Financial Institutions, and Law No. (8) of 2012 (the QFMA law) on the Qatar Financial Market Authority.
THE STRATEGIC PLAN CONTAINS SIX CRITICAL GOALS:
- Enhancing regulation by developing a consistent risk-based micro-prudential framework in line with global regulatory developments and by improving disclosure practices.
- Expanding macro-prudential oversight by building a macro-prudential framework in line with international best practice.
- Strengthening financial market infrastructure through enhancements to the payments and settlements system and initiatives to develop the debt market.
- Enhancing consumer and investor protection by developing standards and codes of conduct, protecting credit informationand raising public awareness and education.
- Promoting regulatory cooperation among the three regulatory authorities and strengthening local and international cooperation.
- Building human capital through training and professional development initiatives in the three regulatory authorities andin the financial sector more broadly.
In establishing these goals, the regulatory authorities are committed to developing a financial regulatory infrastructure that meets international standards and best practice. Achievement of the goals will be supported by specific strategies and work plans within each of the regulatory authorities in line with their respective statutory objectives.
The Qatar Central Bank, the Qatar
Financial Markets Authority and the Qatar
Financial Centre Regulatory Authority have
jointly developed the first Strategic Plan
for the State financial sector regulatory
authorities. The Strategic Plan provides
the mission, vision, values and objectives
that will underpin a coordinated approach
to strengthening the financial sector and
fostering stable and robust economic growth.