Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

QFC Regulator Censures International Financial Services Qatar  Join our daily free Newsletter

MENAFN - Qatar News Agency - 27/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Doha April 27 - The QFC Regulatory Authority Sunday announced it is censuring International Financial Services (Qatar) LLC (IFSQ) in public for contravening key rules of Qatar Financial Centre Law following an investigation.

In a media statement the Regulator said "It decided to publically censure International Financial Services (Qatar) LLC (IFSQ) after reaching a settlement agreement that addresses the QFC Regulatory Authority's serious concerns regarding the actions of a former approved individual of IFSQ and IFSQ's systems and controls in relation to that conduct." The QFC Regulatory Authority has censured IFSQ under Article 58 of the Financial Services Regulations for the following:-* IFSQ managed clients' investments causing it to breach the scope of its authorisation in contravention of Article 11(2) of the Qatar Financial Centre Law.

* IFSQ's record-keeping systems were not adequate in ensuring that client files contained appropriate historical records of client communications and IFSQ failed to keep appropriate records of client communications as required under rule 6.2.6 of the General Rulebook.

* IFSQ's corporate governance processes and senior management personnel failed to ensure that its affairs were managed effectively in contravention of Rule 2.1.3 of the Principles Rulebook (PRIN); and* IFSQ failed to ensure that it had effective systems and controls in place including risk management systems and adequate human and technological resources in contravention of rule 2.1.4 of PRIN.

The QFC Regulatory Authority said "It considers IFSQ's contraventions to be serious with the potential to undermine the confidence of current and prospective users of the QFC".

IFSQ demonstrated a commitment to settle the matter and reported the conduct to the QFC Regulatory Authority. It also co-operated with the Regulatory during the course of the investigation.

IFSQ undertook significant remedial steps to address the Regulator's concerns and has agreed to compensate clients impacted by the actions of its former approved individual the QFCRA concluded.


 


Qatar News Agency




  MENA News Headlines
 Mar 1 2015 - Nbad- USD48t needed to meet global power demandMENAFN
(MENAFN) Energy demand in the Gulf to triple in the next fifteen years far outstripping today's supply, a report released by National Bank of Abu Dhabi (Nbad), Gulf News reported.It figures out that ...

 Mar 1 2015 - Bahrain, Russia to boost trade tiesMENAFN
(MENAFN) The Bahrain side of the Bahraini-Russian Joint Business Council held its first meeting, under the chairmanship of BCCI Chairman, Saudi Gazette reported.However, hailing the relations between ...

 Mar 1 2015 - Abu Dhabi's Eagle Hills plans new USD80b Egyptian cityMENAFN
(MENAFN) Abu Dhabi-based developer Eagle Hills is set to build a new city worth USD80 billion near Cairo, Arabian Business reported.The new city is set to include an airport, hotels, and a mall as ...

 Mar 1 2015 - S. Korean President Starts Mideast TourQatar News Agency
(MENAFN - QNA) South Korean President Park Geun-hye left for Kuwait on Sunday on a nine-day, four-nation trip to the Middle East expected to focus on wide-ranging economic cooperation beyond energy ...

 Mar 1 2015 - Car bombs kill27 in BaghdadArab News
(MENAFN - Arab News) BAGHDAD: Car bombs targeting a crowded market and Shiite militia checkpoints north of Iraq's capital killed 27 people Saturday authorities said as the country's prime minister ...

 Mar 1 2015 - Kuwait reopens Yemen embassy in AdenArab News
(MENAFN - Arab News) KUWAIT CITY: Kuwait decided to reopen its Yemeni embassy in Aden instead of the militia-controlled capital Sanaa.'In the framework of supporting constitutional legitimacy in ...

 Mar 1 2015 - Saudi- 3000 vacanciesto be availablein next episodeof 'Jobs on Air'Arab News
(MENAFN - Arab News) There will be 3000 job opportunities for unemployed young male and female Saudis as well as for foreigners during the tenth session of 'Jobs on Air' on Al Danah television ...

 Mar 1 2015 - Saudi- Al-Samaani: Judicial system impartialArab News
(MENAFN - Arab News) Saudi Arabia's justice system is based on the provisions of Islamic law derived from the Holy Qur'an and the Sunnah (tradition) of the Prophet (peace be upon him). This ensures ...

 Mar 1 2015 - Saudi- Many Madinah sites need better careArab News
(MENAFN - Arab News) Several residents in the city of Madinah have drawn attention of the competent authorities toward multiple Prophet's heritage sites and relics in the area including wells ...

 Mar 1 2015 - Small to medium companies not fit to employ Saudi womenArab News
(MENAFN - Arab News) Business sectors in the Kingdom with less than 500 workers are not fit to employ women at least according to assessments made by the Ministry of Labor's adviser.In his report the ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help