Posted on December 12, 2012

The Qatar Central Bank (QCB), the QFC Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA) have welcomed the enactment of The Law of the Qatar Central Bank and the Regulation of Financial Institutions (Law No. 13 of 2012), which was enacted by H.H. The Emir on 2 December 2012.

The new Law is an important step in advancing the framework for financial regulation and supervision in the State of Qatar, promoting financial stability and expanding the ambit of regulation and supervision to cover areas requiring new and enhanced financial regulation within the State.

It also lays the foundation for increased co-operation between the regulatory and supervisory bodies in Qatar as they develop and apply regulatory and supervisory policy and implement international standards and best practices to deliver the objectives of the Qatar National Vision 2030 and Qatar National Development Strategy 2011-2016.

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The QCB, the QFCRA and the QFMA have issued a summary of some of the important provisions of the new Law and detail on the objectives for the Financial Stability and Risk Committee established under the new Law. 

His Excellency Sheikh Abdullah Saoud Al Thani (pictured), Governor of the Qatar Central Bank and Chairman of QFCRA and QFMA said: “The new Law is an important step in continuing to build a resilient financial sector for the State of Qatar that operates to the highest international standards of regulation and supervision and best practices. Importantly, the new Law also formalises, through the Financial Stability and Risk Committee, the excellent level of co-ordination and collaboration that exists between the Central Bank, the QFCRA and the QFMA.”

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