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NOTES TO THE FINANCIAL

STATEMENTS

At 31 December 2016

[1] ACTIVITIES [2] ECONOMIC DEPENDENCY

The Qatar Financial Centre (QFC) was established by the State of The QFC Regulatory Authority is dependent on appropriations from
Qatar pursuant to Law No. 7 of 2005 to attract international finan- the Government of the State of Qatar to fund its operating and
cial institutions and multinational corporations to establish business capital expenditure.
in international banking, financial services, insurance, corporate During the year, the Government provided the QFC Regulatory
head office functions and related activities within Qatar.
Authority with appropriations amounting to USD 33,304 thousand
The Qatar Financial Centre is organised into four authorities, the (2015: USD 37,023 thousand), including appropriations received in
QFC Authority (QFCA), the QFC Regulatory Authority (QFC Reg- advance USD 685 thousand (2015: USD 304 thousand). After adjust-
ulatory Authority), QFC Civil and Commercial Court (Court) and ing for the movement in appropriations received in advance and
QFC Regulatory Tribunal (Tribunal). The QFCA, the QFC Regulatory appropriations receivable of USD 913 thousand (2015: Nil), USD
Authority, the Court and Tribunal are independent of each other 33,837 thousand was recognised in the statement of comprehen-
and the Government of Qatar. sive income for the year ended 31 December 2016 (2015: USD
37,135 thousand).
The QFC Regulatory Authority, the independent regulatory body,
regulates licenses and supervises financial services and other firms As per the Article 14 of Qatar Financial Centre Law No. 7 of 2005,
that conduct activities in, or from, the Qatar Financial Centre. The the QFC Regulatory Authority has the right to retain any excess
registered office of the QFC Regulatory Authority is located at P.O. appropriations provided by the Government; these appropriations
Box 22989, Doha, State of Qatar. have been treated as part of retained surplus.

These financial statements only relate to the income, assets and There were no transfers from/to general reserve during the year
liabilities of the QFC Regulatory Authority and do not extend to (2015: Nil). Any transfer of amounts to and from the general reserve
include any other bodies of QFC. requires the approval of the Board of Directors.
The financial statements of the QFC Regulatory Authority as of 31
December 2016 were authorized for issue by the Board of Directors
on 20 March 2017.