QFC Opens "Speaker Series"

Doha, April 04 (QNA) - The Qatar Financial Centre (QFC) kicked off its "QFC Speaker Series powered by Bloomberg", a line-up of industry events tackling prominent areas of opportunities and challenges and gathering thought-leaders from Qatar, the region and the world. The first edition focused on MiFID II. The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms that provide services to clients linked to "financial instruments" and the venues where those instruments are traded. The event was co-hosted by the QFC, the QFC Regulatory Authority and Bloomberg, and provided participants with the opportunity to discuss current MiFID II challenges and Bloomberg solutions. During the session, Bloomberg experts highlighted areas of industry consensus regarding practical solutions for compliance, research, fixed income and Bloomberg's view on how firms in the Middle East can best position themselves to meet these challenges. Commenting on the importance of such events in creating a knowledge-based economy, QFC Authority CEO Yousuf Mohamed Al Jaida stated, "The QFC Speaker Series powered by Bloomberg is one in a series of events planned with industry experts aimed at maintaining our edge as one of the leading and fastest growing financial centers in the world." He added, "This event comes as part of our continuous efforts to develop human capital as a driver for economic growth and prosperity in line with the Qatar National Vision 2030." QFC Regulatory Authority CEO Michael Ryan stated, "Commencing in January 2018, the changes introduced by MiFID II will have a significant effect on financial services firms doing business in the EU, and it is critical that these changes are well understood. The QFC Speaker Series is an important forum for all stakeholders to share information on the challenges and opportunities that lie ahead, and to ensure that the QFC and its firms remain in a strong position in the European market." Bloombergs Country manager and event moderator Boris Grozev said at the event, "MiFID II focuses on core principles relating to the creation of fairer, safer and more efficient markets, this arguably is the broadest piece of financial industry legislation ever and has the potential to significantly change market structures. It is vital that firms seek to select and integrate systematic solutions to prepare for this vast regulatory change." MiFID was initially applied in 2007, but is now being revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. The changes are currently set to take effect on 3 January 2018, with the new legislation known as MiFID II. The "QFC Speaker Series powered by Bloomberg" is set to return in late April. Topics for the session will be chosen based on regional and international relevance and will cover family offices and Islamic finance among other topics. The Qatar Financial Centre (QFC) is an onshore business and financial center located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows 100 percent foreign ownership, 100 percent repatriation of profits, and charges a competitive rate of 10 percent corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms. (QNA)