Tribune News Network
Doha
the Qatar Financial Centre Regulatory Authority (QFCRA) took enforcement action againstRudolfs Veiss, a former executive of Prime Financial Solutions LLC (PFS) on September 19, 2022.From April 20, 2020 to December9, 2020, Veiss was an approved individual holding the Executive Governance Function of PFS, a financial intermediary firm previously authorised by the QFCRA. The QFCRA’s enforcement action followed an investigation, which found thatVeiss was knowingly involved in PFS’ failure to comply with supervisory notices issued by the QFCRA; obstructed the QFCRA’s investigation; failed to act with integrity, due skill, care, and diligence in his role at PFS; and failed to deal with the QFCRA in an open and cooperative manner.
The QFCRA imposed a financial penalty onVeiss and prohibited him from carrying out any function in the Qatar Financial Centre (QFC) for five years. As of 1 November 2023, PFS is no longer authorised by the QFCRA.
Veiss appealed the QFCRA’s enforcement action against him to the QFC Regulatory Tribunal.
On October 12, 2023, the Tribunal issued its decision upholding the QFCRA’s findings thatVeiss contravened the QFC’s regulations and rules.The Tribunal also upheld the five-year prohibition and ruled that Veiss should pay a reduced financial penalty of $240,000.
Veiss subsequently appealed the decision of the Tribunal to the Appellate Division of the QFC Civil and Commercial Court. On September 4, 2024, the Appellate Division dismissedVeiss’ appeal against the Tribunal’s decision.
The action taken by the QFCRA emphasises the importance of approved individuals of its authorised firms complying with the QFCRA’s rules and the expectation that authorised individuals must provide full cooperation during an investigation.
