DOHA: The Qatar Financial Centre Authority (QFC Authority) has issued amendments in three important areas of the QFC legal environment. The changes aim to make QFC’s legal environment more appealing, simplify procedures and structures, give QFC firms more flexibility in their operations.
The amendments are to the Insolvency Regulations, the Single Family Office Regulations and Special Company Regulations. The amendments follows a public consultation process in which a number of QFC Firms and other relevant organisations locally and internationally participated.
Insolvency Regulations deal with debtors who are unable to pay their debts or find that their liabilities exceed their assets.
As well as dealing with a number of specific and substantive enhancements, more straightforward amendments have also been made to update the terms and the phrases in the existing Insolvency Regulations.
The Single Family Office (SFO) is a private company dedicated exclusively to the investment, legacy and financial needs of one wealthy family. The amendments to the SFO Regulations contain a number of clarifications including, but not limited to, the definition of a Single Family.
The Special Company (SC) Regulations provide the legislative framework for special purpose companies and holding companies. Special purpose companies (“SPCs”) are entities created to fulfill specific objectives or purposes.
A holding company usually refers to a company that does not produce goods or undertake trading services itself; rather, its purpose is to hold and otherwise deal with both tangible and intangible property including shares and a variety of assets in other companies.
Shashank Srivastava, CEO and Board Member, QFC Authority, said: “An attractive legal environment is fundamental to the QFC’s standing as a world-class financial centre.
The new Regulations and Rules underline our commitment to offer firms a highly competitive platform from which to conduct business in Qatar, the region and internationally.”
David Dhanoo, Chief Legal Officer and Board Secretary, QFC Authority, said: “We keep our legal environment under constant review, draw on best practice from around the world and respond promptly to client and practitioner commentary on existing and new legislation. These amended Regulations and accompanying new Rules are just some more examples of the legislative responsiveness of the QFC Authority.”
The Peninsula
