Page 38 - QFCRA Annual Report 2014
P. 38
icy
Public Consultation. This reflects Renminbi (RMB) Financial collaboration ensures that the
the Regulatory Authority’s ongoing Centre Initiative regulation of insurance firms is
commitment to transparent and closely aligned between the State
accountable policy-making. In recent years, China and Qatar and the Qatar Financial Centre,
have deepened cooperation in particularly in the key areas of
Chartered Institute for trade and finance. According to licensing, prudential requirements
Securities Investment (CISI) data released by Qatar’s Ministry and market conduct requirements.
Qualification of Development, Planning and
Statistics, China was the second Promoting Higher Professional
In the past two years, the Regulatory biggest importer and fourth biggest Standards in the Financial
Authority undertook work with the export destination of Qatar in 2013. Services Sector
CISI to develop changes to the On 3 November 2014, the Qatar
existing CISI qualification workbook Central Bank and the People’s Bank Sponsored by the Financial Markets
on the QFC Rules and Regulations. of China announced the signing of Development Committee and
A revised version of the workbook a memorandum of understanding guided by the regulatory bodies of
syllabus was made available in pursuant to which the central the Qatar financial sector, Project
December 2014 and came into banks will cooperate to establish a Tadreeb was launched in 2013
effect on 1 February 2015. The new framework for the clearing of RMB through the Qatar Finance and
workbook syllabus and examination in Doha. On 4 November 2014, the Business Academy. Project Tadreeb
are more focussed on areas relating People’s Bank of China announced provides a framework to enhance
to consumer protection and anti- Industrial and Commercial Bank of and promote the professional
money laundering. Changes to the China Limited (ICBC), Doha Branch qualifications of people employed
examination included reducing as the RMB clearing institution for in the financial services industry.
the number of questions, as well as Doha, the first RMB clearing bank in A key element of the project is a
the revision of questions to improve the Middle East region designated training programme that is designed
comprehension for non-native by the Chinese central bank. ICBC to lift overall competency levels
English speaking candidates. is a QFC authorised firm and the of people working in the banking,
Regulatory Authority is working insurance, asset management and
Partnering with Peer closely with the Qatar Central Bank capital markets industries.
Regulators in Qatar to implement the RMB initiative.
Working to Combat Cyber
The Regulatory Authority has Qatar Central Bank Insurance Threats
continued to work closely with Instructions
the Qatar Central Bank and the The Regulatory Authority has
Qatar Financial Markets Authority in Following the issue of Law No. (13) participated with the Qatar
implementing initiatives that began 2012, the Qatar Central Bank is now Central Bank, Qatar Financial
in 2012 and have continued for the responsible for regulating insurance Markets Authority and major
past two years following the issue of companies, reinsurance companies financial institutions of the financial
the Law of the Qatar Central Bank and other people or entities carrying sector in the Information Risk
and the Regulation of Financial on insurance-related activities (such Expert Committee chaired by
Institutions, Law No. (13) of 2012. as insurance intermediaries) in the Qatar Computer Emergency
This work is coordinated through State. The Regulatory Authority has Response Team (Q-CERT) and the
the Financial Stability Committee continued to provide support and Supreme Council of Information
chaired by His Excellency, Sheikh assistance to the Qatar Central and Communication Technology
Abdulla bin Saoud Al-Thani, Bank in developing the regulatory (ictQATAR). This committee provides
Governor of Qatar Central regime for this sector. This close a forum for information exchange
Bank and Chairman of the QFC
Regulatory Authority.
38 ANNUAL REPORT 2014
Public Consultation. This reflects Renminbi (RMB) Financial collaboration ensures that the
the Regulatory Authority’s ongoing Centre Initiative regulation of insurance firms is
commitment to transparent and closely aligned between the State
accountable policy-making. In recent years, China and Qatar and the Qatar Financial Centre,
have deepened cooperation in particularly in the key areas of
Chartered Institute for trade and finance. According to licensing, prudential requirements
Securities Investment (CISI) data released by Qatar’s Ministry and market conduct requirements.
Qualification of Development, Planning and
Statistics, China was the second Promoting Higher Professional
In the past two years, the Regulatory biggest importer and fourth biggest Standards in the Financial
Authority undertook work with the export destination of Qatar in 2013. Services Sector
CISI to develop changes to the On 3 November 2014, the Qatar
existing CISI qualification workbook Central Bank and the People’s Bank Sponsored by the Financial Markets
on the QFC Rules and Regulations. of China announced the signing of Development Committee and
A revised version of the workbook a memorandum of understanding guided by the regulatory bodies of
syllabus was made available in pursuant to which the central the Qatar financial sector, Project
December 2014 and came into banks will cooperate to establish a Tadreeb was launched in 2013
effect on 1 February 2015. The new framework for the clearing of RMB through the Qatar Finance and
workbook syllabus and examination in Doha. On 4 November 2014, the Business Academy. Project Tadreeb
are more focussed on areas relating People’s Bank of China announced provides a framework to enhance
to consumer protection and anti- Industrial and Commercial Bank of and promote the professional
money laundering. Changes to the China Limited (ICBC), Doha Branch qualifications of people employed
examination included reducing as the RMB clearing institution for in the financial services industry.
the number of questions, as well as Doha, the first RMB clearing bank in A key element of the project is a
the revision of questions to improve the Middle East region designated training programme that is designed
comprehension for non-native by the Chinese central bank. ICBC to lift overall competency levels
English speaking candidates. is a QFC authorised firm and the of people working in the banking,
Regulatory Authority is working insurance, asset management and
Partnering with Peer closely with the Qatar Central Bank capital markets industries.
Regulators in Qatar to implement the RMB initiative.
Working to Combat Cyber
The Regulatory Authority has Qatar Central Bank Insurance Threats
continued to work closely with Instructions
the Qatar Central Bank and the The Regulatory Authority has
Qatar Financial Markets Authority in Following the issue of Law No. (13) participated with the Qatar
implementing initiatives that began 2012, the Qatar Central Bank is now Central Bank, Qatar Financial
in 2012 and have continued for the responsible for regulating insurance Markets Authority and major
past two years following the issue of companies, reinsurance companies financial institutions of the financial
the Law of the Qatar Central Bank and other people or entities carrying sector in the Information Risk
and the Regulation of Financial on insurance-related activities (such Expert Committee chaired by
Institutions, Law No. (13) of 2012. as insurance intermediaries) in the Qatar Computer Emergency
This work is coordinated through State. The Regulatory Authority has Response Team (Q-CERT) and the
the Financial Stability Committee continued to provide support and Supreme Council of Information
chaired by His Excellency, Sheikh assistance to the Qatar Central and Communication Technology
Abdulla bin Saoud Al-Thani, Bank in developing the regulatory (ictQATAR). This committee provides
Governor of Qatar Central regime for this sector. This close a forum for information exchange
Bank and Chairman of the QFC
Regulatory Authority.
38 ANNUAL REPORT 2014
