​​​​​​​​​​​​​​​​

QFMA and QFCRA Strengthen Regulatory Cooperation Through Mutual Recognition MoU

As part of ongoing efforts to drive integration among regulators and further develop the Qatari financial services sector, a new Memorandum of Understanding (MoU) between the Qatar Financial Markets Authority (QFMA) and the Qatar Financial Centre Regulatory Authority (QFCRA) entered into force in January 2023., replacing the first MoU signed between the two parties on March 27, 2018.
The MoU was signed by H.E. Dr. Tamy Ahmad Al-Binali, CEO of the QFMA, and Mr. Michael Ryan, CEO of the QFCRA.
The MoU establishes a framework for cooperation and coordination between both authorities across licensing, regulation, and supervision of financial services companies/firms, thereby contributing to a more efficient regulatory environment and facilitating the conduct of financial activities in the State of Qatar.
Under the MoU, financial services companies licensed by either regulator that meet the mutual recognition requirements may conduct specific financial activities within the other authority’s jurisdiction without the need to obtain a new regulatory license. This is subject to completing notification and registration procedures with the recognizing authority, pursuant to the terms and requirements set forth in the MoU.
The MoU aims to align licensing requirements between the QFMA and the QFCRA, enhance clarity on the regulatory requirements applicable to companies, and streamline procedures to foster the development, efficiency, and competitiveness of the Qatari financial services sector.
The MoU underscores both authorities’ commitment to continue strengthening regulatory cooperation and coordination, as well as advancing regulatory frameworks in line with international best practices, contributing to consolidating Qatar's position as a leading financial hub and an attractive destination for foreign direct investment.