DOHA: Qatar Central Bank (QCB) will formally announce the details of its renewed strategy to regulate Qatar’s financial market at an event today.
Qatar took a big step towards standardising its financial regulatory regime when it approved a law recently to create a single unified body to regulate banks, financial services and insurance companies and the country’s bourse, as well as entities licensed by the Qatar Financial Centre (QFC).
Before the new law was passed, insurers and reinsurers were regulated by the Ministry of Business and Trade, while the Qatar Exchange came under the Qatar Financial Markets Authority (QFMA).
Mainstream banks and financial services companies as well as exchange houses were regulated by the QCB, while the QFC has several foreign bank branches and financial services companies registered with it.
All these entities will now come under QCB to help it keep pace with the changing scenario. QCB will unveil the details in the presence of its top executives and the senior officials of Qatar’s banking and financial sector today, Al Sharq reported.
Reuters
