The Qatar Financial Markets Authority (QFMA) Tuesday launched the Single Window E-Portal aimed at modernising the country’s capital market by easing and streamlining the listing process.
The companies would be able to submit the related applications via the single window E-Portal, which has been developed on the QFMA website.
The "Single Window for the Capital Market" is a qualitative initiative of QFMA, through which a new mechanism is developed to enhance co-operation and co-ordination among all relevant official authorities that deal with the issuers wishing to make public offering or listing of securities in any of the markets subject to QFMA's jurisdiction.
"This has a significant impact in preventing duplication of documents and data required from each of the parties concerned and providing a unified list of such documents and data in every case of their dealings in the Qatari financial markets," QFMA said.
The single window will have major implications in significantly simplifying the procedures for such companies by limiting their dealings with only one entity instead of approaching other competent authorities separately, including QFMA, the Ministry of Commerce and Industry (MoCI), the Qatar Stock Exchange (QSE), and Edaa (formerly Qatar Central Securities Depository Company).
The QFMA is making great efforts to improve the Qatari capital market, develop the financial services, protect the investments of the market participants, remove all obstacles and maximise the returns so as to make the country attractive for national and foreign investments.
For the single window, Dr Tamy bin Ahmad al-Binali, chief executive officer of QFMA, had announced a special committee responsible for receiving, studying and reviewing applications for securities' offering and listing, admission to trading applications on QSE, and applications for registration with Edaa by various means.
The 11-member committee – which has five members from QFMA, four from QSE, and one each from MoCI and Edaa - will ensure that the firms complete all requirements contained in the relevant legislation, especially with regard to offering prospectus and financial evaluation reports, as well as studying and reviewing acquisition and merger applications in which one of the parties is a company listed on the financial markets, and requests for voluntary delisting from the markets.
The launch also comes in light of the continuous development and modernisation of the capital market regulations and legislation in the country, and in keeping with the global changes taking place in this vital sector.
The launch of single window committee comes amid reports of more listings expected, considering that the procedural reforms as direct listing and book-building mechanism ought to attract more companies.
Having put in place a new trading mechanism, the Qatari bourse is all set to move into a T+2 settlement cycle compared to T+3. The initiative is in line with international best practices in regional and international markets, to achieve efficiency, and reduce the risks of long settlement period.