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MENAFN - 06/12/2012

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(MENAFN) Qatar's emir has Okayed a regulatory reform which would pave the way for a single financial regulator, Reuters reported.

Investors hope the new regulatory, which has been in the works for five years, to simplify the slow and complex process of doing business in the Gulf country.

The law provides for an umbrella body to regulate banks, financial services and insurance companies and the country's bourse as well as banking, financial and insurance companies licensed by the Qatar Financial Center, a spokesperson for the Qatar Central Bank said.

This body will be placed under the authority of the central bank, he added.

In March, Qatar's finance minister said the central bank governor had become the chairman of the Qatar Financial Centre Regulatory Authority (QFCRA), in a step towards establishing a single regulator for the country.

 






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