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MENAFN - Qatar News Agency - 27/04/2014
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(MENAFN - Qatar News Agency) Doha April 27 - The QFC Regulatory Authority Sunday announced it is censuring International Financial Services (Qatar) LLC (IFSQ) in public for contravening key rules of Qatar Financial Centre Law following an investigation.

In a media statement the Regulator said "It decided to publically censure International Financial Services (Qatar) LLC (IFSQ) after reaching a settlement agreement that addresses the QFC Regulatory Authority's serious concerns regarding the actions of a former approved individual of IFSQ and IFSQ's systems and controls in relation to that conduct." The QFC Regulatory Authority has censured IFSQ under Article 58 of the Financial Services Regulations for the following:-* IFSQ managed clients' investments causing it to breach the scope of its authorisation in contravention of Article 11(2) of the Qatar Financial Centre Law.

* IFSQ's record-keeping systems were not adequate in ensuring that client files contained appropriate historical records of client communications and IFSQ failed to keep approprie records of client communications as required under rule 6.2.6 of the General Rulebook.

* IFSQ's corporate governance processes and senior management personnel failed to ensure that its affairs were managed effectively in contravention of Rule 2.1.3 of the Principles Rulebook (PRIN); and* IFSQ failed to ensure that it had effective systems and controls in place including risk management systems and adequate human and technological resources in contravention of rule 2.1.4 of PRIN.

The QFC Regulatory Authority said "It considers IFSQ's contraventions to be serious with the potential to undermine the confidence of current and prospective users of the QFC".

IFSQ demonstrated a commitment to settle the matter and reported the conduct to the QFC Regulatory Authority. It also co-operated with the Regulatory during the course of the investigation.

IFSQ undertook significant remedial steps to address the Regulator's concerns and has agreed to compensate clients impacted by the actions of its former approved individual the QFCRA concluded.


 


Qatar News Agency




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