Overview

The discussion will be led by:

1. Chair – Nasser Al Taweel (NT), Chief Legal Officer, QFC Authority

2. Co-chair – Roscoe Banks (RB), Legal Director, QFC Authority

“A good regulatory environment is an essential foundation for high performing nations to make their country a great place to work and live and to protect their environment. High performing regulators are a key lever to encourage innovation across the economy and foster productivity growth, through timely approval processes, flexible approaches to new issues and a service focus.” (OECD Public Consultation Draft on Principles for the Governance of Regulators 21 June 2013)

Discussion points

1. Establishing foundations for new Regulators – starting with “Why?”

Why should a new Regulator be set up?

  • What are the underlying reasons for the need for regulation?
  • How will establishing a regulator achieve the desired outcomes?
  • What policy considerations should be taken into account? i. Consumer protection; ii. Economic improvement; iii. Macro-economic considerations; iv. Supra-national requirements
  • What negative consequences could arise?

Regulatory design – What are the key ingredients of a successful regulatory framework?

  • Objectivity, impartiality and consistency;
  • Independence;
  • Authority;
  • Clarity in policy, mission, purpose, powers, enforcement;
  • Balancing good governance with economic considerations;
  • Considering the wider regulatory framework;
  • Interface with other regulators and organs of State e.g.: the courts, legislature and the executive etc.;
  • Stakeholder engagement.

2. Understanding the environment and tailoring regulation for different markets/sectors

  • Start with the end in mind;
  • Local insights and broader contextualisation;
  • Case study on Qatar – NT/RB to discuss the QFCA as a fairly new regulator – how and why it was set up and why it, and its related regulators, are important to the State of Qatar;
  • What factors should be considered when setting up a regulator in different markets/sectors?

3. Emulating best practice

  • “Clear policy coupled with good governance leads to better regulatory outcomes and better regulatory outcomes strengthen legitimacy”;
  • Which regulators do you know that emulate best practice and why? Give examples?
  • What not to do and learning from “mistakes”;
  • Who regulates the regulators? Ensuring roles and responsibilities are correctly demarcated?
  • Tailoring international best practice standards to the relevant jurisdiction;
  • The OECD’s “Best Practice Principles for the Governance of Regulators” include the following: i. Role clarity; ii.  Preventing undue influence and maintaining trust; iii. Decision-making and governing body structure; iv. Accountability and transparency; v. Engagement; vi. Funding; vii. Efficiency; viii. Performance evaluation.

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