Doha: Qatar Financial Markets Authority (QFMA) received 100 e-services applications in 2021 and has continued its role and activity at a rapid pace and made great efforts to strengthen the attractiveness of the financial sector, develop and improving its performance, QFMA said in its 2021 annual report.
The report noted that QFMA provides E-services for licensing via its official website, its phone application and via ‘Hukoomi’ website, as it began to provide the service of submitting applications of all kinds electronically, including licensing renewal application for individuals to perform regulated functions in financial services companies.
The pandemic repercussions and its continued impact on various sectors and activities did not deter the QFMA from continuing its efforts. It has been able to complete many initiatives, works and activities during 2021, which are in the context of strengthening and consolidating its mission in the presence of a strong and competitive regulated capital market in Qatar, capable of attracting and stimulating local and foreign investments, and keeping pace with global developments.
During 2021, QFMA has received 100 e-services applications which include 4 applications for licensing financial services activities, 5 applications for licensing renewal of financial services activities, 39 applications for approval of individual in the regulated functions, 33 applications for licensing renewal of approved individual in the functions licensed by QFMA, 9 applications for registration renewal of external auditor and 10 applications for registration renewal of financial evaluator, the report said.
Regarding the issuance of rules and regulations related to the capital market and dealing in securities, the report said that QFMA is very keen to have a regulated Qatari capital market that keeps pace with global developments and is based on international standards, in line with the needs of the Qatari market, in terms of achieving its regulatory objectives, stimulating local and foreign investments, and providing protection for investors in an attractive environment that meets their needs and aspirations.
It added that it is working hard to maintain the stability, integrity, and transparency of the Qatari capital market, which is the main element and the driving force to attract investments and ensure their success.
On licensing the individuals and companies to perform a regulated function and activities, the annual report stated: “QFMA, through Licensing Department, receives and considers applications for granting and renewal licenses of financial markets activities including financial operations and services conducted by a regulated financial market, a depository, a clearing company,or a financial services company, and other entities subject to its jurisdiction."
“The Department also receives and considers the applications for approved individuals for performing the regulated functionsby granting licenses or approval. In addition to the registration application for external auditors and financial evaluators who are eligible to work to the listed entities or entities subject to the QFMA’s jurisdiction,” it added.
It further said that during 2021, the QFMA received 72 applications including 33 license renewal applications, and 39 new approval applications which include approval of applications (18), license renewal of approved individual at the regulated function (33), withdraw by the applicant (3), under consideration and requirements fulfillment (17), and refusal due to non-fulfillment of regulatory approval requirements (1).
