With rising demand and rapid advancements in the technology industry, data privacy has become critical. Many businesses place a high value on data collection, sharing, and use in their day-to-day operations. IHPCA is the best and leading Chartered accountant service in Qatar. Here we describe Qatar financial center data protection regulations.
Qatar was one of the first Middle Eastern countries to pass a standalone data protection law, Law No. 13 of 2016 Concerning Personal Data Protection. Furthermore, as an independent regulatory jurisdiction, the Qatar Financial Centre (QFC) enacted its own Data Protection Regulations (DPR) in 2005.
On 21 December 2021, the QFC issued its amended Data Protection Regulations and Data Privacy Rules (New DPR), which will take effect on 19 June 2022.
The amendments aim to bring the existing DPR up to the standards of the General Data Protection Regulations 2016/679 (GDPR), requiring businesses operating from the QFC to be more diligent in their data compliance practices.
The New DPR also aims to ensure proper data protection monitoring and regulation of QFC firms.
Aside from the significant financial consequences, businesses that fail to comply with the New DPR may suffer reputational damage. As a result, QFC firms are encouraged to review the New DPR to ensure that all collection and processing of personal data complies with the New DPR beginning on June 19, 2022. The Data Protection Office will also provide training, guidance, and tools on the New DPR to QFC firms. Contact the Best Chartered accountant firms in Qatar.