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Former executives of DFSA join Qatar Financial Centre

DOHA — The Qatar Financial Centre Regulatory Authority (QFCRA) yesterday announced the appointment of Jamie Orchard as Chief Operating Officer and Managing Director of Legal Regulatory Affairs and Jay Perumal as Chief Financial Officer. Both appointments are effective immediately.

Phillip Thorpe, the Chairman and Chief Executive of the Regulatory Authority welcomed the new appointments. “These senior appointments mark the further expansion of the QFCRA's operational capacity and demonstrate the continued rapid progress in the Centre's overall development. The appointees bring considerable international expertise ensuring we will be able to deliver the high level of transparency and international best practices that investors and financial institutions seek,” Thorpe said.

At DFSA Orchard was responsible for overseeing all regulatory enforcement activities within the Dubai International Financial Centre. Previously, Orchard held the position of Federal Prosecutor in Australia and built his regulatory career within the Australian Securities and Investment Commission (ASIC). There he was responsible for all enforcement activities undertaken by the ASIC across four states of Australia.

Perumal also joins the QFCRA from the Dubai Financial Services Authority where, as Chief Financial Officer, he was instrumental in establishing its initial Finance, IT and Administrative systems from inception. Previously, Perumal held a number of banking and finance positions within HSBC Group offices in the Middle East, Hong Kong and Canada, and was Manager of Planning and Development for a Dubai-based bank. Late last month DFSA had confirmed to Khaleej Times about the departure these executives to take up their new jobs at QFCRA. “We have found replacements for all senior executives who have left the organisation. As part of expanding our team we are recruiting more senior level executives,” said a top official with DFSA. At the beginning of this year DFSA had 38 employees, an currently the number is more than 50 and the market regulatory body plans to expand the team to 130 people by 2006.