(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar Financial Markets Authority (QFMA), Chief Executive Officer, Dr. Tamy bin Ahmed Ali Al Binali participated with an official delegation in the annual meeting of the IOSCO's Africa and Middle-East Regional Committee (AMERC), which was held yesterday, in the Republic of Mauritius.
Many key issues and topics related to financial markets were discussed in the meeting, particularly the topic of financial technology (Fintech) and how non-banking financial institutions rely on technology to broaden their operations, and how market stability can be ensured, and investors may be protected.
Other issues discussed in the meeting include sustainable financing and the supervisory practices of the International Organization of Securities Commissions (IOSCO), market developments and regulatory initiatives in the region, and carbon markets.
Reem Khalid Al Mahmoud, Acting Head of the Risk Unit at the Qatar Financial Markets Authority, and a member of the Authority's delegation to the meeting of the IOSCO's Africa and Middle-East Regional Committee (AMERC), presented a working paper on“Qatar's Experience in Developing Financial Markets,” where she stated that the capital market in Qatar has achieved remarkable growth over the past 17 years. She noted that, initially, there was only one market with 17 listed companies engaged in buying and selling stocks, but later in 2005, a new legislation was issued, leading to the establishment of the Qatar Financial Markets Authority as a regulatory entity in 2007.
Since then, according to Al Mahmoud, the first and second financial sector strategies were introduced, and within a span of 7 years, the capital market achieved emerging market status.
She also said that during this period, a new securities legislation was implemented in Qatar covering bonds, treasury bills and exchange-traded funds, and new activities were introduced such as liquidity providers, market makers and margin trading.
This led to an increase in the number of licensed companies to 50 companies by 2022. Al Mahmoud pointed out the fact that, in 2023, the third strategy was launched with a view to making the Qatari capital market eligible for the advanced market status through initiatives designed to focus on market development and innovative regulations.
Along the same vein, she said that the Qatar Financial Markets Authority is an embodiment of regulatory excellence as it promotes positive change and innovation in the Qatari financial markets to seize opportunities for digital transformation and financial innovation, in addition to encouraging the adoption of Fintech and employing smart solutions.
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