QCB Governor : QFMA Issues 5 New Legislations
HE Sheikh Abdullah Bin Saoud Al Thani, the Governor of Qatar Central Bank (QCB),who is also Chairman of the Board of Directors of the Qatar Financial Markets Authority (QFMA), issued a number of new legal legislations. This issuance came after the Board’s approval on these legislations that strengthen the regulatory and supervisory role of the QFMA on the Qatari capital market, said a press release the QFMA issued here on Monday.
These legislations include: 1. Capital Adequacy Standards for Financial Services Companies.
2. Rules of Licensing and Regulating Depositary.
3. Acquisition and Merger Rules.
4. Amend some articles in Corporate Governance Code in the Main market .
5. Corporate Governance Code in Venture Market.
In this regard, Nasser Ahmed Al Shaibi, Chief Executive Officer of the QFMA said that the issuance of such legislations comes as a part of the Authority’s ongoing effort to follow up the capital markets developments and monitor the market needs as well as modernize the legal infrastructure with further services and procedures that ensure diversity in financial services with updating the regulatory tools.
Al Shaibi also added that for the purpose of applying the principle of participation and supporting the development of capital market, the QFMA made a public consultation to consider the opinions and suggestions of the relevant parties on these legislations before final issuance.
Capital Adequacy Standards shall be applied on financial services companies licensed by the Authority to ensure that these companies retain permanently capital adequacy ratios that enable them to perform their business and use their assets on the best way.
The Rules of Licensing and Regulating Depositary contain requirements and controls to licensing the Depositary and regulate its work in accordance with law and regulations.
The provisions of Merger and Acquisition Rules shall apply to all acquisitions or mergers in which one of the parties is a listed company or a subsidiary.
Some articles were amended in the Corporate Governance Code for Companies Listed on the Main Market especially which need regulating in applying governance.
Corporate Governance Code in Venture Market provides a comprehensive framework for corporate governance of listed companies in the secondary market, It also addresses the formation of Board of Directors, its structure, duties, responsibilities and the appointment of its Secretary. It also includes the main principles for the protection of the rights of shareholders, and focuses principles in order to strengthen the internal control systems in the company, and how to activate and apply the requirements contained therein.
It is worth mentioning that all concerned and relevant parties and investors can access to such legislations via the QFMA’s website (www.qfma.org.qa) /Regulations.
Source : Qatar News Agency