Qatar Financial Markets Authority (QFMA) has issued a new executive regulation
aimed at empowering QFMA to effectively exercise its regulatory oversight and enforcement responsibilities over the exchange and regulated businesses and professions.

The new regulation pursuant to the Law (33) of 2005 amended by Emiri Decree (14) 2007 was issued after having been approved by the council of Ministers, said a QFMA official.

The 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, Nasser Ahmad Al Shaibi, deputy CEO of QFMA said.

'QFMA was established under Law No. (33) in 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.'

“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,” he noted.

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,”  he added.

Al Shaibi said the executive regulation and subsequent rulebooks will be issued and implemented gradually to ensure smooth transition and avoid market disturbance.

'It 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,' he added.-TradeArabia News Service