National Day/ Qatar Financial Markets Authority... Strategic Plans to Support National Economy

Doha, Doha, December 09 (QNA) - Qatar Financial Markets Authority (QFMA) has adopted strategic plans over the past year to support the national economy and ensure the achievement of the National Vision 2030 goals. It also adopted a plan of the National Development Strategy 20112016 and the Development Strategy For the GCC states 2010-2025. In this context, the QFMA began to establish a specialized and complementary markets for the main market which are the emerging market for small and medium enterprises, instruments and bonds market, a private market for the inclusion of the QFC companies and investment funds market. This required from the QFMA to promote diversity in the capital market horizontally through products and vertically through activities and services. On that basis the Authority issued regulations and systems in accordance with international standards and the specificity of the local environment to support the inclusion of new products such as the subscription rights, bonds, treasury bills, instruments and investment funds. This is accomplished along with the inclusion of the QFC and small and medium enterprises companies, the strengthening of market structure, the increase of the number of participants and provide more licensed services to facilitate the expansion of the investor base locally and internationally. This progress has led to the upgrading of Qatar Exchange's classification to an emerging market status by the World Indicators Standard & Poor's, Dow Jones, FTSE Russell and Morgan Stanley Capital International. Qatar Exchange has achieved market value estimated at QR676.8 billion to occupy the first rank among GCC markets in terms of growth rate and second rank in terms of market value. In 2014, Qatar Exchange-listed shares reached 1.5 billion and the value of the government listed treasury permissions amounted to QR25.9 billion. On the pillars of the National Vision 2030, the Authority law, unified strategy to regulate the financial sector, the National Development Strategy 2011-2016 and the objectives of the IOSCO, QFMA has developed its strategy until 2016 to ensure establishing an effective regulatory framework and a regulatory and legislative structure that maintains financial stability, supports economic growth stability and strengthens a vital and active financial sector. The strategy objectives are: strengthening the competitiveness of the Qatar financial markets, upgrading to a modern financial market, improving market accessibility for investment firms and products, establishing an effective market surveillance and supervisory regime, developing and implementing an effective regime for the provision of capital markets services, facilitating capital formation in primary and secondary markets, improving international cooperation, promoting investors' financial education and becoming a state-of-the-art international financial markets regulator. Qatar Financial Markets Authority (QFMA) has prepared a draft organizational structure and issued an integrated package of regulatory legislation in line with the orientations of the state and in line with the global changes. Qatar Financial Markets Authority was established pursuant to Law No. (33) of 2005, and recently, the QFMA new law No. (8) of 2012 has been issued. QFMA is a government body that has a legal personality, financial and administrative independence, supervisory, regulatory and organizational powers required for the exercise of its functions in accordance with the provisions of laws, rules and regulations issued for the implementation thereof. The Authority seeks to sign MoUs at the international level to facilitate cooperation in the field of monitoring and management of securities operations in addition to the exchange of experiences. In 2015, QFMA signed a MoU with Commission de Surveillance du Secteur Financier in Luxembourg and GCC Financial Markets Regulators' Committees. In 2014, it signed a MoU with the Capital Markets Board of Turkey (CMB) and Jordan Securities Commission (JSC). The Authority has been active in participating and organizing some periodic meetings with GCC regulators and financial markets to unify regulations, policies and organizational practices relating thereto in line with the global changes and the need for economic partnership and in order to achieve integration in the financial markets in the GCC countries. In addition, QFMA is a member in f all GCC committees and working groups involving in the regulatory authorities for securities and financial markets and the Union of Arab Securities Authorities (UASA). It also effectively participates in the working groups and committees of the Islamic Financial Services Board as an associate member and has developed a strong coordination with the Middle East and North Africa Financial Action Task Force (MENAFATF). With regard to human development, the QFMA continued the adoption of bringing the national employment plan and took into account the production capacity and efficiency of the performance. It also the put a secondment program for Qatari employees between the regulators of the financial sector in order to raise the capacity of the development of Qatari nationals to gain experience and providing job opportunities for them. (QNA)