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A Regulatory Regime for Training and Competence (T&C) for QFC Authorised Firms

A Regulatory Regime for Training and Competence (T&C) for QFC Authorised Firms Date: February 22, 2010 By: Shaun Swan , Associate Director, Financial Sector Development and Policy. The existing T&C regime for authorised firms. T&C requirements contained in Individuals rulebook (INDI)

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A Regulatory Regime for Training and Competence (T&C) for QFC Authorised Firms

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  1. A Regulatory Regime for Training and Competence (T&C) for QFC Authorised Firms Date: February 22, 2010 By: Shaun Swan, Associate Director, Financial Sector Development and Policy

  2. The existing T&C regime for authorised firms • T&C requirements contained in Individuals rulebook (INDI) • competent and suitable • competence assessed - skill, experience, background and qualifications • maintenance of competence • ongoing training and supervision • record keeping 2

  3. Key proposals • To expand and strengthen the QFCRA’s T&C regime • Professional qualifications and examinations in the QFC • Continuing professional development (CPD) and training 3

  4. Key proposals Professional qualifications and examinations in the QFC • initial voluntary moving to mandatory • examination requirements for certain controlled functions • QFC ‘technical’ Insurance and Securities examinations to be introduced • internationally recognised exam and training providers and recognition of existing qualifications across jurisdictions 4

  5. Key proposals • Continuing professional development (CPD) and training • individuals performing Controlled Functions undertake continuing professional development (“CPD”) • Records of: • the assessment - of individual’s training needs; • the training activities undertaken to meet those needs; and • an assessment of the relevance and effectiveness of the training. 5

  6. Key proposals • Continuing professional development (CPD) and training • CPD comprised of, a combination of: • internal / external training; • industry literature review; • industry association events and involvement; • academic study and qualifications; and • attendance at courses. • Qatar Financial Business Academy (QFBA) and other training providers to support CPD requirements 6

  7. Next Steps • Roll out of voluntary professional qualifications • Public consultation on the T&C regime detailed proposals • Implementation of revised QFC T&C regime for authorised firms 7

  8. A Regulatory Regime for Training & Competence (T&C) for QFC Authorised Firms Thank you

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