DOHA: The Qatar Financial Markets Authority (QFMA) conducted a total of 44 inspections, including eight surprise inspections, in 11 companies in 2016.
Of the total inspections, 14 were related to surveillance over trading and depository system. 18 inspections were part of QFMA’s periodic exercise, the market regulatory authority revealed in its annual report.
Based on the inspections, a total of 14 reports were submitted before the authorities. The total number of inspections conducted in 2016 was almost double compared to the inspections that were carried out during the previous year. QFMA initiated a total of 21 investigations against various companies during the year. Of this, 11 cases were referred to disciplinary committee. 11 incidents were related to the violation of market regulations. The concerned committee is looking into a total of 10 appeals and requests for stay of QFMA proceedings. Five appeal petitions and requests for stay order are still under the consideration of the Committee, according to the annual report.
The QFMA CEO Nasser Ahmad Al Shaibi noted the regulatory body is seeking to maintain the accomplishments of the Qatari capital market and its regional and international status. Accordingly, during the year, the number of international institutions that classifies Qatari market as an emerging market have been increased, and the relative weight of the Qatari market indicators issued by these institutions has been increased, as well as the listed Qatari companies have become an essential component and a key target for many investors following these indicators, he said.
The QFMA is exerting its utmost efforts to anticipate a future vision reflected in drafting the objectives of its strategic plan of financial sector in the State in order to achieve the main pillars of QNV 2030 to promote and map the capital market at the regional and international market, he said.
