(MENAFN- Qatar News Agency) The Qatar Financial Centre Authority (QFC Authority) is proposing legislative enhancements in three important areas of the QFC Legal Environment for which the QFC Authority is responsible for and has published a Consultation Paper on each area. QFC Authority said in a press release that the proposed changes are to the Insolvency Regulations, the Single Family Office (SFO) Regulations, and the Special Company (SC) Regulations. Further, in addition to the amendments to these Regulations, new Rules are being proposed to supplement and provide further detail to the practical operation of the respective Regulations. The proposed legislative enhancements were drafted after a thorough comparison with various legislative and legal regimes around the world and vary from miscellaneous amendments aimed at providing better clarity and certainty of the Regulations to more substantive but necessary changes to ensure that the Regulations continue to support the world class QFC Environment. Undertaking this consultation is part of the QFC Authoritys commitment to continually review its legislative framework for the purpose of enhancing and developing its suite of regulations and rules and which in turn will enable current and prospective QFC Firms to benefit from a strong and transparent legal and regulatory environment. The proposing of such legislative enhancements is consistent with the QFC Law, the QFC Authority Regulations and the QFC Authority Governance Policy. Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations in particular those operating in the reinsurance, captive insurance and asset management sectors and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.