DOHA: The QFC Regulatory Authority yesterday released a consultation paper on proposed rule changes that update and strengthen the rules for the acquisition of significant ownership positions in QFC authorised firms.
The consultation period is open until 7 November 2013. The draft amendments are to the General Rules. The proposed amendments and consultation paper can be accessed via www.qfcra.com.
The QFC Regulatory Authority seeks public comments on the proposal to update the rules relating to the acquisition of significant ownership positions in QFC authorised firms, most significantly with regard to the approval of those ownership positions.
The proposed changes would introduce four threshold bands, reducing the need to seek approval unless a shareholding moved from one band to another. This move would bring the rules into line with international best practice.
The proposed new controller band thresholds are:10 per cent; exceeding 24 per cent but not more than 49 per cent; exceeding 49 per cent but not more than 74 per cent; and exceeding 74 per cent.
Other proposed amendments cover a range of rules relating to approvals, systems, controls and reports. The proposals are relevant to all QFC authorised firms and any firms considering doing business in the QFC.
This initiative supports the QFC Regulatory Authority’s ongoing commitment to meet high international regulatory standards, and supports the continued development of the QFC as a leading financial and business centre in the region.