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NOTES TO THE FINANCIAL STATEMENTS
At 31 December 2015
1. Activities
The Qatar Financial Centre was established by the State of Qatar pursuant to Law No. 7 of 2005
to attract international financial institutions and multinational corporations to establish business in international banking, financial services, insurance, corporate head office functions and related activities within Qatar.
The Qatar Financial Centre is organised into four authorities, the QFC Authority, The QFC Regulatory Authority, QFC Civil and Commercial Court (Court) and QFC Regulatory Tribunal (Tribunal). The QFCA, the QFC Regulatory Authority, the Court and Tribunal are independent of each other and the Government of Qatar.
The Regulatory Authority, the independent regulatory body, regulates licenses and supervises financial services and other firms that conduct activities in, or from, the Qatar Financial Centre. The registered office of the
received in advance, USD 37,134,501 was recognised in the statement of comprehensive income for the year ended
31 December 2015 (2014: USD 24,365,569).
As per the Article 14 of Qatar Financial Centre Law No.
7 of 2005, the Regulatory Authority has the right to retain any excess appropriations provided by the Government; these appropriations have been treated as part of retained surplus.
There were no transfers from/to the general reserve during the year. (For the year ended 31 Dec 2014: USD 10,607,950 has been transferred from the general reserve account to the retained surplus account).
Any transfer of amounts to and from the general reserve requires the approval of the Board
of Directors.
Regulatory Authority is located at P.O. Box 22989, Doha,
State of Qatar.
These financial statements only relate to the income, assets
and liabilities of the Regulatory Authority and do not extend to include any other bodies of Qatar Financial Centre.
The financial statements of the Regulatory Authority as of 31 December 2015 were authorized for issue by the Board of Directors on 21 March 2016.
2. Economic dependency
The Regulatory Authority is dependent on appropriations from the Government of the State of Qatar to fund its operating and capital expenditure.
During the year, the Government provided the Regulatory Authority with appropriations amounting to USD 37,022,504 (2014: USD 24,365,569), including appropriations received in advance USD 304,408 (2014: USD 416,405). After adjusting for the movement in appropriations
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