Qatar Financial Centre (QFC) is a financial and business centre in 2005 to attract international financial services and multinational corporations to grow and develop the market for financial services in the region.
The QFC Law, No 7 of 2005, was enacted in March 2005. It establishes the various bodies that are necessary for the operation of the QFC including:
The QFC Authority, whose responsibilities include the development and promotion of the QFC and participating in the establishment and maintenance of the legal and regulatory regime governing the QFC. The Law states that the Minister of Finance and Economy is Chairman of the Board of the QFC Authority.
The QFC Regulatory Authority, which is responsible for regulating, licensing and supervising banking, financial and insurance related business carried on in or from the QFC.
The QFC Appeals Body, responsible for hearing appeals by entities, individuals and corporate bodies against the decisions of the Regulatory Authority.
The QFC Civil and Commercial Court, an independent body which deals with matters arising under the QFC Law;
The QFC Tribunal, responsible for hearing appeals by entities, individuals and corporate bodies against the decisions of the Regulatory Authority or the Civil and Commercial Court.
The Law empowers the Chairman of the QFC Authority, in his capacity as Minister of Finance & Economy, to make the Regulations that are applicable in the QFC. Regulations that impact on the duties, functions and powers of the Regulatory Authority, the Appeals Body and the Tribunal must first be consented to by the Qatar Council of Ministers.
(last updated: 12-December-2009)
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