Page 35 - Annual Report 2022 EN
P. 35
/ 35 T ABLE OF C ONTENT S
External Auditor International Association of Partnering on FinTech initiatives
Notification Requirements Insurance Supervisors (IAIS)
As part of the ongoing work of the Joint Committee, the
Following public consultation in December 2021 on The QFCRA is a member of the IAIS Operational QFCRA commenced work with the QFCA to establish
proposals to amend the auditor provisions in the General Resilience Task Force (ORTF). ORTF aims to identify a legal and regulatory framework for digital assets,
Rule 2005 (GENE), the QFCRA issued the final Rules in and assess factors and developments that may with the initial work in this area being focused on
April 2022. The final GENE Rules apply to both auditors affect operational resilience in the insurance sector the development of a model in the QFC as a proof of
and the authorised firms and clarify the circumstances regarding IT third-party outsourcing and insurance concept to aid in the development of the preferred
where the notification requirement applies. sector cyber resilience and take stock of and review model in the State. The objective is to create certainty
relevant best practices from both the (re)insurers and and a strong foundation for digital assets/rights based
supervisors’ perspectives. The QFCRA continued its on a trusted support infrastructure to address new
Islamic Financial
participation in ORTF during 2022 culminating in the types of assets, modes and records of ownership,
Services Board (IFSB)
publication of an ORTF Issues Paper on Insurance methods of transferring ownership and process for
Sector Operational Resilience in October 2022. establishing contracts and other legal relationships.
Since 2021, the QFCRA has been a member of the
Working Group for the Revised IFSB Guiding Principles
on Corporate Governance for Institutions offering Islamic
Partnering with peer regulators Sustainability and Green Finance
Financial Services (Banking Segment). The work of the
and other agencies in Qatar
group is to provide an international benchmark standard, In 2022, the Policy, Legal and Enforcement team
and to promote a sound regulatory and supervisory The QFCRA continues to collaborate with the Qatar engaged with the Global Green Growth Institute
system delivering a fair, safe and stable banking sector Central Bank (QCB) and the Qatar Financial Markets (GGGI), worked with the Ministry of Environment
for the benefit and protection of the interests of industry Authority (QFMA) under the auspices of the Financial and Climate Change to develop a national Climate
players, customers and other relevant stakeholders. Stability and Risk Control Committee chaired by Change strategy. The draft strategy is focused
the Governor of the QCB and Chairman of the on developing five goals, three of which relate to
QFCRA. In that connection, the QFCRA participates establishing a list of potential climate-related risks,
in consultations with the QFCA, the QCB and the a taxonomy as well as capacity building, which
QFMA on new and amended legislative proposals. are areas of common interest with the QFCRA.
In addition to the Financial Stability and Risk Control The QFCRA has also undertaken preliminary work related
Committee, the QFCRA also collaborates with the to sustainability disclosures. In particular, the QFCRA has
QCB, QFMA, the Qatar Stock Exchange, the Qatar participated in the International Standards of Accounting
th
Central Securities Depository and the QFCA through and Reporting (ISAR)’s 39 meeting and became a
a Joint Committee established by the QCB. The Joint member of a regional partnership chaired by India.
Committee was established to assess, develop and
implement multiple financial sector regulatory initiatives In addition, in 2022, the QFCRA has continued to
which aim to create a financial and capital market that engage with both the Toronto Centre and the IAIS
leads the region in innovation, efficiency and investor on their respective Community Practice Group
protection and positions Qatar to unlock its full economic and member surveys on climate related risks.
potential in line with the 2030 National Vision.
