What We Stand For

The Regulatory Authority shall exercise its functions and powers under the QFC Law and the Financial Services Regulations in accordance with the Regulatory Objectives. In exercising these functions and powers, the Regulatory Authority shall have regard to the Principles of Good Regulation.

 

 

Regulatory Objectives

The QFC Regulatory Authority's eight objectives are:

 

(1)                 the promotion and maintenance of efficiency, transparency and the integrity of the QFC;

(2)                 the promotion and maintenance of confidence in the QFC of users and prospective users of the QFC;

(3)                 the maintenance of the financial stability of the QFC, including the reduction of systemic risk relating to the QFC;

(4)                 the prevention, detection and restraint of conduct which causes or may cause damage to the reputation of the QFC, through appropriate means including the imposition of fines and other sanctions;

(5)                 the provision of appropriate protection to those licensed to carry on business at the QFC and their clients or customers;

(i)       the financial integrity of Authorised Firms through appropriate financial resources requirements complemented by a robust system of internal controls;

 

(ii)     the differing degrees of protection which may be appropriate for clients or customers of Authorised Firms as a result of   their experience, expertise, business and means and the differing degree of information which it may be appropriate to give such clients or customers;

 

(iii)    the differing degree of risk involved in different kinds of investment or transaction; and

 

(iv)    the general principle that clients or customers of Authorised Firms should take responsibility for their own decisions;

 

(6)                the promotion of understanding of the objectives of the QFC amongst users and prospective users of the QFC and other interested Persons;

 

(7)                 ensuring the Regulatory Authority is run with a view to:

 

(i)       it operating at all times in accordance with best international standards for financial and business centres of a similar kind; and

 

(ii)     establishing and maintaining the QFC as a leading financial and business centre in the Middle East; and

 

(8)                minimising the extent to which the business carried on by a Person carrying on Regulated Activities can be used for the purposes of or in connection with Financial Crime;
In considering this objective, the Regulatory Authority shall have regard to the desirability of Authorised Firms having appropriate systems, controls and procedures to detect and prevent the incidence of Financial Crime.

 

 

Principles of Good Regulation

 

(1)                 the need to use its resources in the most efficient and economic way;

(2)                 the desirability of facilitating innovation and fostering the international competitiveness of the QFC;

(3)                 the desirability of fostering competition between those who are subject to regulation by the Regulatory Authority;

(4)                 the principle that the Regulatory Authority should exercise its powers and functions in a fair and transparent manner;

(5)                 the need to comply with such generally accepted principles of good governance as it is reasonable to regard as applicable to it;

(6)                 the need to balance the burdens and restrictions on firms with the benefit of regulation; and

(7)                 the need to act in accordance with all laws and Regulations to which it is subject.

 

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