Page 56 - Annual Report 2021 EN

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Professional Investor Funds (PRIV)
In July 2021, a Consultation Paper was published that
proposed a comprehensive updating and broadening of
the regulatory framework for professional investor funds
in the Qatar Financial Centre (QFC). The rules proposed
a new type of fund structure that focussed on high-net-
worth investors to complement the broad array of private
and public fund structures already in place at the QFC.
The draft Rules proposed to replace the Private
Placement Schemes Rules 2010 and considered
developments in international best practices to
promote the creation of a competitive framework
for QFC funds marketed to professional and
sophisticated investors. The key proposals included:
a. Modifying the current PRIV fund to increase the
number of professional investors who can invest
in a fund;
b. Introducing a new fund type for high-net-worth
certified investors with a minimum investment
amount; and
c. State fund manager recognition.
Additionally, the QFCRA proposed to amend
administrative procedures to enable a short and
streamlined fund application and registration process.
The proposed new rules by the QFCRA are
in response to the continuing growth in
the investment management sector in
Qatar, and the growing interest among investors and
investment managers for more innovative and flexible
fund structures. Assets under management in the
QFC have continued to grow year-on-year and the
opportunities for future growth have been enhanced
by the recognition of the QFC platform by the European
Securities and Markets Authority in January 2018. That
recognition provides QFC based investment managers
with the opportunity to manage and market investment
funds directly to professional investors in the EU.”
T ABLE OF C ONTENT S
Town Hall and outreach
On 7 September 2021, the QFCRA held a Town Hall
meeting, attended by over 50 industry participants,
to present the Consultation Paper proposals and to
encourage feedback from participants and other key
stakeholders. The QFCRA also held meetings with
industry representatives and with the Qatar Financial
Centre Authority.
Prudential banking framework
The QFCRA has continued its policy work on the
implementation of the Basel Accords framework
as set out in the standards published by the Basel
Committee on Banking Supervision (BCBS) and
the Islamic Financial Services Board (IFSB).