DOHA, March 1: His Excellency Mohamed A. Althani, Qatar's Minister of Economy and Commerce today announced the appointment of Mr Phillip Thorpe to be Chairman and Chief Executive Officer of the Qatar Financial Centre Regulatory Authority (QFCRA) with effect from March 10, 2005.
Born in New Zealand and a lawyer by training, Mr Thorpe (50) brings a wealth of experience as a financial regulator and is highly regarded in the international financial community, having worked previously in senior posts in London, Hong Kong, Washington and Dubai.
The appointment comes swiftly after the establishment of the Qatar Financial Centre that came into being under new internationally recognisable laws approved by the Qatar Council of Ministers on February 16, 2005. These sovereign laws of the State of Qatar provide for a legal framework in which the QFCRA is fully independent. As Chairman and Chief Executive Officer, Mr Thorpe and his team will grant licences to operate and oversee financial services business conducted in the centre. Mr Thorpe will report directly to the Council of Ministers. Applications for licences to operate in the QFC will be available as from May 2005.
The centre will also include the Qatar Financial Centre Authority (QFCA) who will run the centre and drive the commercial strategy, also reporting directly to the Council of Ministers. The appointment of a Chief Executive Officer to head the QFCA is expected shortly.
Both the QFCRA and the QFCA have been established to meet international best practice, based on consultation with the international financial community.
Commenting today on the appointment of Mr Thorpe, H.E. Mohamed A. Althani said:
"I am delighted to welcome Mr Thorpe as a key member of the new QFC team. Mr Thorpe's extensive regulatory expertise and his strong international reputation will benefit the QFC and underpins our determination to offer an environment where international best practices prevail. We firmly believe that the QFC regulatory structure, coupled with minimal cost, minimal risk, and minimal bureaucracy will encourage financial institutions and multi national corporations to set up in the QFC. We aim to create progressive partnerships whereby we enable firms to operate profitably in our vibrant economy and this, in turn, will benefit Qatar."
Phillip Thorpe said:
"I firmly believe in the importance of strong, reliable, internationally recognised centres for financial services as a critical adjunct for growth and development in the region. The commitment, determination and progressive thinking shown by the Qatar Council of Ministers is second to none, and I am sure that their clear commitment to high standards of transparency and integrity will create confidence in the QFC model, and make it an attractive proposition for global financial service firms, multi national corporations and related business service firms. I look forward to playing an integral part in helping to shape the QFC's success.
-Ends-
Notes to editor:
Philip Andrew Thorpe career history:
1979-1979 Beyer Christie O'Regan & Partners, Solicitors (New Zealand)
Barrister and Solicitor
1979-1980 Government, Republic of Nauru
Legal Officer
1987-1988 Hong Kong Futures Exchanges Ltd
Chief Executive and Vice Chairman (on secondment)
1981-1989 Hong Kong Government, Hong Kong Securities Commission
Deputy Commissioner
1989-1992 Association of Futures Brokers and Dealers Ltd (AFBD) and The Securities and Futures Authority
Chief Executive and Executive Director
1992-1993 London Commodity Exchange Ltd (London Fox)
Chief Executive (on secondment)
1993-1997 Investment Management Regulatory Organisation Ltd (IMRO)
Chief Executive
1997-2001 Financial Services Authority, United Kingdom
Managing Director
2001-2002 Institute for Financial Markets, Washington DC
President
2002-2004 Dubai Financial Services Authority
Chief Executive Officer
Summary of Qatar Financial Centre Legal Framework
The Qatar Financial Centre (QFC) is a financial and business centre being established in Doha, designed to attract not just international banks and those involved in financial services but also major multi-national corporates so as to be a true business centre as well as a financial centre.
The QFC is designed to facilitate business transactions and to provide a familiar international legal and business infrastructure for those doing business within the centre. Thus the QFC provides a separate business legal system with administration and dispute resolution procedures. These will be separate from the host Qatari systems and are specifically designed to be free from unnecessary bureaucracy, to facilitate international business and to be in a form that will be familiar to multi-nationals coming to the centre to operate in the region.
Transactions made by a party established in the QFC with other parties based in Qatar, but not in the QFC, will be subject to Qatari business law. Transactions made between parties established in the QFC will be subject to the QFC legal regime. In such cases, insofar as the regulations governing the business transactions and business law applicable to the QFC conflict with local Qatari business laws, then the QFC regime will prevail.
Businesses established in the QFC will benefit from quicker and simplified systems for setting up companies: the QFC company registration office, visa applications etc.
The QFC will have its own regulator and regulatory team to enable those conducting regulated business to operate under a world-class and world-recognised regulatory regime.
The QFC Authority, the QFC Disputes Resolution Tribunal and the QFC Regulator will all operate independently from the Government of Qatar.
Media contacts
Byron Ousey,
Gavin Anderson & Co, London
Doha Tel: + 974 494 5428
UK Tel: +44 (0) 20 7554 1400
UK Mobile: +44 (0) 7831 580 160
bousey@gavinanderson.co.uk
Mark Lunn,
Gavin Anderson & Co, London
UK Tel +44 (0) 20 7554 1400
mlunn@gavinanderson.co.uk
Hania Tabet (Arabic speaking)
Doha Tel: + 974 494 5428/30
For additional information please contact:
Stuart Evans of Simmons & Simmons, London
T: +44 (0) 02 7825 4329
T: +974 4839466 (Doha)
M: +44 (0) 7939 141 740
Stuart.evans@simmons-simmons.com
Press Release 2005
