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SUPERVISION AND AUTHORISATION
6. Building human capital through training and professional development initiatives in the three regulatory authorities and in the financial sector more broadly.
Strategic Objectives
The Regulatory Authority’s Strategic Plan for Financial Sector Regulation consists of six critical goals relating to the overall objectives of the Qatar National Vision 2030 and the Qatar National Development Strategy Plan 2011-2016.
1. Enhancing regulation by developing a consistent risk-based micro-prudential framework in line with global regulatory developments and by improving disclosure practices;
2. Expanding macro- prudential oversight by building a macro-prudential framework in line with international best practice;
3. Strengthening financial market infrastructure through enhancements to the payments and settlements system and initiatives to develop the debt market;
4. Enhancing consumer
and investor protection
by developing standards and codes of conduct, protecting credit information and raising public awareness and education;
5. Promoting regulatory cooperation among the three regulatory authorities – the Qatar Central Bank, the Regulatory Authority and the Qatar Financial Markets Authority - and strengthening local and international cooperation;
Authorisation
Drawing on the Financial Services Regulations, the Regulatory Authority’s Authorisation Division sets criteria to approve or
reject applications from entities for authorisation. In making
its decisions to authorise an entity, the Authorisation Division assesses various factors, including the ownership structure and governance (including the fitness and propriety of board members and senior management) of
the proposed entity and its wider group, its strategic and operating plan, internal controls, risk management and projected financial condition (including capital base where relevant). Where the applicant or its parent organisation is a foreign entity, the prior consent of its home supervisor is also obtained.
The criteria for authorisation are consistent with those applied in ongoing supervision, once the entity is authorised. This includes making a determination that
the proposed legal, managerial, operational and ownership structures of the authorised
entity and its wider group will not hinder effective supervision on both a solo and a consolidated basis. Also forming part of the assessment criteria are the suitability of the applicant’s major shareholders, including the ultimate beneficial owners, and others that may exert significant influence; the transparency of the ownership structure; the sources of initial capital; and the ability of shareholders to provide additional financial support, where needed.
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