The Policy department is responsible for the development and application of the Qatar Financial Centre’s regulatory regime. In this role, and in line with the QFC objectives of being a best in class regulatory regime, we are involved with various international standard-setting bodies, such as the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS) and the Financial Action Task Force (FATF), and seek to ensure the QFC regulatory framework meets international standards.
In this role, the Policy department assesses new international developments, opportunities, initiatives and risk from a regulatory and legislative perspective. If those are relevant to the QFC Regulatory Authority’s legislative and regulatory regime, the Policy department will develop proposals as part of its policy-making process for incorporation into the regulatory regime.
Regular engagement with market participants, in particular QFC authorised firms, through consultation papers and town hall meetings where we invite comments from the public, is a key component of the policy-making process.