Doha, UAE – The Qatar Financial Centre Regulatory Authority (QFCRA) on Sunday signed a Memorandum of Understanding with the Cambridge Judge Business Schools Regulatory Genome Project (CJBS-RGP) to contribute to the development and promotion of the genome project.
The project is a collaboration to develop and support an open information structure that will facilitate the comparative analysis of financial regulations across jurisdictions. It offers an opportunity to reduce fragmentation in the global exchange of regulatory information.
The MoU was officially signed by Dean Mauro Guillen of the Cambridge Judge Business School on behalf of The Chancellor, Master and Scholars of the University of Cambridge and Chief Executive Officer of the QFCRA Michael G. Ryan.
“We look forward to the establishment of a working relationship with the RGP and contributing to its ongoing development under this MoU,” Ryan welcomed the signing of the MoU said. “With the increase in information significant to regulatory requirements, the demand to verify and process data efficiently is unprecedented.”
Executive Director, Regulatory Genome Project, Dr. Giovanni Bandi highlighted that “the taxonomies in the Cambridge Regulatory Genome are root taxonomies that categorize obligations to a level that supports the regulatory community with baseline comparative analysis.”
Under the MoU, QFCRA and CJBS-RGP aim to enhance the use and usefulness of data in regulating the financial services industry through developing taxonomies and mapping regulatory texts into an open machine-readable data repository.