QFC Honours Qatar’s Strength and Resilience in Qatar National Day Virtual Celebration

14 Dec 2020

The Qatar Financial Centre (QFC) Authority, a leading onshore financial and business centre in the region, held a special virtual celebration of Qatar National Day 2020, centred on the faith foundations on which the country was founded, as conveyed in this year’s slogan, “We Praise You, O Possessor of the Throne, the Dominion and Bestowal. And are contented with Your Judgement in every deed”.

 

Commemorating Qatar’s distinguished culture, rich legacy and wealth, the QFC maintained its annual celebration to staff and the wider QFC community, while adhering to the COVID-19 precautionary measures. The digitised celebration also offered an ideal opportunity to reflect on the nation’s core values - freedom, strength, and resilience – and particularly in an unprecedented year of global economic slowdown brought about by the spread of pandemic.

 

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority kicked off the virtual event with an opening speech followed by Faisal Rashid Al-Sahouti, Chief Executive Officer, Qatar International Court and Dispute Resolution Centre (QICDRC); Dr. Khalid Mohammed Al-Horr, Chief Executive Officer, Qatar Finance and Business Academy (QFBA) and Michael Ryan, Chief Executive Officer, Qatar Financial Centre Regulatory Authority (QFCRA). 

 

we are celebrating another year of our nation’s excellence, strength and economic resilience, which is evidenced in the wise vision and management of Qatar’s leadership, and symbolises an unparalleled model for others to follow.

Yousuf Mohamed Al-Jaida

Chief Executive Officer, QFC Authority

This year, Qatar has a lot to celebrate with the country’s collective efforts to curb the spread of the virus, and continued productivity and proactivity in every sector despite the challenges.

Michael Ryan

Chief Executive Officer, Qatar Financial Centre Regulatory Authority

On this day, I am pleased to convey to the Emir His Highness Sheikh Tamim bin Hamad Al Thani and the citizens and the residents of Qatar my best wishes and warmest congratulations.

Dr. Khalid Mohammed Al-Horr

CEO, Qatar Finance and Business Academy

As we celebrate National Day this year, we are reminded of our community’s unwavering solidarity and collaborative ability to overcome challenges.

Faisal Al-Sahouti

CEO of QICDRC

As we celebrate this special day, we’re also envisioning an even brighter future with our national, as well as international partners.

Sheikh Ali Alwaleed Al-Thani

CEO of IPA Qatar

Highlighting the importance of the roundtable, Nasser Al-Taweel, Deputy CEO & Chief Legal Officer, QFC, said: “Data is increasingly becoming an important element for businesses. In parallel, the techniques to mine and retrieve personal and company information are multiplying and becoming more sophisticated. QFC places immense importance on data protection and encourages firms to stay up-to-date with the latest data regulations to ensure their businesses and stakeholders are protected.”

The session included a presentation covering six areas of data protection, including personal data processing, data subjects’ rights, data transfers, data controller and data processor obligations, data protection office, and remedies. It was followed by an open discussion to explore important aspects of the Regulations and Rules. 

Stressing the importance of data protection, Daniel Patterson, Commissioner, Data Protection Office, QFC, said: “Safeguarding personal data from misuse, compromise or loss is not only a legal obligation but also an ethical one. Employing good data protection practices should be standard conduct for any organisation. With increasing threats to data protection, regulations and rules must align with international best practice to reduce the risk of data theft and misuse by malicious parties.”

The proposed changes in the Data Protection Regulations and Rules include: the addition of a new article on the conditions for using consent as a legal basis for processing personal data; the publication of a list of ‘adequate’ jurisdictions to which data transfers are permitted without additional requirements; the provision for the establishment of the Data Protection Office (DPO) as an institution of the QFC including the role of Commissioner; the introduction of a number of remedies for individuals and the DPO; and the right to lodge a complaint with the DPO.


 

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