• The QFC Sustainable Framework for Sukuk and Bonds
  The new Sustainable Sukuk and Bonds Framework is the first in the GCC region. It is based on the latest International Capital Markets Association (ICMA)’s Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainable Bond Guidelines (SBG). The Framework will promote appropriate disclosures, reporting, and transparency, minimising risks of greenwashing and ensuring that these financial instruments meet their objectives.
  
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The QFC's social investment programme encompasses three primary focus areas: Financial Literacy & Youth Empowerment, Sustainability and Social Engagement. In 2022, QFC mobilised its CSR resources to bolster five initiatives that empower youth and young professionals within the financial sector and promote social engagement. These initiatives comprise:

• Kawader Malia by QFBA
  Kawader Malia is a three-month development programme designed for fresh Qatari graduates poised to enter the financial industry. The programme equipped the participants with the essential skills and practical knowledge to bridge performance gaps between academic and professional practices.
  
  
• Kawader by QFBA
  Kawader is a programme designed for Qatari students who just graduated from university or college. The programme is implemented in line with Qatar’s 2030 development pillar, which recognises that competent human capital is fundamental to steady socio-economic growth. It helps the participants to build critical competencies in cross-functional areas in the financial sector.
  
  
• The 5th National Initiative for Field Training for Qatari Accountants and Graduates
  This initiative by the Qatar Association of Certified Public Accounts was organised to offer continued education and training for accountants in Qatar. The programme provided an update on the most recent standards and advancements within the accounting field and changes to the laws, policies, and procedures that govern the professional qualification of accountants in consulting, auditing, taxation, and financial and administrative accounting.
  
  
• Teach for Qatar, 3yalna
  3yalna is a programme launched by Teach for Qatar (TFQ) in March 2021 to highlight students displaying exceptional abilities in various fields, such as academics and art, as well as those making notable contributions to innovation and the community. The programme aims to further the development of these students in their specific areas of interest and boost their impact on the community. The successful students were featured on the TFQ social media channels, including Instagram, YouTube, and Twitter.
  
  
• QFC collaboration with Fire Station Gallery
  The Firestation Gallery implements community programmes aimed at preserving Qatar’s culture and nurturing its art scene. This QFC collaboration with the Fire Station entails opening an art workshop for QFC employees. The programme offers the QFC’s international community a creative recreation activity while immersing them in Qatari art, culture and lifestyle.

In accordance with Environmental, Social and Governance (ESG) global requirements that consider human capital among the most important assets for any business and drawing from the lessons gained during the Covid-19 pandemic, the Employment Standards Office (ESO) has continued to foster fair, healthy and inclusive workplaces. Led by value-driven leaders, ESO aims to unlock human potential and optimise business outcomes across all QFC firms by mitigating workplace disputes and reducing the financial, emotional, and operational costs of workplace conflict.

The cooperation between the QFC firms and the Employment Standards Office during and post-pandemic has contributed to maintaining labour market stability despite the global negative trends.

Key Highlights

Legislation

• Review of the employment legislative framework, including the update of the QFC Employment Code and the Occupational Safety and Health section of the QFC Employment Regulations in light of the COVID-19 pandemic and the new risks to the employees’ health
• Design of a Commentary on the QFC Employment Regulations to facilitate compliance with the obligations of employers and employees under the QFC employment legislation
  
  

Employment and Labour Standards Administration (ELSA)

• Assessing the impact of COVID-19 on the labour market and design of tools to maintain stability and foster growth
  Conducting regular thematic reviews, monitoring activities and labour inspections to monitor the level of compliance with the QFC employment standards among the QFC communitySupporting employers and employees through advisory services, consultancies, and procedural guidance to foster awareness of the employment requirements, prevent contraventions and ensure compliance
• Enhancing collection and analysis of labour market data for the Labour Market Information System (LMIS) to monitor evolutions and trends and assess potential and actual gaps
• Enhancing governance through the design of manuals, policies and procedures
  
  

Initiatives

The ESO is strongly committed to the UN SDGs and contributes to the growth of the local and international communities through a series of initiatives with key stakeholders to support the QFC and the State of Qatar in achieving, in particular,

• SDG 4, Quality Education
• SDG 5, Gender Equality
• SDG 8, Decent Work and Economic Growth
• SDG 16, Peace, Justice and Strong Institutions
• SDG 17, Partnerships for the Goals.
  
  

Among ESO’s most significant partnerships and initiatives are:

• Ministry of Labour (MoL): The ESO cooperates with the MoL on initiatives related to the world of work, with particular regard to inclusion and equality.
• International Labour Organisation (ILO): The ESO regularly conducts a series of initiatives to raise awareness of international labour standards and ILO conventions.
• World Health Organisation (WHO): Through its affiliation with GHAEA, the ESO Commissioner became a member of the WHO World of Work Dialogue, which fosters private and public cooperation on the safety and health of employees in the workplace.
• Partnerships with local and international universities: The ESO regularly organises workshops and seminars on alternative dispute resolution methods, negotiation techniques, discrimination in the workplace, and gender and leadership topics for various universities, including Hamad Bin Khalifa University, Carnegie Mellon University Qatar, University of Parma, European University of Rome, Aberdeen University, among others.
• The ESO also organised masterclasses on leadership development themed "The skills to survive and thrive in the post-covid environment" in cooperation with HEC Paris. In addition, the ESO was appointed by the International Labour Organisation training centre to discuss the future of work in the ILO Academy on gender, inclusion, and the future of work. In a seminar on digital labour platforms, the ESO Commissioner analysed the evolution of the world of work and the impact of the 4th industrial revolution and artificial intelligence on the future world of work.
• The ESO Commissioner delivered labour law Classes at HBKU College of Law's “Certificate Programme Law in Practice in Qatar” and published articles on organisational behaviours and management of the workforce in the post-pandemic period, conducted a seminar with the London Business School and supported the Career Guidance Stakeholder Platform with the Qatar Career Development Centre.

Key Highlights

• Registering two funds (a private placement fund and an exempt professional investor fund) for the first time since the inception of the QFC
• Launching the Framework for Sustainable Bonds and Sukuk
• Hosting the IFSB 4th Innovation Summit that attracted participants from S&P, HSBC, and UK Export Finance
• Participating in international outreach by taking up speaking roles at various events such as UK City Week, UK Investment Association, IIFA, Seamless KSA, and KLIFF
• Licensing 7 regulated firms and 38 non-regulated firms
• Registering the first Trusts in QFC – 3 in total in 2022
• Raising AUM to $18.2 billion, which represents 60 per cent growth since 2018
• Organising the Pillar 2 and QFC Corporate Solutions Event
• Leading the delivery of the digital asset’s framework in collaboration with QFCRA and the QFC Legal department
• Developing the Debt Capital Market jointly with QFCRA and key stakeholders
  
  

Memoranda of Understanding (MoU)

FSO signed MoUs with the following entities:

• Astana International Financial Centre (AIFC)
• International Financial Services Centre Authority (IFSCA)
• Google Cloud
• Cooperating with QIC's Digital Venture Partners team and planning a sequel of QIC's inaugural MENA InsurTech Event.
   

Thought Leadership

Strong potential for a trade finance platform out of Qatar by QFC’S ECONOMIST

• Authored and published an article on the potential for trade finance platforms out of QFC and the advantages it would have from being based out of Qatar with a fast-growing cargo-focused airline and strong logistics firms and financial institutions to boot
• Turkey Presidency Project with QFC: explain QFC setup to Turkish shareholders and a joint plan to connect to Turkish Banks and Fintech
• The Qatar Financial Centre – A Compelling Destination for Aircraft Leasing Companies Published a report on the feasibility of aviation finance from QFC, highlighting the benefits for lessors who choose to establish a second base in Qatar with a thriving airline that is actively expanding its fleet."
  
  

Projects

• Launch of Digital Assets Framework project
• Launch of Securities Issuance – Private Placement project

Key Highlights

• Winning the ‘Legal Department of the Year 2022’ at the Qatar Lexis Nexis Business Law Forum
• The Deputy CEO and Chief Legal Officer, Nasser Al-Taweel, receiving recognition as one of the industry’s prominent leaders by the ‘Legal 500 GC Powerlist Middle East’
• Providing legal support to the State of Qatar’s Financial Action Task Force (FATF) Assessment
• Conducting a workshop for Qatar’s in-house lawyers to showcase the QFC to the in-house legal community
• Conducting the ‘Ultimate Beneficial Ownership’ workshop for the Ministry of Commerce and Industry
• Conducting online training for QFCA-approved auditors to update them on audit requirements by clients
• Initiating the revamp of the QFC Incorporation Process and streamlining the company licensing process
  
  

Legislation

The Legal department has undertaken a series of improvements to the QFC legislation to refine the QFC’s regulatory frameworks. These enhancements encompass:

• Enacting proposed amendments to QFC Authority Regulations, Companies Regulations, Investment Clubs Regulations, Foundation Rules & QFCA Rules in respect of QFCA’s assessment of Key Persons & Interest holders
• Enacting various amendments to QFCA Rules re 8A, 16.3, CER part 5 etc.
• Enacting amendments to QFCA Governance Policy relating to the Table of Financial Authorities (“ToFA”)
• Enacting amendments to QFC Real Estate Regulations
• Initiating public consultation addressing amendments to the Real Estate Regulations
• Issuing public consultation with respect to the amendments to QFCA Rule 8A and Rules 16.3 following FATF review
  
  

Litigation

• Assisting with the proceedings of multiple claims on behalf of M&E, Finance and Tax
  
  
  

Services to the Investment Promotion Agency (IPA)

• Providing advice on the IPA and Business France collaboration
• Providing advice on the establishment of a global banking hub
• Providing advice on the IPA Incentive Framework
• Providing advice on various MoU’s, contractual agreements, and procurement matters
• Providing secretarial assistance for the Board and Committee meetings
  
  

Services to QFCA Departments and Group Entities

• Advising on the collaboration with local banks to streamline the incorporation process to allow easy company formation and efficient banking services
• Advising on Private Placement Guidelines Project
• Advising on developing the Digital Assets Regulatory Framework
• Advising on the establishment of various commodity traders in the QFC
• Advising the QFCA on various sanction-related issues
• Reviewing the Permitted Activities
  
  

Office of the Deputy CEO and CLO

• Automating various CRO systems
• Developing the CRO/Commercial Affairs Policy & Procedure and aligning the requirements outlined in the published User Guide.
• Assisting the CRO on UBO structure documents
• Continuing work on the compliance checklist
• Assisting with the Ultimate Beneficial Ownership (UBO) registrations for each firm

Legal

The Data Protection Regulations 2021 (the “Regulations”) came into force in June 2022, replacing the 2005 Regulations. Under the new Regulations and Rules, QFC firms are now able to demonstrate compliance. To aid the firms with their compliance journey, the DPO issued:

• A comprehensive ‘Data Protection Regulations & Rules 2021 Guidance’ document that covers all aspects of the Regulations & Rules and includes real-world examples to better explain the application of significant provisions of the law;
• A list of adequate jurisdictions for international data transfers, allowing Personal Data to be transferred to these jurisdictions without firms having to implement any specific measures; and
• A set of Standard Contractual Clauses for firms to include in international transfer agreements to allow them to transfer Personal Data to jurisdictions that have not been awarded an adequacy assessment by the DPO.

International Cooperation

The DPO has broadened its involvement in international cooperation, including:

• Representation of the DPO by the Data Protection Commissioner at the 44th annual Global Privacy Assembly in Turkey. The Assembly brought together data protection authorities from across the world to provide leadership on data protection at the international level;
• Active membership of the DPO in the Global Privacy Assembly’s working group on the ‘Digital Economy’; and
• Membership in the Global Privacy Enforcement Network, an informal network of Privacy Enforcement Authorities that looks to share best practices on enforcement priorities.
  
  

Awareness & Engagement

Speaking Engagements

Throughout 2022, the DPO participated in local and international data privacy events, including speaking at:

• India’s Telangana’s Cybersecurity Centre of Excellence Data Privacy Symposium as part of International Data Privacy Day 2022;
• The international CoachME Global Community session discussing key aspects of data protection; and
• The GCC Cross Border Privacy Rules Seminar hosted by the U.S. Department of Commerce and the DIFC, which emphasised the importance of cross-border data transfers.
  
  

Advice and Guidance

The DPO provided advice, training, and awareness sessions both internally and to member firms on the application and interpretation of the Regulations, including:

• Issuing newsletters to firms on the application of the update Regulations;
• Providing a comprehensive guidance document on all aspects of the Regulations; and
• Providing tools to aid firms in their compliance, such as a record of processing, Personal Data Breach reporting, and compliance form templates.
  
  

Monitoring, Enforcement & Breach Management

The DPO has commenced oversight of Personal Data Breaches reported to the Office as required under the Regulations. Personal Data Breaches provide the DPO with valuable market intelligence issues affecting firms. In addition, the DPO has commenced a thematic assessment of several FinTech firms to gauge their compliance with key aspects of the Regulations, including transparency, records of processing, data subjects' rights management, data transfers and Personal Data Breach reporting.

A Thriving Co-Working Space for Tech Start-ups in the QFC

The Tech Circle is a co-working space in the QFC designed for tech companies. Currently, the space supports over 100 tech start-ups with selective incentives, providing them with a physical workspace and a community of like-minded individuals who can offer advice, support, and networking opportunities. The Tech Circle is in partnership with the Qatar FinTech Hub (QFTH), an initiative launched by the Qatar Development Bank (QDB) to support the growth of the fintech industry in Qatar and the wider region. It hosts monthly Tech Talk featuring industry experts, serving as a valuable resource to the community.