QFC Regulatory Tribunal Meets for First Time

Doha, February 05 (QNA) - Qatar Financial Centre Regulatory Tribunal sit for the first time today to hear appeals by individuals against sanctions imposed upon them by the QFC Regulatory Authority, with two appeals listed to be heard over the next two weeks. Prior to the meeting, Legal Counsel Laurence Li sworn in as a judge before the appeals. For his part, Chairman of the Tribunal, Michael Thomas CMG QC said: "The right of those who work in the Qatar Financial Centre to have disputes with those who regulate and control them referred to an independent judicial tribunal for an independent ruling is an important safeguard and we are here today to perform this role." He added: "Five independent judges in total serve the Tribunal, with a wealth of experience in regulatory work from a variety of jurisdictions. The Tribunal is supported by modern case management and state of the art facilities, including multi-channel video and audio recording, and simultaneous translation." For any appeal, three judges sit together. The three who will be at work over the next fortnight are before you, along with the Acting Registrar who will assist with the management of the hearings, Thomas said. The Tribunal is supported by modern case management and state of the art facilities, including multi-channel video and audio recording, and simultaneous translation, he noted. Whether the hearing of the two appeals will be open to the public, he said this will be decided after the judges have heard the parties, but the eventual outcome of the appeals will be made known to the public. The Tribunal was established by law in 2005 to settle any disputes between investors and others engaged in the business activities that are controlled and regulated within the Qatar Financial Centre. Laurence Li, the second member in the Regulatory Tribunal, is a Hong Kong barrister, who previously worked for the Hong Kong's Securities and Futures Commission, the body that regulates commercial activities in that very busy financial centre. The third member is Justice Francois Gianviti, a French professor and has a long experience in law and judiciary. He was the Director of the Legal Department at the International Monetary Fund in Washington. (QNA)