He has held a number of prominent positions, including the post of Minister of Economy and Commerce of Qatar and Vice Chairman of Qatar National Bank. The QFC Regulatory Authority is the independent regulatory body of the Qatar Financial Centre (QFC). DOHA: The Qatar Financial Centre (QFC) Authority on Wednesday announced that it will host the 7th MultaQa Qatar conference from March 11 to 12, 2013 in Doha. Significant Shareholders Ms Dina Eyad Hussein Abu Amara. Article 3 QFC Authority. in the membership of the board of directors of any body regulated by the Authority or any related body. Tamim bin Hamad was born on 3 June 1980 in Doha, Qatar. 21/2015 issued on the 17 March 2015 brought into effect the implementation of the Qatar-US IGA. Behind the Business; Research & Reports; QFC Annual Reports; Indicators; Board of Directors ; Board of Directors. Sheikh Faisal bin Thani Al Thani: The positive outlook of the financial year 2021 reflects our solid business strategy Qatar First Bank LLC (Public) (QFB or the Bank), held its Annual and Extraordinary General Meeting on Wednesday 23 March 2022 and approved all items listed on its agenda. Legal Status QFC LLC. Member of the Legislative Council representing the Transport Functional Constituency. As follows: - HE the Governor - President Regulatory Objectives; 2022 Qatar Financial Centre Regulatory Authoritycherry.qa. Article 2 QFC Location. He is also Board Member in Qatar Financial Markets Authority. Tamim was educated at Great Britain's Sherborne School (International College) in Dorset, and at Harrow School, where he sat his A-Levels in 1997. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. He then attended Chan is also a Director of all the subsidiaries of the Company including HK Electric. Careers. SAUDI ARABIA: SEDCO Capital REIT obtains approval from board of directors to acquire Ajdan Entertainment Complex for SAR164.75 million (US$43.87 million) Qatar Financial Centre Authority. It is an integrated digital platform for managing tax transactions in the State of Qatar, utilizing the latest technology (SAP Global Business Management System). Overview Board of Directors Executive Committee Mission, Vision & Values QFC Benefits Media Centre. Sheikh Bandar Bin Mohammed Bin Saoud Al-Thani. September 26, 2013. He was Deputy Governor and Vice-Chairman of the Qatar Central Bank from March 2018 to October 2021. Regulatory Objectives; 2022 Qatar Financial Centre Regulatory Authoritycherry.qa. M. Jaffar Iqbal Associate Director, Insurance Supervision, at Qatar Financial Centre Regulatory Authority (QFCRA) 500+ connections Governor of the Qatar Central Bank and Chairman of the Qatar Financial Centre Regulatory Authority. (1) An Investment Club shall have at least one director. From March 2018 until October 2021, His Excellency was Deputy-Governor and Vice-Chairman of the Board of Directors of Qatar Central Bank and Deputy Chairman of the QFC Regulatory Authority. He was Deputy Governor and Vice-Chairman of the Qatar Central Bank from March 2018 to October 2021. Nationality German and US Citizen. The Data Protection Office (DPO) oversees the alignment and compliance of QFCs comprehensive legislation to the highest international standards. Mr. Al-Shaibi was previously employed as a Chief Coordinator & Press Contact by Industries of Qatar Co. He is also on the Board of Directors for Emirates Investment Bank, Commercial Bank of Dubai and the American University of Sharjah. About Qatar; About QFC. After leaving for a role at the Healthcare Commission and general management positions at Imperial and Guys and St. Thomas Trusts, he returned to the organisation in July 2013 as Deputy Chief Operating Officer for the Surgery and Deputy CEO & Chief Business Officer. The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. Keyword. 1, Fintech Circle, QFC Tower 1, No. 920, Onaiza 63, Doha, Qatar. Board Member and Chief Executive Officer. Guidance on drawing up a schedule of matters reserved for the board is available from the Institute of Chartered Secretaries and Administrators (ICSA) and from the Institute of Directors' book, The Effective Board. Hamad Al Mulla. We are constantly looking to hire both local and international talent. Registered Address Office No. 13 of 2012. The Qatar Financial Centre Regulatory Authority has announced the appointment of Mr Michael Webb as the new Managing Director for Financial Sector Development and Policy. 3-1- An Authority shall be formed pursuant to this Law to be called Qatar Financial Centre Authority (QFCA), which shall manage the QFC in accordance with objectives provided for in Article 5 of this Law. Independent Non-executive Director. HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani chaired the Cabinet's weekly meeting held at its seat at the Amiri Diwan on Wednesday. He is also Chairman of the Board of Directors of Qatar Development Bank as well as a member of the Board of Directors of Qatar Investment Authority. In a recent decision made in December 2019, QFCRA strengthened audits of QFC certified companies for non-compliance with corporate governance guidelines and financial penalties for the organizations senior management and board of directors. MALAYSIA: Syed Zaid Albar resigns as executive chairman of Securities Commission Malaysia. Qatars FDI in India is in excess of USD 450 million and there is great potential for increasing these investments. A+ A-. The Qatar Financial Centre QFC has established compliance procedures that require legal entities registered or formed in the QFC to identify their ultimate beneficial owners UBO. Article 6 Powers of the QFC Authority. Annual Report and Accounts 2008. It regulates firms that conduct financial services in or from the QFC. Subsequent appeals to the QFC Regulatory Court have reduced fines for non-compliance, but QFCRA is a proactive step Throughout his extensive career, H.E. Appointment as Board of directors member which included the following: Business Plan formulation, approval of strategy, investment memos, Design of Master Plan, Phasing according to assigning contractors, consultants as well as BARWA NEW CAIRO office key Personnel Dana Baisilie Strategy Specialist - Strategy & Business Development Department at Qatar Financial Centre (QFC) Authority . Article 1 Definitions. Qatar Financial Centre. The Directors of the Regulatory Authority serve for three year terms, and the new Board will constitute the third Board to serve the Authority since its establishment in 2005. Board Governance; Board of Directors; The Executive Team; Corporate Social Responsibility; Contact Us; Whistleblowing; WHAT WE DO. You may collect the Decision during the Qatar Financial Centres normal working hours of 8:00-17:00 hrs. Chairman of the Boards of Directors of Al Rayan Bank, Qatar Stock Exchange, the Advisory Board of the Investment Promotion Agency and the Qatar Financial Center Authority. Article 4 QFC Board. Read more Members of UniClub One in Uniworld City, Kolkata - Check out the Monthly Activity Calendar for March 2018. Know more about us. Overview Board of Directors Executive Committee Mission, Vision & Values QFC Benefits Sectors of Focus. A Member of the Boards of Directors of the Qatar Investment Authority and Qatar Energy. A Chartered Engineer. He also played key leadership roles in the Investment Department at Qatar Central Bank. The Cabinet, at a meeting chaired by Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani on Wednesday, approved the restructuring of the Board of Directors of Qatar Financial Centre Authority (QFC Authority) headed by the Minister of Commerce and Industry. QFC aims to promote Qatar as a major business and commercial hub at the crossroads between East and West. Box 22989, Doha, Qatar +974 44 95 68 88 +974 44 95 68 68; info@qfcra.com; In addition, he was the Chairman of Qatar Banking Studies and Business Administration Secondary School and the Deputy Chairman of Vodafone Qatar, as well as being a Board member at Ahli Bank, Qatari Diar, Nakilat, Bharti Airtel and Siemens Qatar. QNA. The QFC Regulatory Authority is an independent regulatory body established by the QFC Law. 5. His Excellency Sheikh Mohammed Bin Hamad Al-Thani was appointed Minister of Commerce and Industry in October 2021. 27, Fasht Lahadid No. Qatar Financial Centre Regulatory Authority (QFCRA) released the Governance and Controlled Functions Rules 2020 and applied Disciplinary Measures to enhance Corporate disciplinary action along with a financial penalty to the senior management and the Board of Directors of entities based in Qatar Financial Centre (QFC). The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, established by Law No. The Presence of Qatar Financial Centre Authority's profile does not indicate a business or promotional relationship of any kind between RelSci and Qatar Financial Centre Authority. Mar 18, 2021. We are a leading onshore business and financial centre located in Doha, welcoming international and domestic companies to become registered QFC entities. It has been established to attract International Financial Services institutions and major multinational corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. In a recent decision made in December 2019, the QFCRA increased scrutiny around the lack of adherence to corporate governance principles by some QFC authorised firms, and announced disciplinary action along with a financial penalty to the senior management and the Board of Directors of entities based in Qatar Financial Centre (QFC). Joined Wharf Group in 1994, now overseeing inter alia, the Wharf Group's public transport and terminals portfolio. Contact Us. P 1505 -D,15th Floor, Alliance Business Centers, Palm Twin Tower - B, No. Posted 3 years 8 months ago. goal. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Global Community; Resource Centre ; Resource Centre. Nasser Ahmad Al-Shaibi. Board Governance; Board of Directors; The Executive Team; Corporate Social Responsibility; Contact Us; Whistleblowing; WHAT WE DO. Board of Directors. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. Qatar Cabinet has approved the renewal of the Board of Directors at the Qatar Financial Centre Regulatory Authority (QFCRA), effective March 8 of 2021. The Qatar Central Bank (Arabic: ) is the central bank of Qatar.. He advises government and private sector clients based within and outside the Middle East on matters of English, Qatar and Qatar Financial Centre laws Amjad.Hussain@klgates.com 974-4424-6119 He has served as a member of Deloitte Global Board and Deloitte Asia Pacific Board and has over 40 years of the experience and served clients in manufacturing, banking and financial services, technology, media, telecommunications, energy and resources and consumer business sectors throughout his professional career. Overview. Mr. Karnik is the Head of Infrastructure at Qatar Investment Authority ("QIA"). He is on the Board of Directors at Mesaieed Petrochemical Holding Co. QSC, Qatar Steel Co., Qatargas Operating Co. Ltd. and Qatar Financial Centre Authority. Mrs. Marwa Matni. The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. Level 14, QFC Tower 1 P.O. The Qatar Central Bank was originally until 1993 known as the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously Sarala Sarath Director of Audit and Risk at Qatar Financial Centre Authority. 1605, West Bay, Doha, Qatar. 7 of 2005 of the State of Qatar. Significant Shareholders Mr Mohammed Mubarak A E Al-Khater. Article 7 The QFC Companies Registration Office. Legal Status QFC LLC. Cabinet gives approval to reform QFC Authority Board of Directors. Mr Khoo Boon Hui joined the Board on February 2016. The shareholders of Qatar First Bank (QFB) gave their approval for a special resolution related to 50 percent reduction in share capital of QFBs Board of Directors (BoDs). Qatar Financial Centre Legislation. Aged 68. 27, Building No. Article 5 Objectives of the QFC Authority. Place of Incorporation QFC. During the same meeting, the Board also approved the listing of QIC International in Qatar Stock Exchange. Mr. Kruger received an undergraduate degree from the University of Pretoria. Director. Directors LLC Ms Dina Eyad Hussein Abu Amara. Directors LLC Mr Dhaker Gnaba Registered Address Office No. Qatar Financial Centre: QFC Bodies: Companies Registration Office, Arbitral Bodies, Bodies or Entities to be set up under Articles 6 or 9: QFC Authority (QFCA) Qatar Financial Center Authority established in pursuit of Article 3 of this Law: The Board: QFCA Board of Directors: The Chairperson: The Chairperson of QFCA Board: The General Manager 4- Two experts in the Authoritys scope of work nominated by the Chairman. 8 of 2012 mentioned hereabove or declared bankrupt unless rehabilitated. Neil started his NHS career in Yorkshire as a National General Management Trainee in 2003, before joining the Trust in 2005. Mr. Al-Shaibi was appointed as Vice-Chairman of the Qatar Finance and Business Academy (QFBA) in November 2013. 0. QFC Law No. Contact Us. Directors QFCRA. Chief Executive Officer & Board Member @ Qatar Financial Centre (QFC) Authority; Chief Strategy & Business Development Officer, Director of Asset Management & Banking @ Qatar Financial Centre (QFC) Authority It reviews the latest regulations and provides support, advice, and guidance to the QFC community. Currency QAR; Market QATAR; Company Symbol: QFBQ Founded Qatar Financial Centre, on 4 September 2008; ISIN CODE QA000PLE37B1; Industry Banks/ Financial services; Listing/Admission to Trading 27 April 2016; Authorized Capital (QAR) 2,500,000,000 Paid up Capital (QAR) 700,000,000 Closing Price: 1.45 Market Capitilization : 1010100000 No of H.E. The QFC Regulatory Authority is the independent regulatory body of the Qatar Financial Centre (QFC). We are a leading onshore business and financial centre located in Doha, welcoming international and domestic companies to become registered QFC entities. Board Governance; Board of Directors; The Executive Team; Corporate Social Responsibility; Contact Us; Whistleblowing 2022 Qatar Financial Centre Regulatory Authoritycherry.qa. has held several other key supervisory positions. 8.The QFMA and the Regulatory Authority remain independent regulators under the management and direction of their respective Boards of Directors in accordance with the Law regarding the Qatar Financial Market Authority (Law No.8 of 2012) (QFMA Law) and the Qatar Financial Centre Law (Law No.7 of 2005) (QFC Law). Outside interests/ commitments Non-executive Director of Prudential Financial Inc, Colgate-Palmolive Company, and Truata Ltd. Age Born 1960. Dato Mohd Rosli Sabtu was appointed as the first Managing Director of Autoriti Monetari Brunei Darussalam (AMBD) in January 2011. The platform was established in March 2005. The QFC Regulatory Authority is the independent regulator of the QFC, established to authorise and regulate firms and individuals conducting financial services in or from the QFC. It has broad range of regulatory powers to authorise, supervise and when necessary discipline firms and individuals. H.E. Our Clients. 98, Doha, Qatar Significant Shareholders Mr Mani Kant Verma Level 14, QFC Tower 1 P.O. Sheikha Alanoud Bint Hamad Al-Thani. Sheikh Abdullah Bin Saud Al Thani, current governor of the Qatar Central Bank, has been appointed as chairman, replacing Phillip Thorpe. 3- Chief Executive Officer of the Qatar Financial Centre Regulatory Authority (QFCRA). Directors LLC Mr. Zeid Sakir. The Deputy-Chairman of the Board of Directors of Qatar Development Bank. For companies registered in either Qatar and or the Qatar Financial Centre (QFC), Law 5 of 2002 (the Commercial Companies Law) and the QFC Contract Regulations (Regulation 4 of 2005) provide us with some rules regarding corporate authority in Qatar. Mr. Adil Hassan H A Al-Jufairi Board member Mr. Al-Jufairi was elected as a member of the Board of Directors in 2019. Your one-stop-shop for all QFC brochures, guides, forms, and more. 98, Doha, Qatar Significant Shareholders Directors LLC Mr Gianrico Cappai Registered Address 9th Floor, Office No. It has a statutory duty to Year. Published: 18 Mar 2021 - 06:41 am | Last Updated: 02 Nov 2021 - 11:17 am The Office of Communications (Welsh: Y Swyddfa Gyfathrebiadau), commonly known as Ofcom, is the government-approved regulatory and competition authority for the broadcasting, telecommunications and postal industries of the United Kingdom.. Ofcom has wide-ranging powers across the television, radio, telecoms and postal sectors. He is a member of the Group Board Audit and Compliance Committee. 1437. The Qatar Financial Centre (QFC) is a financial and business centre established by the government of Qatar and located in Doha. He also served as President of INTERPOL from 2008 to 2012. It regulates firms that conduct financial services in or from the QFC. Michael G. Ryan. Mr. Abdullah Al Turifi serves on the Board of Directors for Dubai International Financial Centre Authority, following his appointment in October 2020. He is an Executive Director and Chief Financial Officer of CKI and an Executive Director of Power Assets. In brief. Article 49 - Appointment of Directors. Senior Associate, CEO and Board Support . In 2009, His Excellency the Deputy Prime Minister and Minister of State for Defense Affairs became the Vice-Chairman of the Board of Directors of Qatars Stock Exchange. He is the General Director, Partner, Directors LLC Mr Mohammed Mubarak A E Al-Khater. Contact Us. A Board member must not bring the name or reputation of the Qatar Financial Centre, the QFC Regulatory Authority, the QFC Authority or the Government of Qatar into disrepute by any act or omission, regardless of whether he or she is acting as a Board member, and of where the act or omission occurs. He is the fourth son of Sheikh Hamad bin Khalifa Al Thani, and second son of Sheikha Moza bint Nasser, Hamad's second wife. Mr. Date of QFC Incorporation or Registration 14/03/2022. From March 2018 until October 2021, H.E. QFC aims to promote Qatar as a major business and commercial hub at the crossroads between East and West. It has been established to regulate firms that conduct financial services in or from the QFC. Authorised Share Capital QAR100,000.00. Issued Share Capital QAR100,000.00. Board Member. is also the Deputy-Chairman of the Board of Directors of Qatar Development Bank and a Member of the Boards of Directors of the Qatar Investment Authority and Qatar Energy. It has been established to regulate firms that conduct financial services in or from the QFC. Career The chairman. The Qatar Financial Centre QFC Institutions: The QFC Companies Registration Office, and any arbitral body or other institution or body created under Article 6 or Article 9 QFC Authority: The Qatar Financial Centre Authority established pursuant to Article 3 The Board: The Board of Directors of the QFC Authority The Chairman: About Qatar; About QFC. The Qatar Financial Centre Regulatory Authority has announced a board shakeup. The Financial Sector Office (FSO) of the Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, and the Qatar Financial Centre Regulatory Authority (QFCRA) successfully held an Asset Management roundtable to discuss a number of key issues in the financial sector. We offer a wide range of career choices and roles in a lively international entity. It was established in March 2005. As of September 2015, the CEO is Yousuf Al Jaida. The Qatar Financial Centre provides financial institutions with a world class financial services platform situated in an economy founded on the development of its hydrocarbons resources. Errol Melville Kruger is on the board of Nedbank Group Ltd., Nedbank Ltd., Qatar Central Bank and Capital Appreciation Ltd. The Qatar Financial Centre QFC Institutions: The QFC Companies Registration Office, and any arbitral body or other institution or body created under Article 6 or Article 9: QFC Authority: The Qatar Financial Centre Authority established pursuant to Article 3: The Board: The Board of Directors of the QFC Authority: The Chairman: Tenure Appointed a Director May 20, 2020. Registered Address Office No.12 (Workinton) ,7th floor, Al Qassar (Gassar) Tower, No. 121-122 Register10, 1st and 2nd Floor, Regus AL Jaidah Business Centre, The Pearl, Doha, Qatar. He has held a number of prominent positions, including the post of Minister of Economy and Commerce of Qatar and Vice Chairman of Qatar National Bank. Each Board member is entitled: Significant Shareholders Mr. Zeid Sakir. Qatar Financial Centre Regulatory Authority. In its first meeting held in 2013, the Board of Directors of Qatar Central Bank issued a Resolution to form the Financial Stability & Risk Control Committee pursuant to the provisions of Article 115 of Qatar Central Bank Law organizing the financial institutions issued by Law No. Board Committee membership Member of the Audit Committee. In the past he was Managing Director-Supervision & Authorization at Qatar Financial Centre Regulatory Authority. Appointed to the Board in June 2014 and reappointed in June 2017, 2020 and 2021. The Annual and Extraordinary General Meeting, was [] Registered Address Office No. The chairman leads the board, sets its agenda and ensures it is an effective working group at the head of the company. QC to strengthen relations with Malaysian Investment Development Authority; Qatar Chamber meeting reviews criteria to hike private schools fees; Qatar Chamber Chairman inaugurates Al Amodi Centre; Qatar forges stronger trade ties with other countries: Sheikh Khalifa Board of Directors & General Manager. The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, Qatar, providing legal and regulatory services for local and international companies.. The headline Qatar Financial Centre PMI is a composite single-figure indicator of non-energy private sector performance. Insights. As a fully onshore global business and financial centre located in Doha, Qatar, we offer your business the ideal platform for firms to expand East to (QICI) is subsidiary of QIC incorporated under Qatar Financial Centre since 2007 with an initial share capital of QAR 200 million that has gradually increased to its current level of QAR 382 million. Box 22989, Doha, Qatar +974 44 95 68 88 +974 44 95 68 68; info@qfcra.com; News Events. H.E. Doha: ICICI Bank Ltd, Indias largest private bank, was awarded the Category I (One) license for its QFC Branch in Doha by the Qatar Financial Centre Regulatory Authority (QFCRA). Financial Policies in the Ministry of Finance of Qatar. Dhareeba tax portal aims to provide tax services efficiently and easily. Board of Directors Resolutions; Cabinet Resolutions Regarding LMRA Fees; Resolutions of Other Entities Related to LMRA Duties; Labour Law; Law No. Even though FATCA is a US law, it impacts Financial Institutions (FIs) organised outside the US and their customers across the world. The United States enacted FATCA with an objective towards obtaining information on certain US persons with income or assets outside the United States for the purpose of increasing compliance with US tax laws. From November 2018 until October 2021, His Excellency also served as the Chairman of the Board of Directors of the Qatar Financial Markets Authority. The Authority shall have a separate legal personality and full capacity for legal dispositions in accordance with this Law. Authorised Share Capital QAR100,000.00. (Doha Time) at the offices of the Qatar Financial Centre Authority, Qatar Financial Centre Tower 1, West Bay. was appointed by the Board of Directors to assist the In June 2015, Yousuf Mohamed Al-Jaida, was appointed the Board Member and Chief Executive Officer of the QFC. Registered Address C/o MKaNN Management LLC, Palm Tower B, 16th Floor, Office No. 25, Doha, Qatar Significant Shareholders Kitopi His Excellency Sheikh Mohammed Bin Hamad Al-Thani was appointed Minister of Commerce and Industry in October 2021. (7) of Year 2005. The PMI increased to a fresh record high of 67.5 in May, up sharply from April's previous peak of 63.6. Doha: The Emir H H Sheikh Hamad bin Khalifa Al Thani has issued Emiri Decree No 1 of 2013 appointing the Board of Directors of the Qatar Financial Markets b. is disqualified from being a director in the Legal Status QFC LLC. With more than 30 years of police experience and recognised expertise in organisational management, he began his career in the Singapore Police Force in 1977, and was its Commissioner from 1997 to 2010. (30) of 2018 Regarding Issuing the Law on the Protection of Personal Data PDF (304 KB) (Arabic only) Studies . Chairman of the Board of Directors of Economic Zone company "Manateq" Acting Chairman and Deputy Chairman of Qatar Financial Centre Board Member of the following companies: o Supreme Council for Economic Affairs and Investment o Qatar Investment Authority (QIA) o Qatar Petroleum (QP) o Milaha (Qatar Navigation) Centre, Qatar Financial Centre Authority, Qatar Financial Centre Regulatory Authority, the Qatar Financial Markets Authority and any of the entities falling under article 35 paragraph 12 of Law No. Thorpe will now serve as an adviser to Al Thani. The Board of Directors has established three Standing Committees, namely, the Audit and Risk Committee, the Corporate Governance Committee and the Nomination and Remuneration Committee. Notice of Adjourned Board Meeting for approval of Audited Financial Results for the quarter and year ended on 31st March, 2018 and recommend dividend, if any. Early life and education. Professional Services Advisory/Consulting Professional Services - Information technology consultancy activities Professional Services - Event management services LMRA Open Data; The National Labour Market Plan 2021-2023 ; Surveys; Domestic Employees Lori A Richards joins Waheds board of directors. H.E. 1,9th Floor, Fintech Circle, QFC Tower 1, No. Displaying 1 - 50 of 51 Chinese digital bank plans Sukuk as it eyes a slice of Islamic finance pie. Circular No. Abdul Rahman Ahmad Al-Shaibi. Vice-Chair. It is derived from indicators for new orders, output, employment, suppliers delivery times and stocks of purchases.