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Tue 13 Mar 2012 09:19 AM

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Qatar moves towards a single financial regulator

Central Bank Governor has been appointed chairman of the regulatory authority

Qatar moves towards a single financial regulator
The plan would combine the Qatar Financial Centre regulator, Qatar Central Bank and Qatar Financial Markets Authority.

Qatar's central bank governor has become the chairman
of the Qatar Financial Centre Regulatory Authority (QFCRA) in the first step
towards establishing a single regulator in the Gulf Arab state, its finance
minister said on Monday.

Qatar announced a plan in 2007 for a unified market
watchdog, which would make the regulation process simpler and clearer for
companies, but there has been little progress since.

"As of March 7, the central bank governor has
been chairman of the QFCRA as part of the process of unifying the regulatory
regime," Youssef Kamal told a financial conference in the Qatari capital
without giving further details.

The plan would combine the Qatar Financial Centre
regulator, Qatar Central Bank and Qatar Financial Markets Authority, which
regulates the stock exchange, into one entity.

At QFCRA, Central Bank Governor Sheikh Abdullah bin
Saud al-Thani replaces Phillip Thorpe, acting CEO of the Qatar
Financial Centre Authority Shashank Srivastava told a separate news conference
on Monday. He declined to say when a single regulator would be established.

"It's going to take time to merge and have a
single rule book. But at least the first step has been taken," Srivastava
said.

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