Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

International Financial Services /Qatar/ Receives Public Censure from QFC Regulatory Authority  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 has 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.

A press release issued today said that the QFC Regulatory Authority censures 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 considered 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. IFSQ cooperated with the Regulatory Authorityduring the course of the investigation of the matter. IFSQ undertook significant remedial steps to address the QFC Regulatory Authority's concerns and has agreed tocompensate clients who were impacted by the actions of its former approved individual.


 


Qatar News Agency




  MENA News Headlines
 May 24 2015 - RAK Properties grants contract for USD2.72b Mina Al ArabMENAFN
(MENAFN) Abu Dhabi-based RAK Properties said that it has granted a construction contract to begin implementing phase 1 of its lifestyle marina at Mina Al Arab, Arabian Business reported.The lifestyle ...

 May 24 2015 - UAE- Al Mansouri expresses satisfaction at findings of report on e-government transitionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Minister of Economy Sultan bin Saeed Al Mansouri has expressed satisfaction at the results of the final report on transition to m-Government, which showed the ...

 May 24 2015 - UAE- Mohammed bin Rashid, Mohamed bin Zayed attend wedding reception hosted by Al MansouriEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) His Highness Sheikh Mohammed bin Rashid Al Maktoum,Vice President and Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, ...

 May 24 2015 - UAE- Saif bin Zayed honors five ADP staff members with Employment Excellence MedalsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Lt. General HH Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, has granted five Abu Dhabi Police (ADP) staff members the ...

 May 24 2015 - UAE- Dastardly attack that deserves to be condemned: paperEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A UAE paper has said that there are few words that can describe the sick and seditious nature of the suicide bomb attack on a Saudi mosque on Friday. A lone ...

 May 24 2015 - Umm Al Qaiwain Ruler offers condolences to Kuwaiti Emir on the death of Al-KharafiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has sent a cable of condolence to His Highness Sheikh Sabah Al-Ahmad ...

 May 24 2015 - UAE- ADNOC hosts Middle East's largest energy R&D summitEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abu Dhabi National Oil Company, ADNOC, today welcomed over 1,500 research and industry professionals for the Abu Dhabi International Research and Development ...

 May 24 2015 - UAE- SKSH-RAK discusses CT pattern approach in diffuse lung diseasesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Sheikh Khalifa Specialty Hospital in Ras al-Khaimah, SKSH-RAK, is to organise the second Imaging Conference on Monday with the attendance of a number of ...

 May 24 2015 - A celebration marking Africa Day takes place in Abu DhabiQEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A number of diplomats from different African communities have celebrated Africa Day in Abu Dhabi in the presence of many officials from the GCC and the ...

 May 24 2015 - Dubai Duty Free GK Village officially opens at Binotong in the PhilippinesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Duty Free, through its Corporate Social Responsibility arm, the Dubai Duty Free Foundation, in partnership with Gawad Kalinga, a Philippine-based poverty ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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