The Qatar Financial Markets Authority issued its annual report for the year 2022, which contains the entire activity and work of the authority during the past year.
The report includes detailed information about the most prominent activities of the Authority during the year 2022, and its most important achievements and initiatives. It also sheds light on many legislations, regulations and rules issued during the year, as well as a review of its tasks and specializations, and its most prominent contributions and participation in conferences and meetings concerned with the capital market sector. whether at the local or international level.
The report also deals with the procedures announced by the Authority during the year, and provides a comprehensive presentation of what the various departments and specialized sections of the Authority have done.
The report emphasized that the Qatar Financial Markets Authority is exerting continuous endeavors aimed at achieving the highest levels of development for the financial sector in the country, enhancing the process of advancing and upgrading its performance, consolidating its stability and protecting its dealers, and achieving the aspirations and aspirations of investors in this sector, as well as making every possible effort to move forward in this sector. Enhancing the competitiveness of doing business in the capital market, which will reflect positively on all persons and entities subject to the supervision of the Qatar Financial Markets Authority.
The year 2022 witnessed the completion and implementation of the Authority’s initiatives and development projects included in its second strategic plan 2017-2022. It also witnessed the beginning of preparation and preparation for formulating the Authority’s vision and strategic objectives for the next stage, based on the Authority’s experiences in strategic planning during the past ten years, and the results of implementation and implementation. For its first and second strategic plan, and the accompanying challenges and obstacles, and the opinions and proposals of dealers in the Qatari capital market.
In an opening speech that topped the report, His Excellency Sheikh Bandar bin Mohammed bin Saud Al Thani, Chairman of the Board of Directors of the Qatar Financial Markets Authority, said that in the context of increasing the attractiveness of the Qatari capital market and developing the legislative structure to increase the confidence of dealers in the markets, the Authority was able during the year 2022 To provide dealers in the Qatari capital market with innovative financial services aimed at stimulating transactions in the markets and increasing the volume of liquidity in them. Taking advantage of price fluctuations in the markets, as well as issuing covered short selling rules.
His Excellency Sheikh Bandar bin Mohammed added that the year 2022 witnessed the Authority’s implementation of a set of initiatives aimed at developing institutional work and building the institutional capabilities of the Authority, with the aim of making the Authority a role model for regulatory bodies, in a way that enhances its independence and maintains its position as a member of the International Organization of Market Authorities. Finance.
His Excellency Sheikh Bandar bin Mohammed stressed that the Qatar Financial Markets Authority seeks to maintain investor confidence in the system of dealing in securities in the Qatari capital market, to protect dealers in it, and to reduce the risks associated with their investments, especially in light of the economic crises and turmoil facing the financial markets. In order to ensure the stability of the market and the preservation of its gains during the past ten years,
His Excellency Sheikh Bandar bin Mohammed indicated that the Qatari capital market attracted foreign investments during the year 2022, representing the net purchase of foreigners from the securities listed in the market, amounting to approximately 15.8 billion riyals (4.3 billion dollars), and witnessed an increase in the value of trading in it to more than 160 billion riyals, compared to 112 billion riyals in 2021, or 42%.
For his part, HE Dr. Tami bin Ahmed Al-Binali, CEO of the Qatar Financial Markets Authority, said that the authority has been working since its inception to be an effective element in achieving Qatar National Vision 2030 and the country’s national development strategies, by upgrading the Qatari capital market, so that it becomes a model For advanced financial services, in a way that supports the growth and diversification of the economy, and contributes to maintaining the stability and integrity of transactions in the market by developing the level of skill and knowledge and enhancing the awareness and educational aspect of customers. His Excellency said: The Authority is making continuous efforts aimed at enhancing the performance of the capital market in the country, to match the global capital markets in its flexibility, high competitiveness and attractiveness for local and foreign investments, as well as the facilities, privileges and incentives it provides to dealers and those looking to invest their money in a safe investment environment that protects their investments and returns them with returns. Rewarding and guaranteed profits.
He pointed out that the Authority has placed a number of goals on top of its priorities that achieved excellence and flexibility in the performance of the Qatari capital market, which had a significant impact on enhancing the competitiveness of the national economy and achieving sustainable financial stability, in accordance with the best international rules and standards, which were employed at the same time. Taking into account the specificity of the Qatari market and the requirements of its dealers.
Al-Binali stressed that the Qatar Financial Markets Authority has sought, and continues to do so, to maintain investor confidence in the system of dealing in securities in the Qatari capital market, to protect dealers in it, and to reduce the risks associated with their investments, especially in light of the economic crises and turmoil facing global financial markets. He added that the Authority has, during the past period, upgraded its organizational structure, supervisory and oversight performance, disseminated high behavioral values among its employees, and strengthened their commitment to the highest professional standards, in order to reach the highest degrees of integrity, impartiality, fairness and transparency in investor dealings, and to enhance the ability to innovate, create and excel in performance. Professionalism, in addition to credibility and independence in procedures, decision-making and teamwork.
Legal legislation
The Qatar Financial Markets Authority has endeavored to develop the legislative environment that regulates the capital market in the country, in a way that contributes to simplifying and facilitating procedures for investors, all parties and participants in the market, and those concerned with the services of the Authority. The Authority is not satisfied with only setting up legal legislation, but it is constantly working on developing and updating these legislations to meet the aspirations of investors, and at the same time serving the law enforcement process itself, and the continuous development witnessed by the capital market.
Anti-money laundering
and terrorist financing
The Qatar Financial Markets Authority is making great and continuous efforts in the field of combating money laundering and financing of terrorism, as it contributes effectively, through its membership in the National Committee for Combating Money Laundering and Financing of Terrorism, to maintaining a safe and risk-free investment environment in the capital market, including illegal financing. .
With the aim of contributing to protecting the safety and stability of the financial system in the country, and given that combating money laundering and terrorist financing is one of the most important responsibilities and priorities of the Qatar Financial Markets Authority; The Authority is making extensive efforts to combat money laundering and terrorist financing, and to protect the capital market from its risks and negative repercussions on the investment environment, investors and market participants in general.
The authority’s electronic services for licensing applications
The Authority provides a set of electronic services through its official website, through its mobile application, and through the “Hukoomi” website. These services allow electronic submission of all kinds of applications, which include license applications and license renewals for individuals in jobs subject to the Authority’s supervision and financial services companies. In the year 2022, the activity of licensing the “Listing Consultant in Securities” was added to the electronic service.
The unified window for offering and listing
The year 2022 witnessed remarkable activity in the field of offering and listing, as a company was submitted to be listed in the second market, which is Al-Mahar Holding Company, which operates in the field of petroleum services. Also, two direct listing applications were submitted in the main market for each of Dukhan Bank (banking and financial services sector) and Daman Islamic Insurance Company “Bima”. An offering was requested by the price construction method, which is taking place for the first time in Qatar, and it is for Mizah QSTP, which operates in the field of technology, and it is the first company to be offered by the price construction method.
Work is underway with other companies to complete requests related to offering or listing their shares in both the main market and the second market, as a result of the efforts made to advance the Qatari economy, which was positively reflected in the confidence of investors towards offering and listing shares of their companies.
Develop tools and products
New financial:
The Authority works to develop the financial market, provide innovative frameworks and facilitate the issuance of new financial instruments, by managing new financial instruments that monitor the main indicators of the performance of the financial market, identify deficiencies, study weaknesses in it, and submit proposals to address them, as well as follow up legislative developments in the financial markets. Regional and international with the aim of enhancing the competitive capabilities of the Qatari financial market, and finding out about the latest international standards and practices issued by international institutions such as the IESCO, or the Organization for Economic Cooperation and Development and other international organizations concerned with setting and developing performance standards in financial markets, and then submitting proposals for legislative and institutional development, Technical aspects that raise the growth potential of the financial market, and propose new investment tools that enhance the depth and breadth of the financial market.
The New Financial Instruments Department, in cooperation and coordination with the technical departments, studies some deficiencies or weaknesses that appear in the legislation regulating the financial market, or that result from some wrong practices, and participates in submitting proposals in order to correct the situation in accordance with best practices and international standards.
The Qatar Financial Markets Authority is keen to develop electronic connectivity between all parties participating in the market, which include the Qatar Stock Exchange, the Qatar Central Securities Depository Company, and financial services companies subject to the supervision of the Authority.
Develop and update policy
Risk Management
The Qatar Financial Markets Authority works to protect investors and dealers in financial markets, and to maintain confidence in these markets, their transactions, and their stability, by monitoring, analyzing, and evaluating the risks that surround the work of the Authority and financial markets to reduce them.
During the year 2022, work was done to develop and approve the Authority’s risk management policy, which aims to monitor, evaluate, treat and follow up the risks that may hinder the achievement of the Authority’s objectives, in addition to managing the risks facing the financial markets, by developing strategies to manage them to avoid their risks or reduce their negative effects. and reduce them to acceptable levels.
Strengthening human resources and Qatarization
The Qatar Financial Markets Authority is exerting unremitting efforts to support the process of approving and implementing Qatarization plans and enabling Qatari cadres to occupy various positions in the Authority.
The development and building of human capital capabilities is one of the most important pillars for raising the level of work, performance and achievement. From this standpoint, the Authority pays most of its attention to the process of developing human capital to enhance its competitive capabilities. The authority is also working to increase the level of job Qatarization and appointing national competencies in various departments and sections, in order to achieve the content of its strategic plan (2017-2022).
The total number of the Authority’s employees until the end of last year was 141, including 96 Qatari employees, representing 70 percent.
New plans and projects
The Qatar Financial Markets Authority has finished preparing studies for the establishment of one or more risk insurance funds, in which all necessary data are specified, including its objectives, management method, membership conditions, financial resources, asset management, work mechanism and liquidation, in addition to comparing it with the experiences of similar funds. In other countries, work is still underway to study the feasibility of establishing the fund.
In order to develop and strengthen the control environment and reduce cyber risks on the technological systems used in the financial market, the risk unit in the Authority will prepare a guide and work procedures, in addition to developing and issuing a guide with the standards and requirements necessary to manage technological risks. The Risk Unit is also working on the preparation of the “Guideline for Risk Management” to ensure the effectiveness of the application of risk management procedures and policies by providing a clear methodology for identifying, classifying and evaluating risks, and collecting risk records of financial services companies periodically for study, analysis and reporting on them, with the aim of introducing senior management to risks. that may face the capital market sector companies.
Within the framework of developing mechanisms for monitoring and following up the risks surrounding the capital market, the Risk Unit seeks to create a database on market performance, macroeconomic indicators and financial data, with the aim of preparing a display board for indicators of macro and emerging risks for the coming year to follow them up in an interactive and direct manner and to share them directly with decision makers.
