Page 92 - Annual Report 2017

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Multilateral Memoranda of Understanding The Alternative Investment Fund Managers
Directive
On 15 January 2017, the Regulatory Authority formally signed
the International Organization of Securities Commissions (IOSCO) In November 2017, the Alternative Investment Fund Managers
Multilateral Memorandum of Understanding (MMoU). A signing cer- Directive (AIFMD) Memorandum of Understanding (MoU) between
emony took place at the IOSCO Annual Conference on 17 May. the Regulatory Authority and European National Competent
The IOSCO MMoU is an international benchmark for cross-bor- Authorities (ENCA) was negotiated and approved with the Euro-
der co-operation and provides regulators with important tools to pean Securities and Markets Authority (ESMA), which centrally
combat cross-border fraud and misconduct that can undermine represents all ENCA for the negotiation. The signing of the AIFMD
investor confidence and lead to weakened global markets. MoUs will allow fund managers in the QFC to manage and market
Alternative Investment Funds to professional investors in the Euro-
pean Economic Area under the AIFMD rules.
The International Organization of Securities Com-
missions (IOSCO) is the international body that
brings together the world’s securities regulators Partnering with peer regulators and other
and is recognised as the global standard-setter for agencies in Qatar
the securities sector. IOSCO develops, implements The Regulatory Authority has continued to work closely with the
and promotes adherence to internationally rec- Qatar Central Bank and the Qatar Financial Markets Author-
ognised standards for securities regulation. It works ity under the auspices of the Financial Stability and Risk Control
Committee chaired by His Excellency, Sheikh Abdulla bin Saoud
intensively with the G20 and the Financial Stability Al-Thani, Governor of the Qatar Central Bank and Chairman of
Board on the global regulatory reform agenda. the Regulatory Authority. Key examples of close coordination are
outlined throughout this report.

The Swiss Federal Oversight Authority The Policy department prepares a monthly Regulatory Develop-
ment Review, a comprehensive summary and assessment of key
After a thorough analysis of the Regulatory Authority equivalence international and regional regulatory developments, proposals and
assessment by the Swiss Federal Audit Oversight Authority (FAOA), changes. This is shared each month with peer regulators in Qatar.
the Swiss government decided in August 2017 to recognise the
audit oversight system of the QFC as equivalent. The QFC was In June 2017, the Legislative Counsel department concluded a
added to the FAOA’s “Mutual Recognition” list, effective from 1 Service Level Agreement with the QFC Authority’s Legal Services
October 2017. As a result, a company based in the QFC may now team to provide the QFC Authority with legislative drafting services.
provide statutory or comparable audit services without being sub- The services include drafting, reviewing and advising on the QFC
ject to FAOA oversight if they audit Swiss companies that draw on Authority’s legislation. As part of the Service Level Agreement, Leg-
the Swiss capital market. islative Counsel is training a lawyer from the QFC Authority in policy
and legislative drafting and organising a legislative drafting unit.
The trainee also acts as liaison for all matters relating to the agree-
ment and for greater coordination of the work of both parties.
The Regulatory Authority participated in seven consultations with
the QFC Authority on key new and amended Regulations to provide
feedback, ensuring that the QFC regulatory and legal framework
remains relevant and benchmarked to international best practice.