The Policy Department focuses primarily on the development and application of the Qatar Financial Centre’s legal and regulatory regime. In this role we are engaged in:
assessing new international developments, opportunities, initiatives and risks from a regulatory and legislative perspective;
assessing market, regulatory and legal developments relevant to the QFC Regulatory Authority’s legislative and regulatory regime;
liaising with market participants and other bodies;
proposing legislation and policies for the QFC Regulatory Authority.
The QFC Regulatory Authority’s Enforcement Department is an important part of the QFC regulatory regime and plays a significant role in helping to achieve the QFC Regulatory Authority’s objectives.
The Enforcement Department has a wide range of powers at its disposal which it uses strategically to prevent, detect and restrain conduct which may cause damage to the reputation or integrity of the QFC. The enforcement strategy is targeted but flexible, and the QFC Regulatory Authority focuses its enforcement powers on those areas which pose the greatest risk to the QFC Regulatory Authority’s objectives. This ensures that a proportionate response is taken to identified risks.
In taking regulatory action the Enforcement Department is guided by the following principles:
procedural fairness and integrity
keeping the QFC financial services community informed
cooperation and mutual assistance
These principles form the basis of the policies, processes and procedures applied by the Enforcement Department and are more fully set out in the Enforcement Policy Statement 2012. The Enforcement Policy Statement sets out the QFC Regulatory Authority’s approach to enforcement and will be of assistance to those firms and individuals that are subject to enforcement action by the QFC Regulatory Authority. It also gives assurance that those affected by enforcement actions will be treated in a fair and consistent manner.
Not all enforcement investigations lead to disciplinary action. However, where misconduct is identified and disciplinary action is appropriate, the QFC Regulatory Authority has a range of sanctions available – these include prohibition, withdrawal of approval or authorisation, public censure and the power to impose financial penalties. These sanctions are designed to allow the QFC Regulatory Authority to deliver strong, visible outcomes. The publicity given to enforcement actions is also important, not only to ensure transparency of the QFC Regulatory Authority’s actions, but also to deter other firms and individuals from committing similar contraventions.
The QFC Regulatory Authority is committed to ensuring it operates a process which is, and is seen to be, fair and effective.
To read more about the QFC Regulatory Authority’s Enforcement function, click on the links below: