The Qatar Financial Center Regulatory Authority announced today its approval of the settlement with “GlobeMed Qatar”, regarding the confusion surrounding the services provided by the company.
GlobeMed Qatar LLC obtained a license to practice the administrative activity of third parties from the Qatar Financial Center Authority on August 8, 2007, and this activity is not considered among the activities organized in the Qatar Financial Center.
In a statement today, the Authority stated that the settlement was based on the conclusion of the investigation that was led by the Regulatory Authority during the period between April 2017 and December 2019 regarding the contents of a number of documents of the company that stipulated that it provide insurance brokerage services in or from the Qatar Financial Center while it is not It has the necessary permission to do so, which may lead to confusion in terms of the services it is allowed to provide.
According to the statement, the company has demonstrated its commitment to finding a solution to the issue from the first stage of the investigation, and cooperated with the Regulatory Authority during the course of the investigation and took the necessary corrective steps to address the points raised by the Regulatory Authority, and accordingly, the matter was closed in accordance with the duly observed procedure by the Regulatory Authority.
As part of the settlement, GlobeMed agreed to pay costs and expenses related to the investigation amounting to 54,600 riyals (US $ 15,000).
It is noteworthy that the QFC Regulatory Authority is an independent supervisory entity established under Article No. (8) of the QFC Law. The Authority regulates companies that provide financial services in or from the QFC, and it also has a wide range of regulatory authorities to authorize companies. And individuals, supervise and punish them when necessary.
The Regulatory Authority exercises its supervisory activities in accordance with international legal standards, which have been closely formulated according to the models of laws adopted in other prominent financial centers.