Page 14 - Annual Report 2017

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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 Regu-
latory 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 under-
taken 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 prac-
tices 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-mem-
ber countries and contributes information to the Committee’s
regulatory and supervisory reform agendas. The managing director,
Supervision and Authorisation, attends the BCG meetings, which
are held three times a year.