The Qatar Financial Centre Regulatory Authority (QCFRA) has withdrawn the authorisation granted to Concordia Capital. This action was taken due to Concordia’s failure to meet its capital and financial resource requirements after being provided with reasonable time to correct its non-compliance, a QFCRA spokesman said.
As a result, Concordia is no longer authorised to conduct financial services in or from the QFC, the spokesman added.
“Capital and financial resources requirements are among the most important pillars of the regulatory framework that protect clients and the integrity and reputation of the QFC. It is critical that firms conducting financial services meet these requirements in order to conduct business in a sound manner and to contribute towards maintaining the stability of the QFC,” QFCRA CEO Michael Ryan said.
