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QFC: New rules to make Qatar a regional centre for asset management

Monday, 30 August 2010 14:20

Qatar (Doha) - The Qatar Financial Centre (QFC) Regulatory Authority is seeking feedback on proposed rules that "will ensure appropriate regulatory structures to facilitate the development" of Qatar as a regional centre for asset management. With Qatar's economy set to expand, this is an important step towards realising the country's aspirations of becoming a regional hub for asset management, the Authority said in a media statement Monday.

The Authority has released a Consultation Paper on proposed rules to extend the QFC’s collective investment scheme regime and develop it into an asset management hub for the region.

QFC Regulatory Authority Deputy CEO Michael Ryan welcomed this latest Consultation Paper.
"Qatar’s asset management sector will see significant growth over the coming years as the economy of Qatar and the region continues to expand. We intend to support this growth by ensuring that we have the appropriate regulatory structures in place to facilitate the development of the sector in the QFC in line with international best practices," he said.

The proposals reflect the objectives of the Regulatory Authority to further the QFC’s development as a leading financial and business centre in the Middle East, while ensuring the QFC continues to implement and enforce high international regulatory standards.
The proposed rules, on which further feedback is invited, have been published in full on the Regulatory Authority’s website and contain a number of key changes in areas including: the operation of a non-QFC scheme; a retail regime for QFC schemes; the marketing of non-QFC retail schemes; and an extension to the functions that can be carried out by the independent entity of a scheme.

The Regulatory Authority has also invited further comment on proposals to develop specialist schemes in the QFC. The consultation period for responses is open until October 21.
(QNA)

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