Page 13 - English

banking, insurance and asset management, (ii) reviewing our regulatory reporting to ensure appropriate and adequate data collection in order to position us to monitor risks and anticipate imbalances and stress, (iii) strengthening the foundation and the role that financial regulation plays in promoting long-term sustainable economic growth, innovation, opportunity and economic diversification, (iv) establishing and maintaining strong levels of coordination among the regulators in order
to support the objectives of
the common strategy, and (v) ensuring that our human capital and Nationalisation initiatives
are focussed and successful and that our operating environment is efficient and meets best practice. I am particularly pleased to
note the strong collaboration during 2015 between the Qatar Central Bank and the Regulatory Authority in respect of the new rules for Islamic Banking issued by the Regulatory Authority and the new Insurance Instructions issued in 2016 by the Qatar Central Bank. This co-operation and co-ordination was essential
to ensuring that the new rules were both robust and as consistent as possible.
Regulators, like the firms we regulate, need to have a clear line of sight on risks. Key to this outcome is having data that
are targeted to risks, current
and emerging. 2015 saw the final implementation of the new Prudential Reporting Framework for banks and insurers, an effort commenced over two years ago. Reporting requirements were significantly enhanced and data collection was targeted
to the key financial risks in our insurance, banking and asset management sectors. The new data reporting system is valuable not just to the supervision of
firms but also to the Regulatory Authority’s efforts to broaden and deepen our macro-prudential capabilities, and in turn, position the Regulatory Authority to add greater value to the work of the
Financial Stability and Risk Control Committee, and to the wider stability of the financial sector.
The Regulatory Authority’s progress is made possible by the leadership and support provided by our Chairman and our Board of Directors. To each of them, I extend my gratitude. The staff
of the Regulatory Authority has also earned my deepest thanks for delivering an ambitious programme of work with their customary discipline and professionalism. Collectively, we have much to be proud of in our first ten years.
broaden their franchise in the region. The Qatar Financial Centre has attracted global leaders in banking, insurance and asset management, provided opportunity for local firms to expand their business models, innovate in the financial products they deliver, and capitalise on future growth opportunities and market developments.
Developing a “pathway that delivers prosperity yet avoids economic imbalances and stresses,” requires prudent and effective financial regulation and strong co-ordination among regulators to ensure financial stability and consistent and effective regulatory policy
and supervision. In this regard, the Regulatory Authority’s achievements in 2015 rest against the backdrop of the Strategic Plan for Financial Sector Regulation, launched in 2013 by the Qatar Central Bank, the Qatar Financial Markets Authority and the Regulatory Authority. This unified strategy has been an important asset
in meeting our common objectives. The common strategy was developed against the backdrop of significant changes in international regulatory standards and, as a regulatory community, it has provided us with the roadmap to ensure that international best practice and the lessons learned in the global financial crisis are built into the system. In this connection, the Regulatory Authority’s focus
has been directed towards: (i) implementing, in an effective and proportionate way, the
new global standards for
11