Page 9 - QFCRA Annual Report 2014
P. 9
IRMAN’S
STATEMENT
It gives me great pleasure to enhancements to its prudential to ensure that the regulation
present the annual report for the framework for Qatar Financial of financial services creates
Qatar Financial Centre Regulatory Centre authorised firms undertaking an environment that facilitates
Authority for the year 2014. This banking, investment management growth, innovation and improved
was a year marked by increased and advisory business. The new protections for consumers and
collaboration and sharing of framework was introduced following investors.
experience and expertise among public consultation and dialogue I would like to express my deep
the Regulatory Authority and with Qatar Financial Centre firms. gratitude to my fellow Directors
its peer regulators in the state, The new rules replaced on the Board of the Regulatory
with substantial progress well in the framework for banking Authority and to the management
evidence. business firms contained in the and staff of the Regulatory Authority
Much of this progress is attributable Investment and Banking Business for their ongoing commitment to
to the strategic plan for financial Rules 2005. Enhancements meet high international regulatory
sector regulation launched two focussed on the internal capital standards, and support the
years ago to establish a common adequacy assessment process, continued development of the
platform for the regulators to work capital adequacy and capital Qatar Financial Centre as a leading
together and to deliver objectives requirements, credit risk, market risk, financial and business centre in the
set forth in the 2030 national vision. interest rate risk in the banking book, region.
The success of the strategic plan is liquidity risk, group risk, prudential I would also like to recognise the
affirmed not just by the individual reporting, and Islamic financial constructive relationship among
progress that the Regulatory management firms. the Qatar Central Bank, the Qatar
Authority has made during 2014, but The strengthening of the prudential Financial Markets Authority and
also in the productive engagement framework is closely aligned with the Regulatory Authority, which will
of the Qatar Central Bank and the the significant improvements in only increase in importance as we
Regulatory Authority on insurance. international regulatory standards continue this important journey of
These two entities also collaborated in recent years. The new framework delivering our unified strategy.
with the Qatar Financial Markets reinforces the ability of authorised On behalf of the Board of the
Authority to support the state’s firms to operate with a strong Regulatory Authority, I extend our
efforts to combat money laundering capital base and sound risk gratitude and thanks to H.H. The
and terrorist financing. management practices as their Emir, Sheikh Tamim Bin Hamad Al
These combined efforts lead to business activities increase and Thani and to H.E. The Prime Minister
the greater recognition of Qatar’s expand. and Minister of Interior for their
growing importance as a regional The Regulatory Authority also continuous support and assistance.
financial centre, underscored in introduced new rules for authorised The Regulatory Authority is also
November with the signing of the firms undertaking investment most grateful for the support and
memorandum of understanding management and advisory co-operation it receives from all
between the People’s Bank of business, replacing the framework ministries and government bodies as
China and the Qatar Central that was contained in the it carries out its mandate under the
Bank to establish the first centre Investment and Banking Business QFC Law.
for clearing and settlement of Rules 2005. Rules for minimum paid-
renminbi transactions in the region. up share capital and liquid assets Abdulla Bin Saoud Al-Thani
This development emphasises the requirement, risk management, Chairman
importance of the Qatar Financial professional indemnity insurance,
Centre and the financial services client money, and asset protection
sector to Qatar and its economic were reinvigorated and improved.
development, while highlighting the These developments emphasise
strategic nature of the relationship the importance of having a well-
between China and Qatar. connected, coordinated, long-
Also in 2014, the Regulatory term vision for financial services in
Authority introduced a number of the State of Qatar. It is our charge
ANNUAL REPORT 2014 9
STATEMENT
It gives me great pleasure to enhancements to its prudential to ensure that the regulation
present the annual report for the framework for Qatar Financial of financial services creates
Qatar Financial Centre Regulatory Centre authorised firms undertaking an environment that facilitates
Authority for the year 2014. This banking, investment management growth, innovation and improved
was a year marked by increased and advisory business. The new protections for consumers and
collaboration and sharing of framework was introduced following investors.
experience and expertise among public consultation and dialogue I would like to express my deep
the Regulatory Authority and with Qatar Financial Centre firms. gratitude to my fellow Directors
its peer regulators in the state, The new rules replaced on the Board of the Regulatory
with substantial progress well in the framework for banking Authority and to the management
evidence. business firms contained in the and staff of the Regulatory Authority
Much of this progress is attributable Investment and Banking Business for their ongoing commitment to
to the strategic plan for financial Rules 2005. Enhancements meet high international regulatory
sector regulation launched two focussed on the internal capital standards, and support the
years ago to establish a common adequacy assessment process, continued development of the
platform for the regulators to work capital adequacy and capital Qatar Financial Centre as a leading
together and to deliver objectives requirements, credit risk, market risk, financial and business centre in the
set forth in the 2030 national vision. interest rate risk in the banking book, region.
The success of the strategic plan is liquidity risk, group risk, prudential I would also like to recognise the
affirmed not just by the individual reporting, and Islamic financial constructive relationship among
progress that the Regulatory management firms. the Qatar Central Bank, the Qatar
Authority has made during 2014, but The strengthening of the prudential Financial Markets Authority and
also in the productive engagement framework is closely aligned with the Regulatory Authority, which will
of the Qatar Central Bank and the the significant improvements in only increase in importance as we
Regulatory Authority on insurance. international regulatory standards continue this important journey of
These two entities also collaborated in recent years. The new framework delivering our unified strategy.
with the Qatar Financial Markets reinforces the ability of authorised On behalf of the Board of the
Authority to support the state’s firms to operate with a strong Regulatory Authority, I extend our
efforts to combat money laundering capital base and sound risk gratitude and thanks to H.H. The
and terrorist financing. management practices as their Emir, Sheikh Tamim Bin Hamad Al
These combined efforts lead to business activities increase and Thani and to H.E. The Prime Minister
the greater recognition of Qatar’s expand. and Minister of Interior for their
growing importance as a regional The Regulatory Authority also continuous support and assistance.
financial centre, underscored in introduced new rules for authorised The Regulatory Authority is also
November with the signing of the firms undertaking investment most grateful for the support and
memorandum of understanding management and advisory co-operation it receives from all
between the People’s Bank of business, replacing the framework ministries and government bodies as
China and the Qatar Central that was contained in the it carries out its mandate under the
Bank to establish the first centre Investment and Banking Business QFC Law.
for clearing and settlement of Rules 2005. Rules for minimum paid-
renminbi transactions in the region. up share capital and liquid assets Abdulla Bin Saoud Al-Thani
This development emphasises the requirement, risk management, Chairman
importance of the Qatar Financial professional indemnity insurance,
Centre and the financial services client money, and asset protection
sector to Qatar and its economic were reinvigorated and improved.
development, while highlighting the These developments emphasise
strategic nature of the relationship the importance of having a well-
between China and Qatar. connected, coordinated, long-
Also in 2014, the Regulatory term vision for financial services in
Authority introduced a number of the State of Qatar. It is our charge
ANNUAL REPORT 2014 9
