Doha: On the occasion of the National Day 2018, QFMA announced a number of measures, including the approval of Qatar Aluminum Manufacturing Company’s (Qamco) Initial Public Offering (IPO), the introduction of unified listing rules and a new system of governance of funds listed on Qatar Exchange to consult all stakeholders through its official website. This measure is a significant step for the State’s capital market as QFMA seeks to develop the capital market in the country and strengthen the elements that attract local and international funds to Qatar Exchange.
A review of listing rules and governance will provide a clear framework, for local and international fund management companies, to list on Qatar Exchange and encourage the development of asset management in Qatar.
According to the achievements’ report issued by QFMA, 2017 witnessed a remarkable performance at the domestic and international levels; the second strategic plan for the regulation of the financial sector (2017-2022) and the information security strategy in the financial sector (2017-2022) were launched. Furthermore, QFMA issued a number of rules, regulations and legislative systems that contribute to the activation of its supervisory role and investor protection.
Additionally, three new companies were licensed to practice financial services activities, which raised the number of financial services companies in Qatar to 19. The Authority issued its new corporate governance system according to the needs of the market.
It also worked on amending the rules and procedures of complaints and the commission of inquiry to modernize them and ensure that they are in line with the development and changes in the technical and legislative aspects of the local market.
QFMA also receives and examines complaints and takes the necessary measures to deal with the violations committed by the entities under its control. In addition to that, it investigates violations of the law of the Authority and the regulations and legislations related to the securities.
It also coordinates with the supervisory bodies in investigations of violations of securities related legislation, conducts periodic inspections of financial market participants, prepares reports on the results and inspects procedures related to combating money laundering, financing of terrorism and related regulations to develop the investment thought of the Qatari market participants through holding specialized workshops, participating in national education programs, sponsoring relevant conferences and exhibitions and communicating with all parties and institutions in order to achieve the objectives of the authority and deliver its message accurately and properly. QFMA has also developed the modern technological means.
Qatar Exchange is developing an annual business continuity test plan and QFMA’s Information Systems Department and Inspection and Monitoring Department participate in the implementation of the plan as recipient of data from the Qatar Exchange and as the regulator of the stock market.
At the internal level, the Authority pointed out to the continued activation of the new organizational structure. Four new administrative units were established to assist in achieving the Authority’s strategy. These units were governance and disclosure department, new financial instrument department, planning and quality department and risk unit.
Additionally, the Authority focused on supporting Qatarization, as it hired 18 Qatari employees during 2017 out of 21 employees, and the diversification of training programs such as the cadres program and the training program for those holding leadership and supervisory positions.
The Authority also have a plan to link the training track to the career track. The development of automated copying system for Qatar Stock Exchange and Qatar Central Securities Depository has been completed.
