The Qatar Financial Centre Regulatory Authority (QFCRA) has issued a consultation 2025/03 proposing amendments to the Investment Management and Advisory Rules 2014 (INMA), which would introduce a dedicated regime for Wholesale Advisory Firms (WAFs).

These WAFs would provide advisory services exclusively to the largest, most sophisticated customers.

The aim is to create a transparent and proportionate regulatory regime for firms serving wholesale clients, which reflects their lower risk profile and reduces unnecessary compliance burdens.

The new wholesale customer category would be restricted to government agencies, state-owned enterprises, and Qatar Stock Exchange-listed companies with assets exceeding 20 billion Riyals.

WAFs would have to operate as QFC branches, leveraging home jurisdiction oversight and existing risk management frameworks.

The full anti-money laundering rules would be replaced with a simplified framework in these cases, with basic reporting, an AML policy, training, and an MLRO required, but no deputy needed. The customer protection rules would also mostly be disapplied, except principles on fair treatment, client classification, conflicts of interest, and record keeping.

In terms of governance, there would be reduced controlled functions (senior executive, MLRO, senior management), simplified internal control requirements, and a reliance on head office systems. On the competency rules, core competency would be retained for key roles, but training requirements would be removed.

The Investment Management and Advisory Rules 2014 would mostly apply, but there would be exemptions for professional indemnity insurance and prescriptive investment research requirements.

The consultation ends on 8 February 2026, and comments should be sent to consultationpapers@qfcra.com

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