QFC Regulatory Authority Approved as Full Signatory to IOSCO MMoU

Doha, January 17 (QNA) - The Qatar Financial Centre Regulatory Authority (QFC Regulatory Authority) has been approved as a full signatory to the International Organisation of Securities Commissions ("IOSCO") Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU). The approval of the QFC Regulatory Authority as a signatory to the IOSCO MMoU comes after a rigorous screening process of the applicant's legislative and regulatory regime, including provisions on information-sharing, confidentiality and international cooperation. The IOSCO MMoU sets an international benchmark for cross-border cooperation for securities related matters. By entering into the IOSCO MMoU, the QFC Regulatory Authority is able to consult, cooperate and exchange information with other signatories to the IOSCO MMoU for the purpose of securities markets compliance and enforcement. The signing of the MMoU highlights the QFC Regulatory Authority's continuing commitment to international standards and fostering international cooperation with other regulators. Michael Ryan, CEO of the QFC Regulatory Authority welcomed the signing of the MMoU saying: "The QFC Regulatory Authority operates to the highest international standards of regulation and best practice and the approval of the Regulatory Authority as a signatory to the IOSCO MMoU is testament to our adherence to international securities standards. We look forward to working closely with IOSCO and IOSCO MMoU signatories on matters of mutual interest." The IOSCO is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on that used in major financial centres. (QNA)