Market regulator QFMA approved violations worth QR17.2m in 2019

The Qatar Financial Markets Authority (QFMA) has revealed that its Disciplinary Committee has approved violations with a total amount of about QR17.2m in 2019, according to its annual report which was published recently. The financial regulatory authority also considered 40 appeals and requests for a stay of processing, during the same period.
The report also noted that QFMA supervised 11 acquisitions and mergers, including nine acquisitions and two mergers during 2019. 
In a statement, QFMA Chairman Sheikh Mohammed bin Hamad bin Qasim Al Thani, reiterated the organisation’s objectives which include the advancement of the Qatari capital market to be among the advanced capital markets in the world, as well as making the local market a financial hub that attracts national, regional and international investments.
He added that QFMA was able to have a distinguished international status and obtained an international rating of its legislations regulating the Qatari capital market. It also became an active member in various international organisations including the IOSCO. One of the outcomes of the QFMA’s strategic approach initiatives is the upgrade of the Qatari market to an emerging market status, he added. 
For his part, QFMA Chief Executive Officer Nasser Ahmed Al Shaibi, added that QFMA is moving forward with steady steps towards strengthening the leadership of the Qatari capital market and its gradual advancement to the ranks of advanced financial markets. 
He added that QFMA implemented the split of shares listed in the main market easily and in coordination with all parties involved. QFMA also provided the Qatari market with new Financial Services Rulebook, which aims to improve financial services provided to investors in the Qatari market in compliance with the best practices. It also developed its electronic services, and issued several legislations aimed at ensuring the integrity and transparency of the dealing system in the markets, as well as to protect investors and maintain their rights.
The report also highlighted QFMA’s key efforts and achievements, both locally and internationally. The most important of such initiatives are: stock split, Governance Code for Listed Funds, Financial Services Rulebook, development of Inspection Procedures Manual, the electronic system for monitoring the transactions of financial services companies’ employees and their relatives:, and development of the QFMA’s communications network. QFMA’s efforts in developing human capital was also reiterated, which is being implemented according to its strategic plan (2017-2022) on Building Human Capital’s Capacity and increasing its competitiveness at work. The report also addressed the QFMA’s efforts in Anti- Money Laundering & Combating Financing Terrorists “AML/CFT”, whereas QFMA exerts efforts to ensure the continuity of the mutual understanding between QFMA and the licensed parties, and the effective application of AML/CFT procedures.