At the QFC Regulatory Authority, our legal objectives are:
- The promotion and maintenance of efficiency, transparency and the integrity of the QFC;
- The promotion and maintenance of confidence in the QFC of users and prospective users of the QFC;
- The maintenance of the financial stability of the QFC, including the reduction of systemic risk relating to the QFC;
- The prevention, detection and restraint of conduct which causes or may cause damage to the reputation of the QFC, through appropriate means including the imposition of fines and other sanctions;
- The provision of appropriate protection to those licensed to carry on business at the QFC and their clients or customers;
- The financial integrity of authorised firms through appropriate financial resources requirements complemented by a robust system of internal controls;
- The differing degrees of protection which may be appropriate for clients or customers of authorised firms as a result of their experience, expertise, business and means and the differing degree of information which it may be appropriate to give such clients or customers;
- The differing degree of risk involved in different kinds of investment or transaction;
- The general principle that clients or customers of authorised firms should take responsibility for their own decisions;
- The promotion of understanding of the objectives of the QFC amongst users and prospective users of the QFC and other interested persons.
- Ensuring the QFC Regulatory Authority is run with a view to:
- Operating at all times in accordance with best international standards for financial and business centres of a similar kind;
- Establishing and maintaining the QFC as a leading financial and business centre in the Middle East.
- Minimising the extent to which the business carried on by a person carrying on regulated activities can be used for the purposes of or in connection with financial crime.
Click here to see the ways in which we define “good regulation”.