EVENTS ENHANCED COMPLIANCE AND LEGISLATION Legislative enhancements were front and centre on QFCs agenda throughout 2023. As part of these developments, the organisation published new Non-Regulated Activities Rules that contain an extensive list of permitted activities that may be conducted in or from the QFC. Another landmark achievement was the launch of QFCs new online company incorporation process, enabling applicants to incorporate a company within QFC instantly. QFC witnessed a significant increase in voluntary tax compliance, with tax revenue from non- regulated firms steadily growing. Updates to the QFC Tax Regime ensured a fair, transparent, and efficient tax system aligned with global standards. Moreover, QFC made significant contributions to the design and implementation of a compliance framework for the Common Reporting Standard (CRS) in Qatar, working closely with the Government Tax Authority (GTA) and financial sector supervisory bodies. This was a pivotal step in securing Qatar a positive outcome in the Organisation for Economic Cooperation and Development (OECD) Global Forums assessment of the countrys CRS implementation. COMMITTED TO FIGHTING FINANCIAL CRIME AND ENHANCING DATA PROTECTION QFCs ability and expertise were further utilised in the ongoing monitoring of Qatars Anti- Money Laundering and Combating the Finance of Terrorism (AML/CFT) regime as part of its coordination with Qatars National Anti-Money Laundering Committee (NAMLC).To strengthen data privacy and protection, QFC updated its Data Protection Regulations and Rules and made enhancements to the Data Subject rights of erasure and rectification to align with the new international data transfer mechanisms, including the use of binding corporate rules and its digital assets initiative. Additionally, QFC issued documents to incorporated firms detailing supervisor priorities and compliance focus areas during the year and in 2024. An updated fact sheet was also released to provide quick and easy access to the main provisions of the Regulations. QFCs ability and expertise were further utilised in the ongoing monitoring of Qatars Anti-Money Laundering and Combating the Finance of Terrorism (AML/CFT) regime as part of its coordination with Qatars National Anti-Money Laundering Committee (NAMLC). To strengthen data privacy and protection, QFC updated its Data Protection Regulations and Rules and made enhancements to the Data Subject rights of erasure and rectification to align with the new international data transfer mechanisms, including the use of binding corporate rules and its digital assets initiative. Additionally, QFC issued documents to incorporated firms detailing supervisor priorities and compliance focus areas during the year and in 2024. An updated fact sheet was also released to provide quick and easy access to the main provisions of the Regulations. QFC also issued an Oversight & Regulatory Action Framework focused on its authority to oversee non-compliance with the Regulations, in addition to a self-assessment tool to help firms monitor their compliance with the Regulations and identify areas of improvement. Furthermore, QFC renewed its membership with the Global Privacy Assembly (Observer) and Global Privacy Enforcement Network, reaffirming its commitment to adopting internationally acknowledged best practices and enforcement initiatives in data protection. PLACING PEOPLE AT THE HEART OF BUSINESS SUCCESS QFC prioritises adherence to Environmental, Social, and Governance (ESG) standards. Recognising human capital as a core asset for any business, it fosters sound, healthy, and inclusive workplaces among its firms, unlocking talent, maximising employee potential and optimising business outcomes. Advisory services were provided to QFC firms to raise awareness of employment standards and enhance compliance, minimising disputes and reducing legal costs the firms would otherwise incur. The frequency of monitoring activities and labour inspections was increased, resulting in the early identification of non-compliance incidents, which were promptly resolved without resorting to formal enforcement. QFCs mediation and conciliation services reaped positive outcomes, with all 41 grievances received resolved outside of court without requiring adjudication. As a proponent of the United Nations Sustainable Development Goals (SDGs), QFC persisted in its partnerships with the International Labour Organisation (ILO), World Health Organisation (WHO), EU Delegation in the State of Qatar, the Ministry of Labour, and many other national and international institutes to optimise its efforts in human development and initiatives to accelerate Qatars transition into a knowledge- based economy by 2030. Significantly, QFC established a task force of experts to review and update its employment framework, taking into consideration the prominent changes in the world of work over the past 10 years. Moreover, QFC implemented several management and quality enhancements to improve its human capital function. These included streamlining internal processes, updating systems and reporting line mechanisms and enhancing the efficiency of communicating with employees.