Qatar’s Financial Centre Regulatory Authority has launched a consultation on significant amendments to the Governance and Controlled Functions Rules 2020. The consultation ends on 6 June 2024.

If approved, there will be new rules in the Governance and Controlled Functions Rules addressing the growing level and complexity of operational risks facing authorised firms, as well as placing an increased regulatory focus on their operational resilience in the event of disruptions and clarify and simplify specific rules relating to a firm’s risk management framework and centralising these in the Rules.

They will also remove the Sharia Supervisory Board requirements in the Islamic Banking Business Prudential Rules 2015 as these duplicate the Sharia Supervisory Board requirements contained in the Governance and Controlled Functions Rules.

There will also be miscellaneous amendments.

The proposed amendments are set out in the Governance and Controlled Functions (Operational Risk and Resilience) Amendments Rules 2024 and the BANK, PINS, INMA and IBANK (ORR and SSB) Amendments Rules 2024.

The amendments would come into force on 1 July 2025.

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