(MENAFN- The Peninsula)
By Sachin Kumar | The Peninsula
Aiming to simplify the processes for investors and other stakeholders in the Qatari capital market, Qatar financial Markets Authority (QFMA) has launched new set of electronic services on its portal and mobile app.
With the addition of these new services, the total number of QFMA’s e-services provided on its website and via its mobile app increases to 23.
''QFMA launched three new e-services on its website and mobile app, including: application for nomination to Board of Directors (Corporate Governance & Disclosure Dep.), appeals (Appeals Committee), application for prefunding exemption (Inspection & Surveillance Dep),” said QFMA in a tweet, yesterday.
''The launch of these services comes as a part of the QFMA’s continuing efforts in developing its e-services and providing new ones, consistent with its aspirations and at the same time meeting ambitions of the investors and dealers in the Qatari capital market, as well as contributing to expediting and facilitating the completion of processings for all entities subject to QFMA’s jurisdiction,” it added.
The launch of e-services comes as a part of QFMA’s vision of advancement of Qatari capital markets to serve as a model for financial services.
One of the main objectives of QFMA’s strategic plan 2017-2022 is scaling-up the usage of modern technology tools and the level of information security in the markets; and developing and improving the financial services and products for the investors. This will contribute to enhancing and increasing electronic services available to dealers.
QFMA has launched many initiatives this year in line with its vision and strategic plan.
In March this year, QFMA had issued rules for the purchase of listed shareholding companies for their shares, for the purpose of implementing and supporting their employee’s incentive schemes.
According to the new issued rules, the incentive shares scheme shall include several procedures and requirements, including: the number of shares shall not exceed 7 percent of the total paid-up capital with the loss of the right to vote and the share of one person shall not exceed 10 percent of the scheme shares. It also includes determining the beneficiaries of the incentive program, excluding the company’s board members and determining dates of the shares allocation, as well the other requirements detailed in the new legislation.
Earlier in February this year, QFMA had issued its new rulebook ‘Offering & Listing of Securities on the Financial Markets Rulebook’. The issuance comes as a part of its regulatory and supervisory role over the Qatari capital market sector, so that the procedures and requirements for offering and listing are available to a larger segment of companies.
This new issuance comes within the continuous development and update of capital market regulations and legislation, and in line with the global development of this vital sector, as well the needs of the capital market sector in the State.
The key issues included in the new rulebook is the standardization of both requirements for offering and listing in of the two main and second markets and the regulation of the relationship between them through adding requirements for transferring the listing of companies from the main market to the second market, with the aim of increasing the correlation between the two markets, activating trading and listing in the second market, and promoting the standards for the continued listing of companies in the main market.
The new rulebook also included allowing direct listing without going public offering IPO in both markets, and adding some modern mechanisms based on the best international practices related to securities public offering, suiting the local market and contributing to finding several alternatives for pricing of public offering for shares, such as book building mechanism.
It also included providing the opportunity for companies that offer their shares in a public offering to the public to use the proper mechanisms to maintain price stability for shares.
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