Doha: H E Sheikh Abdullah bin Saoud Al Thani (pictured), Chairman of the Board of Directors of the Qatar Financial Markets Authority (QFMA), said the year 2013 saw the culmination of efforts being exerted by the regulatory and supervisory bodies in the financial sector in Qatar in order to activate the Qatar National Vision 2030 with respect to the contribution of the financial sector in transforming the country to a regional hub capable of attracting foreign funds and technology and promoting the localisation of local investments, referring in this regard to the launch of the Strategic plan for financial sector regulation in 2013.
In a speech at the annual QFMA report, Sheikh Abdullah said the authority was keen to be a key participant in the formulation of such an unified strategy for the financial sector through its active role and ongoing cooperation with other regulatory and supervisory bodies, led by Qatar Central Bank (QCB) and the QFC Regulatory Authority as well as the launch of its strategy on the Qatari capital market, in conjunction with the unified strategy for the financial sector on as the regulatory and supervisory body on the banking-related financial services.
During 2013, QFMA has carried out important steps towards transforming the Qatar Exchange (QE) to a regional centre for the financial activities and services, he said, noting that the authority became a full member of the International Organisation of Securities Commissions (IOSCO), the Qatari financial market’s upgrade to emerging market status, in addition to QE’s membership in the World Federation of Exchanges (WFE), recognising the progress the Qatari financial market made at various technical, regulatory and operational levels.
Sheikh Abdullah considered the membership a new step in the context of becoming a regional hub for investors and financial service providers in the Middle East.
The publication of QFMA’s second annual report comes in line with its constant and continuous approach to inform the public of the most important developments and procedures it pursues in order to develop the local markets and be open to any suggestions or ideas aimed at upgrading the national financial markets.
In his speech at the QFMA annual report, QFMA CEO Nasser Ahmed Al Shaibi said these axes include working to provide a favourable investment environment for investors in order to protect their investment, support the growth and diversification of the national economy, maintain the stability, integrity and transparency of transactions in these markets, develop the staff’s level of skills and knowledge as well as contribute to the upgrading of financial services available at the national financial markets.
He said the year 2013 marked a turning point in the march of QFMA, and a milestone in its history since its inception in 2007, noting that the authority has achieved numerous successes reflecting an international recognition of the strength of the organisational, regulatory and supervisory structure of the Qatari market and its compliance with the best international standards and practices, which culminated in the upgrade of the Qatari Market to emerging market status and QFMA ‘s gain of the IOSCO membership.
QFMA is also making great efforts in the development of legislations regulating Qatar capital market in order to increase the efficiency of legislations and expand the size and quality of the activities on QE.
According to the report, during 2013, the board approved on several legislations, namely: Rules of Licensing and Regulating Depositary, Capital Adequacy Standards for Financing Services Companies, Acquisition and Merger Regulations, Selling Rights Issue Regulations, Corporate Governance Code in Venture Markets, amend some articles in listing and offering of securities in the venture market and amend some articles in Corporate Governance Code in the main market. QNA
