Qatar Central Bank Governor H E Sheikh Abdullah bin Saoud Al Thani, (centre) with other officials during the launch of the unified strategy of the three regulatory authorities at Grand Hyatt Hotel Doha. (Kammutty VP)
DOHA: Qatar’s financial sector regulatory authorities have jointly launched a strategic plan for the future of financial sector regulation in the country.
The plan establishes a framework for regulating the financial sector across the state, setting out a road map of strategic priorities for the next three years (2014-2016).
The plan is the result of intensive collaboration between the Qatar Central Bank (QCB), the Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA).
The plan is a comprehensive document containing six mutually re-enforcing goals, each supported by specific strategies and work plans within the QCB, QFCRA and QFMA.
The goals are enhancing regulation by developing a consistent risk-based micro-prudential framework; expanding macro-prudential oversight; strengthening financial market infrastructure; enhancing consumer and investor protection; promoting regulatory cooperation; and building human capital.
At the launch of the plan, H E Sheikh Abdullah bin Saoud Al Thani, Governor of the QCB, said: “The strategic plan is a landmark document for Qatar. It sets out latest global regulatory thinking and the way the regulatory authorities will work together to help build a resilient financial sector that operates to the highest international standards of regulation and supervision”.
“The QCB, QFCRA and QFMA have worked together to develop this plan for financial sector regulation in the context of both the Qatar National Development Strategy 2011-2016 and the Qatar National Vision 2030,” the governor said.
“The financial sector has a crucial role to play in realising the goals of the Qatar National Vision 2030. A strong financial sector contributes to the creation of jobs and encourages investment in a diversified competitive economy, so that future generations will be less vulnerable to the boom and bust of energy price cycles “, he said.
While talking at the launch function, Michael Ryan, Chief Executive Officer, QFCRA, said: “The strategic plan positions Qatar as a leader in the region in financial sector regulation, and supports Qatar’s ambition to be a global financial centre.”
Nasser Al Shaibi, CEO, QFMA, said: “The landmark plan ensures establishing an effective regulatory framework and a regulatory and legislative structure that maintains financial stability, supports economic growth stability and strengthens a vital and active financial sector within the State objectives.”