The Qatar Financial Markets Authority has announced that it is permissible to subscribe for the benefit of minor children, provided that it is from the private money of one of the parents, and not from the money of the minor subject to the provisions of the legal representation “the money of the minor” and the provisions of the guardianship law over money.
In a clarification it issued today, the authority specified the procedures for one of the parents trading for the account of minor children, buying and selling in securities, including allowing the bank account of either of them to be added to the minor’s account, provided that this is from his own money, not from the money of the minor who is subject to the provisions of the state law on Money, or through a minor’s bank account, in accordance with the provisions of Article 38 of the Financial Services Law.
It affirmed its support for all proposals to facilitate the subscription procedures for companies wishing to be listed, provided that the underwriting party determines a list of documents that must be attached to the subscription application, namely: the personal card, the international account number “IBAN”, or any other documents specified by the offering manager, and permitting subscription. In favor of minor children, as mentioned above.
The authority indicated that it is sufficient to follow the reduced or simplified diligence procedures, and continuous monitoring, in accordance with the provisions of Section “6.4” of the rules for combating money laundering and terrorist financing, to provide more facilities in this regard.
It is noteworthy that the Qatar Financial Markets Authority is working to facilitate all procedures for dealers in the financial market, and in particular to facilitate subscription and trading procedures.
