Qatar approves law for single regulator

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Qatar's emir has given a long-awaited green light to regulatory reform which investors hope will help to simplify the slow and complex process of doing business in the Gulf Arab state.

A central bank spokesman said Sheikh Hamad bin Khalifa al-Thani had approved a law paving the way for a single financial regulator, but gave no timetable for completing a reform first mooted five years ago.

The law provides for an umbrella body to regulate banks, financial services and insurance companies and the country's bourse as well as banking, financial and insurance companies licensed by the Qatar Financial Center, the spokesman said.

This body will be placed under the authority of the Qatar Central Bank, he said.

"The big question is how are you going to merge all of those different rulebooks. This is a huge legal problem to be sorted out," a Doha-based source in the financial services industry said.

In March, Qatar's finance minister said the central bank governor had become the chairman of the Qatar Financial Centre Regulatory Authority (QFCRA), in a step towards establishing a single regulator for the country.

Qatar first announced five years ago a plan for a unified market watchdog which would make the regulation process simpler and clearer for companies.

The plan was to combine the central bank, the QFCRA and the QFMA in one entity.

Currently banks and financial services companies in Qatar are regulated by the central bank, while the country's bourse is regulated by the Qatar Financial Markets Authority.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis

Breaking the brokers

New requirements for securities brokerage firms are triggering...

Most Discussed
  • 16
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer
  • 7
    Belgium diplomat arrested for pulling veil from Qatari princess

    If its illegal to dress in a certain way why didnt the police do something about it.

    Whereever the Europeans go, they demand that society conforms... more

    Thursday, 21 August 2014 8:37 PM - Ghazi
  • 7
    CEO of Just Falafel to step down

    Just Falafel was a disaster waiting to happen. The food isn't even that good and the focus wasn't on building the brand and operations. Instead they focused... more

    Thursday, 21 August 2014 8:37 PM - milad
  • 23
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 17
    UK looks to close tax loophole on expat landlords

    UK taxes too much and too complicated and time taking and confusing and continuous. Returns, lawyers, HMRC, taxes too much for too little. Not worth the... more

    Sunday, 17 August 2014 12:40 PM - AbdolRahman
  • 16
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer