Page 39 - QFCRA Annual Report 2014
P. 39
cyber threats faced by firms information between the Regulatory December 2013 and liaised with
operating in the financial sector in Authority and the Bank of Italy. them throughout 2014 to advance its
Qatar. The Regulatory Authority Also in December 2014, the application. IOSCO membership will
follows the Qatar National Cyber Regulatory Authority and the allow the Regulatory Authority to be
Security Strategy published in May Capital Markets Authority of a signatory to the IOSCO multilateral
2014 by the government of the Lebanon finalised a memorandum memorandum of understanding
State of Qatar. of understanding to promote (MMoU) which is concurrently being
stronger cross-border regulatory considered by IOSCO. In turn, this
International Cooperation oversight and supervisory will allow the Regulatory Authority to
information sharing. establish a MMoU with the European
The Regulatory Authority and the The Regulatory Authority submitted Securities and Markets Authority
Bank of Italy signed a memorandum its formal application to become and cooperation agreements
of understanding in December an Associate Member of the with European Union members to
2014 designed to promote greater International Organization of enable QFC firms to comply with
cooperation between the two Securities Commissions (IOSCO) in the requirements of the Alternative
regulators and to facilitate the Investment Fund Managers Directive.
exchange of relevant supervisory
FATCA
The Foreign Account Tax Compliance Act (FATCA) was enacted by the U.S. Congress in 2010 and has been
implemented worldwide on a phased basis since 1 January 2014. The purpose of the legislation is to combat tax
evasion by U.S. citizens living and operating overseas. Although FATCA is a U.S. law, it has important implications
for financial institutions operating in Qatar.
In 2014, the Regulatory Authority continued to support the Ministry of Finance in its negotiations with the United
States on an intergovernmental agreement on FATCA. The intergovernmental agreement was signed by the
United States of America and the State of Qatar on 7 January 2015. The QFC Authority will be the conduit
through which any reporting requirement by QFC firms will be made to the Ministry of Finance.
ANNUAL REPORT 2014 39
operating in the financial sector in Authority and the Bank of Italy. them throughout 2014 to advance its
Qatar. The Regulatory Authority Also in December 2014, the application. IOSCO membership will
follows the Qatar National Cyber Regulatory Authority and the allow the Regulatory Authority to be
Security Strategy published in May Capital Markets Authority of a signatory to the IOSCO multilateral
2014 by the government of the Lebanon finalised a memorandum memorandum of understanding
State of Qatar. of understanding to promote (MMoU) which is concurrently being
stronger cross-border regulatory considered by IOSCO. In turn, this
International Cooperation oversight and supervisory will allow the Regulatory Authority to
information sharing. establish a MMoU with the European
The Regulatory Authority and the The Regulatory Authority submitted Securities and Markets Authority
Bank of Italy signed a memorandum its formal application to become and cooperation agreements
of understanding in December an Associate Member of the with European Union members to
2014 designed to promote greater International Organization of enable QFC firms to comply with
cooperation between the two Securities Commissions (IOSCO) in the requirements of the Alternative
regulators and to facilitate the Investment Fund Managers Directive.
exchange of relevant supervisory
FATCA
The Foreign Account Tax Compliance Act (FATCA) was enacted by the U.S. Congress in 2010 and has been
implemented worldwide on a phased basis since 1 January 2014. The purpose of the legislation is to combat tax
evasion by U.S. citizens living and operating overseas. Although FATCA is a U.S. law, it has important implications
for financial institutions operating in Qatar.
In 2014, the Regulatory Authority continued to support the Ministry of Finance in its negotiations with the United
States on an intergovernmental agreement on FATCA. The intergovernmental agreement was signed by the
United States of America and the State of Qatar on 7 January 2015. The QFC Authority will be the conduit
through which any reporting requirement by QFC firms will be made to the Ministry of Finance.
ANNUAL REPORT 2014 39
