The Qatar Financial Centre Regulatory Authority (QFCRA) issued a First Supervisory Notice to International Financial Services (Qatar) LLC (IFSQ), pursuant to Article 31 of the Financial Services Regulations.
IFSQ is an authorised firm in the Qatar Financial Centre (QFC) and is permitted to conduct insurance mediation.
The Supervisory Notice prohibits, with immediate effect, IFSQ from conducting business or providing services to any new customers.
The Supervisory Notice does not prohibit IFSQ from providing the services it currently undertakes with respect to its existing customers' policies.
The Regulatory Authority took this action because IFSQ failed to satisfy the Regulatory Authority with respect to its fitness and propriety.
The Regulatory Authority did not disclose further information, due to its ongoing investigation of IFSQ's business practices.
The QFCRA 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.
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