QFMA to establish ‘single window committee’ for capital market

 The Qatar Financial Markets Authority (QFMA) issued a resolution to establish a ‘Single Window Committee for the Capital Market’ with the goal of reducing time and effort and significantly simplifying procedures for companies whose activities are related to the financial markets in the country.

This is to be achieved by enabling them to interact through one window only in cooperation between the QFMA, Ministry of Commerce and Industry (MoCI), Qatar Stock Exchange (QSE), and Edaa Company.

According to CEO of the QFMA Dr. Tami bin Ahmed Al Binali, the establishment of a ‘Single Window Committee for the Capital Market’ represents an important step forward as it will facilitate and simplify procedures for companies active in the country’s financial market. Al Binali pointed out that having a one-stop-shop window will optimize the work processes for these companies to a great extent as their dealings will be limited to a single window at once instead of dealing with each one of the other competent authorities separately.

Among the other advantages provided by the ‘one-stop-shop window for the capital market’ for these companies is having streamlined and smooth processes for the public offering and listing of securities on QSE, whether upon their incorporation, conversion to a joint stock company, direct listing, or entry into any acquisitions or mergers.

The establishment of a ‘Single Window Committee for the Capital Market’ comes within the endeavors in the country to continuously update and modernize the capital market regulations and legislations to keep abreast with the changes taking place in this vital sector internationally, and to meet its needs locally, in addition to supporting the relentless efforts of the QFMA to improve the work processes in the market with a view to achieving its outlooks aimed at advancing the financial services provided to investors as well as to the issuers of securities wanting to be listed on the market.

Dr. Al Binali stressed that the ‘one-stop-shop window for the capital market’ is a qualitative initiative taken by the QFMA, through which it is introducing a new mechanism to enhance cooperation and coordination between all the concerned official authorities with which issuing companies wishing to be listed or make a public offering for securities deal with in any of the markets subject to the supervision of QFMA. This will eliminate duplication in the documents and information required by the different authorities by having a unified list for the documents and information required from companies for each type of deal or transaction in the Qatari financial markets.

The QFMA is doing everything in its power to improve the Qatari capital market and develop its financial services, protect the investments of the traders in it, remove all obstacles they may face, and maximize the return of their transactions in the Qatari capital market, so that may become a more competitive and attractive market for both national and foreign investments.

The competence of the ‘Single Window Committee for the Capital Market,’ as per the resolution for its establishment includes receiving, studying, and reviewing applications for offering and listing financial securities and accepting them for trading on the Qatar Stock Exchange (QSE), as well as applications for registering them with the depository by all possible means and ensuring that they comply with all the requirements in the respective legislations particularly those highlighted in the offering prospectuses and the financial assessment reports.

The committee is also responsible for receiving, studying, and reviewing acquisition and merger requests wherein one of the parties is a company listed in the financial markets. Requests for voluntary delisting from the financial markets also fall within the committee’s remit, which also includes coordinating and communicating with the issuing authority and its advisors with regard to all these requests to ensure the fulfillment of the requirements of the respective authorities.

The competence of the Single Window Committee also includes addressing the issuing entities and their advisors to request any additional information or clarifications for any concern related to the submitted requests and requesting the attendance of the representatives of these entities in the Committee meetings.

The Single Window Committee shall eventually submit its recommendations to QFMA after ensuring the fulfillment of the requirements of the respective authorities in preparation for taking the appropriate decisions. The Single Window Committee may collect the due fees in cooperation with the respective authorities, as well as the fees due to QFMA itself in exchange for its services.

The ‘Single Window Committee for the Capital Market’ shall be comprised of eleven members, including the committee’s chairperson and his deputy. These members shall represent the concerned authorities that companies deal with when listing or making a public offering for securities, or when entering into acquisitions or mergers in the Qatari financial markets.

A resolution by the CEO of QFMA shall be issued to name the members of the committee. The resolution shall also include naming the committee’s chairperson, his deputy, and its rapporteur.

The ‘Single Window Committee for the Capital Market’ shall be comprised of five members representing QFMA, one of whom is the chairperson of the committee, four members representing QSE, one of whom is the deputy chairperson, one member representing the Ministry of Commerce and Industry (MOCI), and one member representing Edaa Company.

The committee will coordinate with the relevant authorities to obtain the necessary approvals in accordance with the relevant legislations, and it may request the QFMA to sign memoranda of understanding with those authorities, if necessary, to define the frameworks of the relationship and to indicate responsibilities, facilitate the exchange of information and documents, and obtain the necessary approvals to undertake its tasks.

In the process of performing its duties, the committee shall rely on the relevant legislations, in terms of specifying the documents and information required to be provided by the issuing authorities or their advisors as per the specific requirements of each submitted application, and in line with the frameworks set for reviewing these documents and information.