The Qatar Financial Markets Authority (QFMA) has 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.
According to the statement, 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.
Dr. Tami bin Ahmed Al Binali, CEO of QFMA, said that 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.
Mr. 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.
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.
Further, it supports 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.
“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 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,” as per the statement.
Furthermore, the competence of the Single Window Committee 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.