Page 7 - Annual Report 2019

04 ANNUAL REPORT 2019

A Commitment to International
Standards and Co-operation

The Regulatory Authority works closely with a number of public entities
and professional organisations on the joint efforts of strengthening
Qatar’s regulatory framework and building a legacy of regulation
for the State. Qatar plays an active leadership role in the support of
initiatives that develop national standards and international best
practices for the financial sector. Since its establishment in 2005, the
Regulatory Authority has pursued compliance with the principles
and standards of the international financial standard-setters, among
them the Basel Committee on Banking Supervision, the International
Association of Insurance Supervisors, the International Organization
of Securities Commissions, the Financial Action Task Force, and the
Islamic Financial Services Board. Many of the initiatives of the Regulatory
Authority have been undertaken to align its regulatory efforts with
the standards and principles of these international organisations.

The Basel Committee on
Banking Supervision (BCBS)

The Basel Committee on Banking Supervision (BCBS) is the
primary global standard-setter for the prudential regulation
of banks and provides a forum for co-operation on banking
supervisory matters. Its mandate is to strengthen the regulation,
supervision and practices of banks worldwide with the purpose
of enhancing financial stability. The Regulatory Authority is a
member of the Basel Consultative Group (BCG), which facilitates
supervisory dialogue with non-member countries and contributes
information to the BCBS’s regulatory and supervisory reform
agendas. The managing director, Supervision and Authorisation,
attends the BCG meetings, which are held three times a year.