QFMA issues resolution to establish 'Single Window Committee' for capital market

Qatar Financial Markets Authority (QFMA) issued a resolution to establish a "Single Window Committee for the Capital Market” with the goal of reducing time and effort and significantly simplifying procedures for companies whose activities are related to the financial markets in the country.This is to be achieved by enabling them to interact through one window only in cooperation between the QFMA, the Ministry of Commerce and Industry, the Qatar Stock Exchange and the Edaa Company.According to Dr Tami bin Ahmed al-Binali, CEO, Qatar Financial Markets Authority, the establishment of a Single Window Committee for the Capital Market represents an important step forward as it will facilitate and simplify procedures for companies active in the country’s financial market.Having a one-stop-shop window will optimise the work processes for these companies to a great extent as their dealings will be limited to a single window at once instead of dealing with each one of the other competent authorities separately, namely, the Ministry of Commerce and Industry, the QFMA, the Qatar Stock Exchange and the Edaa Company.Among the other advantages provided by the "one-stop-shop window for the capital market” for these companies is having streamlined and smooth processes for the public offering and listing of securities on the Qatar Stock Exchange, whether upon their incorporation, conversion to a joint stock company, direct listing, or entry into any acquisitions or mergers.The establishment of a Single Window Committee for the Capital Market comes within the endeavors in the country to continuously update and modernise the capital market regulations and legislations to keep abreast with the changes taking place in this vital sector internationally, and to meet its needs locally, in addition to supporting the relentless efforts of the QFMA to improve the work processes in the market with a view to achieving its outlooks aimed at advancing the financial services provided to investors as well as to the issuers of securities wanting to be listed on the market.Dr al-Binali stressed that one-stop-shop window for the capital market is a qualitative initiative taken by the QFMA, through which it is introducing a new mechanism to enhance cooperation and coordination between all the official authorities concerned with which issuing companies wishing to be listed or make a public offering for securities deal with in any of the markets subject to the supervision of the QFMA.This will eliminate duplication in the documents and information required by the different authorities by having a unified list for the documents and information required from companies for each type of deal or transaction in the Qatari financial markets."QFMA is doing everything in its power to improve the Qatari capital market and develop its financial services, protect the investments of the traders in it, remove all obstacles they may face, and maximise the return of their transactions in the Qatari capital market, so that may become a more competitive and attractive market for both national and foreign investments.”The competence of the Single Window Committee for the Capital Market, as per the resolution for its establishment includes receiving, studying and reviewing applications for offering and listing financial securities and accepting them for trading on the Qatar Stock Exchange, as well as applications for registering them with the depository by all possible means and ensuring that they comply with all the requirements in the respective legislations particularly those highlighted in the offering prospectuses and the financial assessment reports.The committee is also responsible for receiving, studying and reviewing acquisition and merger requests wherein one of the parties is a company listed in the financial markets.Requests for voluntary delisting from the financial markets also fall within the committee’s remit, which also includes coordinating and communicating with the issuing authority and its advisors with regard to all these requests to ensure the fulfillment of the requirements of the respective authorities.The competence of the Single Window Committee also includes addressing the issuing entities and their advisors to request any additional information or clarifications for any concern related to the submitted requests, and requesting the attendance of the representatives of these entities in the committee meetings.The Single Window Committee shall eventually submit its recommendations to the Qatar Financial Markets Authority after ensuring the fulfillment of the requirements of the respective authorities in preparation for taking the appropriate decisions.The Single Window Committee may collect the fees due in cooperation with the respective authorities, as well as the fees due to the QFMA itself in exchange for its services.The committee shall comprise of 11 members, including the chairman and his deputy.