The Qatar Financial Centre Authority (QFCA) announced last week that the QFC Trust Regulations, issued for public consultation for 30 days on January 27 this year, are now in force.
The Regulations passed into law on February 26 when enacted by H E Yousuf Hussein Kamal, Minister of Finance, Acting Minister of Economy and Commerce and Chairman of the QFC Authority, following approval by the QFC Authority Board at its meeting held on February 25.
The regulations set out, inter alia, the rules applying to the creation of trusts, the duties and powers of a trustee, and the rights and interests of beneficiaries of trusts. They also include definitions of the governing law and the role of the QFC Tribunal in the administration of QFC trusts.
The Trust Regulations are an important element of the QFC offering and are necessary to support the development of innovative financial vehicles in Qatar. The regulations consist of 13 parts and 68 Articles.
Article 9 of the QFC Law of 2005 authorises the QFC Authority, among others, to submit to the Minister of Economy and Commerce such regulations to achieve its objectives or to enable it to carry out and enforce its powers and regulations.
QFCA Chief Executive Officer (CEO) and Director-General Stuart Pearce had earlier said: "Establishing the legal framework for trusts to be established in the QFC is an excellent example of the role that the QFC was created to perform. It broadens the scope of financial services opportunities available in Qatar as a whole for the benefit of both QFC and state institutions."
The QFCA is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside Qatar.
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