Qatar to unveil new financial regulator in February

Doha will unify its fragmented financial services sector in February when it establishes a financial regulator, according to Phillip Thorpe, chief executive officer and chairman of Qatar Financial Centre Regulatory Authority.

Thorpe added that it could, however, take as long as three years for the new regulatory regime to be fully established.

Speaking this week at MEED's Qatar Conference 2008, Thorpe said: "The expectation is that the new regulator will be in place in the next month or two. But the transition for most firms will extend over two to three years. It will take time for firms to adjust."

The new authority will bring together the functions of Qatar's three financial services regulators: Qatar Central Bank, which supervises domestic institutions, monetary policy, currency issues and debt instruments; Qatar Financial Markets Authority, which oversees the Doha Securities Market; and the Qatar Financial Centre Regulatory Authority, which regulates financial services in the Qatar Financial Centre investment zone.

"Qatar has more regulators than it needs," Thorpe told delegates. "All firms in Qatar will operate under the new the regime. It will create international standards, simplify the current structure and encourage transparency. New legislation is required"