QFC regulatory authority releases consultation paper

The Qatar Financial Centre Regulatory Authority has released a Consultation Paper on proposals to enhance its training and competency regime and several miscellaneous amendments to its rules. The proposals relating to training and competency are focused on strengthening existing requirements and introduce requirements for professional standards examinations and continuing professional development, the regulator said in a media statement Saturday. The regime is intended to apply to all authorised firms and to approved individuals performing or seeking to perform controlled functions in or from the QFC. The new regime recognises the importance of ensuring the competency of professionals in the QFC, and the proposed changes will contribute to the further improvement and strengthening of professional training and qualifications. Regulatory Authority Deputy CEO, Michael Ryan welcoming the latest Consultation Paper said, "The Regulatory Authority’s approach to training and competency ensures that firms have accountability for the recruitment, training and development of competent professionals. "The enhanced training and competency regime will provide active support for the development of the financial services industry within the QFC and underscores the value and benefit of maintaining competence for individuals working in authorised firms." The consultation period for responses is open up to November 6 next month. The Consultation Paper and details for the submission of comments are available on the QFC Regulatory Authority website