Publications

Proposals for amendments to the Asset Management Regime for the QFC Regulatory Authority

On 26 August 2010, the Qatar Financial Centre ("QFC") Regulatory Authority ("QFC Regulatory Authority") published Consultation Paper 2010/05 ("Consultation Paper") on proposed rules to extend the QFC's current collective investment scheme regime, building upon previous proposals set out in Consultation Paper 2010/02 published in March 2010. The proposals, if adopted, will result in a number of significant changes to the Collective Investment Schemes Rules ("COLL").

In line with the continued expansion of Qatar's economy, the QFC Regulatory Authority sees the proposed rules as an important step in ensuring that appropriate regulatory structures are in place to facilitate Qatar realising its aspirations of becoming a regional hub for asset management. The proposals clearly reflect the objectives of the QFC Regulatory Authority to further the QFC's development as a leading financial and business centre in the Middle East, while ensuring the QFC continues to implement and enforce high international regulatory standards.

The Consultation Paper follows hot on the heels of a separate consultation carried out by the Dubai Financial Services Authority ("DFSA") in April this year ("DFSA Consultation"), which examined a series of recommendations designed to better promote the growth of the funds industry in the Dubai International Financial Centre ("DIFC"), and resulted in the Collective Investment Law (DIFC Law No.2 of 2010) being passed on 11 July 2010.

The DFSA fund regime shares some similar ground to the Consultation Paper, and together the regulatory initiatives are generally reflective of the push for expansion in the Middle East's asset management sector.