The Qatar Financial Centre Regulatory Authority announced yesterday that it has agreed a settlement with GlobeMed Qatar LLC on misunderstandings about the services offered by the company.
GlobeMed was licensed on August 8, 2007, by the Qatar Financial Centre Authority (QFC Authority), to provide the non-regulated activity of third-party administration.
The QFC Regulatory Authority said in a statement yesterday that the investigation revealed that during the period from April 2017 to December 2019, it represented in certain documents that GlobeMed provided insurance mediation services in or from the QFC when it was not authorised to do so, potentially leading to misunderstandings as to the services offered by GlobeMed.
GlobeMed demonstrated a commitment to settle the matter at the initial stage of the investigation, co-operated with the QFC Regulatory Authority during the investigation and undertook the necessary remedial steps to address the regulatory authority’s concerns, according to the statement.
The settlement agreement resolves the matter to the satisfaction of the regulatory authority, the statement added.
As part of the settlement, GlobeMed agreed to pay the costs and expenses of the investigation of QR54,600 ($15,000).
The QFC Regulatory Authority is an independent regulatory body established in 2005 by Article 8 of the QFC Law.
It regulates firms that conduct financial services in or from the QFC.
It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals.
The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on that used in major financial centres.
