Page 39 - Annual Report 2019

36 ANNUAL REPORT 2019 SUPERVISION AND AUTHORISATION

A Commitment to Regulatory Co-operation
International Organization of Qatar Central Bank Insurance Qatar Financial Information Unit
Securities Commissions (IOSCO) In 2019, two staff members of the Regulatory Authority On 14 March 2019, the Regulatory Authority entered into a
Investment Management Supervision represents the specialising in supervision and authorisation who had joint Memorandum of Understanding (MoU) with the Qatar
Regulatory Authority at the IOSCO Committee on Investment been seconded to the Qatar Central Bank Insurance Financial Information Unit (QFIU), the Qatar Central Bank
Management. The Regulatory Authority representative was Supervision team to provide dedicated technical support (QCB) and the Qatar Financial Markets Authority (QFMA)
co-chair of the working group to support the finalisation for the implementation of a regulatory framework for to formalise coordination mechanisms between the three
of IOSCO Recommendations on Leverage in 2019 as well insurance firms operating in the State of Qatar concluded supervisory authorities and the QFIU and contribute to the
as chair of the board’s analysis of crypto asset investments their secondments in April and May 2019, respectively. QFIU’s efforts to combat money laundering, and predicate
discussed at the 2019 Cryptocurrency Investment Summit. offenses and terrorism financing in the State of Qatar.
On 5 February 2019, the Regulatory Authority was pleased Ministry of Commerce and Industry The MoU is encouraging the exchange of information
to welcome the Secretary General of IOSCO, Paul P. Andrews, In February 2019, H.E. Ali bin Ahmed Al Kuwari, Minister and led to the creation of a joint working group, with
to its headquarters. two representatives from each organisation, to handle
of Commerce and Industry, made an official ministerial compliance affairs. The group meets quarterly and
visit to the QFC, during which Regulatory Authority chief produces a mutual report every six months on their
executive officer Michael G. Ryan, with other heads of progress and the strategic coordination of its members.
the QFC entities, discussed recent achievements.

Michael G. Ryan, chief executive officer, met with Paul P. Andrews, H.E. Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, Qatar’s three financial regulators sign an MoU with the Qatar Financial
left, Secretary General of IOSCO meeting with QFC chief executive officers and other officials Information Unit. Pictured, left to right: Michael G. Ryan, chief executive
officer, the Regulatory Authority; Nasser Ahmed Al-Shaibi, chief executive
officer, the QFMA; Sheikh Ahmed Bin Eid Al Thani, Head, the QFIU;
Hisham Saleh Al Mannai, Executive Director- Supervision and Control of
Financial Institutions, the QCB; Ali Sulaiti, Head, AML/CFT Supervision,
the QCB; and Mohammed Abdallah Al Muftah, Deputy Head, the QFIU