Page 8 - Annual Report 2016 EN

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INTRODUCTION

The Qatar Financial Centre (QFC) is the financial and business
centre established by the Government of Qatar in 2005 to attract
international banking, insurance business and other financial ser-
vices in order to grow and develop the financial services sector in
Qatar and the region. The QFC offers domestic and international
firms the opportunity to establish a broad range of banking, asset
management and insurance businesses under a legal and regula-
tory regime that meets international best practice.
The Qatar Financial Centre Regulatory Authority (the Regulatory
Authority) is the independent regulator of the QFC, which authorises
and regulates firms and individuals conducting financial services in
or from the QFC, as established by Qatar Financial Centre Law No.
7 of 2005 (“the QFC Law”).
The Regulatory Authority is a corporate body owned and funded
by the State of Qatar and reporting to Qatar’s Council of Minis-
ters, which appoints its Board. Pursuant to the law establishing the
Regulatory Authority, the Regulatory Authority enjoys financial and
administrative autonomy from the State. It has an independent
budget and the laws of the State regarding the general budget of
the State and its ministries do not apply to the Regulatory Authority.

The Regulatory Authority has built a principles-based regulatory
regime, embracing transparency and accountability.