Quotes: US 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
 Oct 1 2014 - Kuwait to host 23rd Gulf Cup of NationsArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 30 (KUNA): Kuwait will host the 23rd edition of the Gulf Cup of Nations Kuwait Football Association (KFA) Secretary General Saho Al-Saho said Tuesday. Al-Saho ...

 Oct 1 2014 - Abu Dhabi airport's passenger traffic up 24.8 percent in AugustMENAFN
(MENAFN) Abu Dhabi International Airport's passenger traffic increased by 24.8 percent in August compared to the same month last year, with a total of 1.920.934 passengers passing through the airport ...

 Oct 1 2014 - US Mondelez International to invest USD90m in plant in BahrainMENAFN
(MENAFN), the packaged food company, announced it is planning to build a USD90 million biscuit plant in Bahrain, which will help the company reduce costs and meet growing demand for its biscuits, ...

 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Omani Renaissance awards 2 contracts for Duqm construction projectMENAFN
(MENAFN) Renaissance Services announced it has awarded the contractors S&T and Al Hajiry two main construction contracts in the Duqm permanent accommodation (PAC) project, Times of Oman reported. ...

 Oct 1 2014 - Oman's PEIE, Italian firm ink consultancy for Ibri projectMENAFN
(MENAFN) The Public Establishment for Industrial Estates (PEIE) announced it has signed consultancy agreements with F&M Ingegneria Spa, the leading Italian engineering consultancy firm to develop the ...

 Oct 1 2014 - ISIL militants advance in N. Syria - SHORKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Islamic State in Iraq and the Levant (ISIL) have crushed the Kurd defenses in the rural areas around Ayn Al-Arab city, known in Kurdish as Kobani, near ...

more...


 






Google

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help