DOHA: Qatar Financial Markets Authority (QFMA) signed a multilateral memorandum of understanding (MMoU) with the International Organisation of Securities Commissions (IOSCO) in Luxemburg and gained the full membership after getting the approval of the IOSCO Board of Directors.
On this occasion, H E Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank and the Chairman of the Board of Directors said: “Gaining full membership of the IOSCO is a global recognition of the outstanding supervisory and regulatory ability that the QFMA has made in the financial markets, which has a positive impact on investors’ confidence and reflects the strength of the market’s legislative framework in the State of Qatar.”
He added that the IOSCO’s MMoU contributes to strengthen the regulators’ legislative structure of the capital markets to maintain and enhance its performance and simultaneously reduces and combats fraud and misconduct which undermine investors’ confidence.
The MMoU was signed by Nasser Ahmed Al Shaibi, CEO of the QFMA. He said: “At QFMA we are keen to apply the highest standards and the best international practices, so we have actively sought the IOSCO membership as this organisation is the ultimate international policy forum for securities regulators. The IOSCO sets the benchmark for commissions worldwide including the objectives and principles of securities regulations, while encouraging international cooperation and cross border controls among regulators.
“In addition to attaining the IOSCO full membership, the QFMA has also become a member of two specialised committees under the umbrella of the IOSCO: the Africa/Middle East Markets Committee and the Emerging Markets Committee, which focus on the development and improvement of efficiency in the emerging securities markets, assisting in the preparation of training programmes and facilitating the exchange of information and transfer of technology and expertise among members”, he added.
Gaining full membership will contribute to the development of the Qatari Capital Market and enhance investor protection and confidence in the integrity of our securities market. Established in 1983, IOSCO is recognised as the global standard setter for developing international standards for the mechanisms of control and supervision of financial markets.
The Peninsula
