QCB Issues Regulations to License Financial and Investment Advisory Services

December 12, 2017

Qatar Central Bank Governor issued a decree on the terms and regulations required to license the activity of financial and investment advisory services under the provisions of Qatar Central Bank Law No. 13 of 2012 in coordination with Qatar Financial Markets Authority and the Ministry of Economy and Commerce.

The said regulations can be summarized in the following three items:

First: Establish concepts and definitions of the terminology related to the subject matter.

Second: Address licensing requirements for the activity of financial or investment consulting services.

Third: Mechanism and stages of licensing this activity.

The resolution requires all concerned institutions and individuals to adjust their situation to comply with its provisions within six months from the date of its implementation. However, the Governor may, when provided with satisfactory justification, extend this period for another six months.

These terms and regulations are subject to the jurisdiction of Qatar Financial Markets Authority. A license from the QFMA is required for any activity regulated by the Authority’s Law No. 8 of 2012.

The issuance of these terms and regulations marks the achievement of one of the objectives of the country’s strategic plan for the financial sector, a plan consistent with Qatar Vision 2030.