Qatar Financial Centre’s Regulatory Authority has issued the Representative Office Rules 2020. They came into force on 1 October 2020. The new Rules introduce a Representative Office framework which allows financial services firms to carry out a limited range of activities in respect of services or products offered by its head office or corporate group. The activities of a Representative Office may include providing information, carrying out market research, assessing business trends and opportunities for the head office, acting as a channel of communication to the head office and generic marketing. The new Rules are aimed at being proportionate and reflecting the narrower range of activities and services which can be undertaken by Representative Offices.
The Authority also issued the Miscellaneous Amendments Rules 2020. They come into force on 15 October 2020. The amendments include changes to the General Rules 2006 relating to the regulation of captive finance and providing leases. In addition they include changes to GENE clarifying the application of the ‘late fees’ framework to late submissions of regulatory reports for Designated Financial Businesses and Professions and reduce the number of business days to elapse before late fees are payable by all authorised firms and Designated Financial Businesses and Professions. They also include changes to the Collective Investment Schemes Rules 2010 regarding Real Estate Investment Trusts or REITs.