In early 2005, Qatar established the Qatar Financial Centre (QFC). New legislation was introduced enabling the QFC to create an internationally recognisable, best-in-class business and legal infrastructure run by a commercial authority and an independent regulatory body, the QFC Authority and the QFC Regulatory Authority respectively.

 

 

The QFC Authority is the body legally responsible for the development, operation and administration of the QFC. The QFC Authority has been designed to attract international financial services institutions and major multi-national corporations to share in the vision of a long-term and mutually beneficial partnership with Qatar. Following the formal opening of the QFC on 1 May 2005, the QFC Authority is now receiving applications. The QFC Authority is committed to continuing to attract quality financial service institutions and corporates, to recruit a highly competent and effective team and to ensure that its rules and guidance are up to date to meet the needs of the business customers of the QFC.

The QFC Regulatory Authority is the independent regulatory body of the QFC. It has been established to regulate firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on the laws used in other major financial centres.

The QFC Civil and Commercial Court is established by the Tribunal and Dispute Resolution Regulations to provide mechanisms for resolving disputes between QFC firms and their counterparties, and for the arbitration or the formal resolution of civil disputes.

The QFC Regulatory Tribunal was established, pursuant to Article 8 of the QFC Law, for the purposes of hearing appeals by entities, individuals and corporate bodies against the decisions of the QFC Regulatory Authority.

The Companies Registration Office has been established for performing such duties and functions in relation to companies and other entities which may be incorporated or established to carry on business in the QFC.