Qatar Financial Markets Authority issues new executive regulation
Qatar Financial Markets Authority (QFMA) announced today that the QFMA Board has issued yesterday the new Executive Regulation of QFMA pursuant to the Law (33) of 2005 amended by Emiri Decree (14) 2007, after having been approved by the Council of Ministers. The newly issued Executive Regulation aims to empower QFMA to effectively exercise its regulatory oversight and enforcement responsibilities over the Exchange and regulated businesses and professions, and to implement the new regulatory framework and the development strategy for the capital markets it was established for.
QFMA was established under Law No. (33) Year 2005 as amended by Decree Law No. (14) for the year 2007, as an independent and an empowered regulatory authority for the Capital Markets in Qatar with the primary mission to implement a modern and robust regulatory framework for the securities markets, and conduct effective and responsible market oversight and supervision, and set the ground for creating a competitive advantage for Qatar to be a leading Capital Marketplace in the region and privileged destination for Capital and financial services businesses.
Mr. Nasser Ahmad Al Shaibi, Deputy CEO of QFMA said: “this new regulation is a key legislative tool so that we can implement our new regulatory framework. It will allow us to achieve our main goal of enhancing the regulatory efficiency in the markets, and enable us to strengthen the market integrity.”
Subsequent to the new QFMA Regulation, the Authority is expected to issue a set of new detailed rulebooks for the capital markets and related securities activities, so to implement gradually its new regulatory framework,” Mr. Nasser Ahmad Al Shaibi, Deputy CEO and Acting CEO of QFMA said: “the executive regulation and subsequent rulebooks will be issued and implemented gradually to ensure smooth transition and avoid market disturbance, and will be providing the market participants with all the help and assistance that required so that full compliance with the new rules and regulation is achieved in timely and effective manner.”
The Qatar Financial Markets Authority – QFMA – is the regulatory supervising authority of the domestic capital markets. QFMA is the listing and licensing authority for the securities industry and relevant activities. It also has the responsibility of ensuring market integrity and transparency by enforcing the market rules and regulations on market participants, and conducting the necessary surveillance and supervision activities.
Recently created, QFMA is implementing a new regulatory infrastructure for the capital markets and the securities industry, based on international standards and practices and inline with the recommendations of the International Organization of Securities Commission (IOSCO).