Page 10 - QFCRA Annual Report 2014
P. 10
’S STATEMENT

I am pleased to report that we made that the FSC requires in meeting its also commenced work on the
substantial progress during the year financial stability mandate. redesign of the prudential returns for
in our work to advance the goals of The strategic plan not only creates a insurance, which will be completed
the Strategic Plan for Financial Sector unique platform for cooperation, but in 2015. We have also worked closely
Regulation, which was adopted by also directly shapes the Regulatory with our counterparts at the Qatar
the Qatar Central Bank, the Qatar Authority’s work plan and our ability Central Bank in the development
Financial Markets Authority and the to connect that work plan with our of the regulatory framework for the
Regulatory Authority in 2013 as a counterparts. Over the last number insurance firms in the State of Qatar,
common strategy. The Strategic Plan of years, the Regulatory Authority which positions the Regulatory
sets defined objectives, subscribed has focused on building its financial Authority and the Qatar Central
to by each of the regulators, for the analytical and macro-prudential Bank to develop a consistent and
development of financial regulation capabilities to support its supervision proportional insurance framework
in the State of Qatar, and it has and policymaking. We undertook for the regulation of insurance in the
created the platform necessary this work in order to embed the most State of Qatar.
for greater consistency in policy important lessons learned from the The strategic plan will continue to
development and its implementation. financial crisis in our approach to shape our priorities during 2015 as
We recognise, as regulators, that regulation and to future proof, to the we continue to deliver the regulatory
a strong and inclusive financial extent possible, the financial sector foundations necessary for continued
system is the foundation needed from future shocks. To this end, we growth and innovation in the
to deliver sustainable growth and recognised the need for disciplined financial sector, the Qatar Financial
to drive economic diversification, and well-targeted data collection that Centre, and the development of
and the strategic plan represents translates into a clear understanding Qatar as a centre for renminbi trade
our collective ambition to deliver a of financial risks and that informs finance and investment following the
balanced and considered regulatory our approach to regulatory policy announcement by the Qatar Central
framework that facilitates and and supervision. During 2014, we Bank and the People’s Bank of China
rewards investment, supports growth, implemented a new prudential in November designating Qatar as
and allows Qatar to deliver its full framework for banks, investment the first such centre in the region.
potential in line with the 2030 national management and advisory through I would like to extend my thanks
vision. the adoption of our new sectorial to our Board of Directors for their
The benefits of the strategic plan rulebooks, the redesign of our guidance and support during 2014
are increasingly evident in the prudential returns, and the launch of and, in particular, I would like to
deepening and broadening of the our new online submission platform. extend my gratitude to our Chairman
cooperation and collaboration The new rulebooks and the prudential for his vision and leadership, which
between Qatar’s financial regulators. returns were the product of extensive has brought us to this point. I would
We share similar challenges and consultation with the industry and also like to thank the staff of the
ambitions, and now with a common their implementation will streamline Regulatory Authority for their focus
strategy and the leadership compliance and position our and determined contribution to our
provided by the Financial Stability supervision to be focused on key risk ambitious work program and I would
and Risk Control Committee (FSC), drivers from a regulatory and business also like to thank our counterparts at
we have the mechanisms in place perspective. The Regulatory Authority’s the Qatar Central Bank and Qatar
to address our shared challenges focus on data and financial analytics Financial Markets Authority for their
in a consistent, considered and also provides important support for engagement and support.
sensible fashion. During 2014, our our macro-prudential function and
collaboration extended to all levels positions the function to contribute in Michael Ryan
of our organisations and led to a targeted way to our supervision of Chief Executive Officer
our work together to develop the firms and our identification of financial
insurance framework for the State, to risks to the system. The output of this
define a common approach to the work will be evident as you review our
supervision of AML/CFT, to address annual report.
the compliance requirements of the Following on from banking, asset
Foreign Account Tax Compliance Act management and advisory, we
(FATCA), and to deliver the support

10 ANNUAL REPORT 2014
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