QatarQatar Central Bank Technology Risk Instructions for Financial Services Operators, security requirements
In force.
A sector security regimes rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Security
As of .
What it requires
- This binds an exchange house, investment company, finance house or relevant broker operating in Qatar and regulated by the Qatar Central Bank (QCB); a firm that declares it is a payment provider, a lender or a securities firm is reached (Introduction and Scope).
- Have the board and executive management ensure an Information Security program is in place, and define and establish a risk management framework to manage technology risks (Sections 1.1.2 and 1.2.1).
- Comply with the requirements defined in the Instructions, and report compliance at least on an annual basis and upon QCB's request (Sections 3.1.1 and 3.1.2).
These lines are LexLint's reading of the law's text, as of .
If you get it wrong
Private right of actionNo
Penalty structure
Article 216 sets up to 10,000,000 riyals for every violation of the Law or of the regulations, decisions or instructions issued in implementation of it, and also up to 100,000 riyals daily for every continuous violation.
- Rule
- Per violation only
- As of
- Currency
- QAR
- Per violation unit
- Violation
- Per violation amount
- 10,000,000
Who enforces it
Enforcement body
The Qatar Central Bank, which may impose a financial penalty on a financial institution for a violation of the Qatar Central Bank Law or of the regulations, decisions or instructions issued in implementation of it (Law No. 13 of 2012, Article 216).
What this law does
The Technology Risk Instructions apply to all Financial Service Operators, meaning exchange houses, investment companies, finance houses and their relevant brokers operating in Qatar and regulated by the Qatar Central Bank. A Financial Service Operator is required to comply with the requirements defined in the Instructions. The board and executive management of a Financial Service Operator must ensure an Information Security program is in place.
A Financial Service Operator must define and establish a risk management framework to manage technology risks. A Financial Service Operator must report its compliance with the requirements of the Instructions. The Instructions list the Qatar Central Bank Law (Law No. 13 of 2012) among the Qatar laws a Financial Service Operator must comply with.
Article 216 of the Qatar Central Bank Law (Law No. 13 of 2012) lets the Qatar Central Bank impose a financial penalty of up to 10,000,000 riyals for every violation of the Law or of the regulations, decisions or instructions issued in implementation of it, and up to 100,000 riyals a day for a continuing violation.
The Qatar Central Bank's enforcement guidance lists a breach of the Law or its implementing resolutions or instructions among the grounds on which a licence can be canceled or suspended under Article 90 of the Law.
When LexLint raises it
When your app profile says your app is a payment provider, is a lender or is a securities firm.