The Qatar Financial Markets Authority announced the Cabinet’s approval of its draft decision on the system for settling disputes arising from related transactions related to securities through arbitration, instead of the regulations that have been in force since 2010.
The Qatar Financial Markets Authority confirmed in a series of tweets on its official account on the social networking site “Twitter” that the arbitration committee is concerned with settling disputes that arise from related transactions related to securities in the financial markets, through arbitration in accordance with the procedures stipulated in this system, at any time. of the following two cases:
If the contract concluded between the parties to the dispute includes a condition stipulating that all disputes related to or related to the contract shall be resolved by arbitration, in accordance with the provisions of this Law.
– If the parties to the dispute agree in writing, after the dispute arose, that it be finally resolved, through arbitration, in accordance with the provisions of this Law.
If one of the parties became aware of a violation of one of the provisions of this Law or one of the conditions of the arbitration agreement, and nevertheless continued the arbitration procedures without taking the initiative to object to this violation within the agreed time, or without unjustified delay when there was no agreement, this is considered a regression. of his right to object.
Qatar Financial Markets added. The Committee is also competent to adjudicate the initial defenses of its lack of jurisdiction, before deciding on the matter, by virtue of an independent decision, or within the arbitral award issued in the subject matter of the case, as it deems appropriate.
If the defendant objects to the value estimated by the claimant, the competent authority shall issue a decision indicating whether or not the arbitration is related to small claims, and the estimated value of the claim, and its decision shall be final and binding on the parties, and shall not be binding on the Committee with regard to any subsequent arbitral decision.
The committee shall, within five days from the date of closing the pleadings, issue the necessary directives to take the subsequent arbitration procedures, and it may hold a session for this purpose.
Capital market rules and regulations
Pursuant to Law No. (8) of 2012, the Authority is responsible for implementing and enforcing the laws and regulations in force to supervise and control securities and activities related to dealing with securities in the State of Qatar. Accordingly, the Authority’s duties are as follows:
Issuing rules and regulations related to the capital market and dealing in securities within the State of Qatar, based on international standards and what is commensurate with the needs of the Qatari market and achieves the regulatory purposes of the Authority.
Ensuring the integrity and transparency of the market by monitoring trading operations in parallel with the Qatar Stock Exchange in its capacity as the competent authority, detecting manipulations and irregularities that may occur in the market or suspicious deals, and taking the necessary measures in this regard in accordance with laws and regulations.
Follow-up the disclosure of companies listed on the stock exchange, monitor the trading of securities, and follow-up the commitment of companies and individuals licensed to practice regulated activities or jobs with the terms of the licenses granted to them.
Carrying out periodic and non-periodic inspections of the Stock Exchange and companies licensed to practice regulated activities.
License to list securities for trading on the Qatar Stock Exchange.
Supporting the growth and development of the capital market in the State of Qatar, including encouraging the introduction of new financial instruments and trading mechanisms, applying advanced technology, and increasing investor awareness.
Licensing individuals and companies to practice activities and functions subject to the Authority’s supervision. The main objective of the Qatar Financial Markets Authority’s preparation of its strategic plan is to ensure the establishment of an effective regulatory framework and an organizational and legislative structure that maintains financial stability and supports the stability of economic growth, and works to promote a vibrant financial sector within the context of the objectives general of the state.
The strategic plan includes clear objectives that contribute to meeting the aspirations of the State of Qatar to establish a strong and diversified economy that requires an effective and integrated regulatory and supervisory framework in accordance with international standards, best practices, and the specificity and needs of the financial market.
