Page 130 - Annual Report 2019
P. 130
127 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS
15. Related Party Disclosures
Parties are considered to be related if one party has the ability to control the other party
or exercise significant influence over the other party in making financial and operating
decisions. Related parties include other QFC bodies, associated government departments
and ministries, directors and key management personnel of the QFC Regulatory
Authority, and bodies of which they are principal owners. Pricing policies and terms
of these transactions are approved by the QFC Regulatory Authority’s management.
Related party balances
Balances with related parties are as follows: Amount due from
2019 2018
USD ‘000 USD ‘000
Ministry of Finance (Note i) 5,600 2,643
Qatar Central Bank 830 433
Qatar Financial Markets Authority 299 316
Qatar Financial Centre Authority 35 56
6,764 3,448
Related party transactions
The significant related party transactions are as follows:
2019 2018
USD ‘000 USD ‘000
Appropriations from government 37,651 35,842
Services from QFCA 1,955 1,907
Services to a related party 114 119
Salaries and expenses paid on behalf of related parties 4,379 967
