The Qatar Financial Center Regulatory Authority issued a supervisory memorandum against the International Financial Services Company (Qatar), according to which it prohibited the company from conducting business or providing services to any new clients, while continuing to provide current services in accordance with its established policy for its existing clients.
The International Financial Services (Qatar) LLC is a company authorized to engage in insurance brokerage business in the Qatar Financial Center, and the regulatory memorandum against it has been issued in accordance with one of the articles of the financial services regulations of the center.
The Regulatory Authority clarified, in a statement in this regard, that the memorandum entered into force immediately upon its issuance, and that this procedure came as a result of the company being unable to meet the suitability and eligibility criteria issued by the authority.
The authority confirmed its commitment not to disclose more information at this time due to the continuing investigations into the practices of the aforementioned company.
It is noteworthy that the QFC Regulatory Authority is an independent supervisory entity established in 2005 under Article No. (8) of the Qatar Financial Center Law, and it oversees companies that provide financial services in or from the QFC, and it has a wide range of supervisory powers. Concerning the authorization and supervision of companies and individuals and imposing penalties when necessary.
The Regulatory Authority carries out its supervisory activities in accordance with international legal standards, which have been closely formulated in accordance with the models of laws adopted in the international financial centers.