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 26 2014 - Afghan president visits Saudi ArabiaArab News
(MENAFN - Arab News) KABUL: Afghanistan's President Ashraf Ghani Ahmadzai on Saturday made his first overseas trip since taking office fulfilling an election promise to undertake a religious ...

 Oct 26 2014 - Tens of thousands protest Renzi's job measures in RomeArab News
(MENAFN - Arab News) ROME: Tens of thousands of Italians took to the streets of Rome Saturday for a demo organized by Italy's largest trade union to protest Prime Minister Matteo Renzi's plans to ...

 Oct 26 2014 - France announces big coalition air raid against IS in IraqArab News
(MENAFN - Arab News) PARIS: The international coalition currently battling the IS group in Iraq dropped around 70 bombs on an arsenal and militant training center in a large-scale overnight raid the ...

 Oct 26 2014 - UN climate chief hails EU dealArab News
(MENAFN - Arab News) BONN: The UN's climate chief hailed a European agreement on greenhouse gases Friday as providing 'valuable momentum' for a world pact to be inked in Paris next year.The goals set ...

 Oct 26 2014 - Russia still has troops in Ukraine NATO saysArab News
(MENAFN - Arab News) MONS Belgium: Russia still has troops in eastern Ukraine and retains a very capable force on the border despite a partial withdrawal NATO's military commander said on ...

 Oct 26 2014 - Canadians seek to understand Parliament shootingArab News
(MENAFN - Arab News) OTTAWA Ontario: Authorities and ordinary Canadians sifted through confounding shards of a gunman's life seeking to understand what motivated the man to storm the nation's seat of ...

 Oct 26 2014 - Abu Dhabi int'l Airport traffic up 23.9 percent in SeptemberMENAFN
(MENAFN) Abu Dhabi Airports reported an increase in passenger traffic by 23.9 percent during September compared to the same month last year, with 1.696.651 passengers using the airport during the ...

 Oct 26 2014 - Morocco, Chad sign agreementsMENAFN
(MENAFN) Morocco announced it has signed a set of agreements and memoranda of understanding with Chad regarding several fields, QNA reported.The agreements which were signed by both countries include ...

 Oct 26 2014 - BASF warns on profitsArab News
(MENAFN - Arab News) BERLIN: Chemical and oil company BASF is warning that its profits will come in below its previous forecast in the wake of slower global economic growth and industrial ...

 Oct 26 2014 - Saudi- Fawaz Alhokair's net profit rises 7.72Arab News
(MENAFN - Arab News) JEDDAH: Saudi Arabia retailer Fawaz Abdulaziz Alhokair Co. reported a 7.7 percent rise in second-quarter profit as sales increased and it made foreign exchange gains but the ...

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