QFMA permits parents to participate in IPO on behalf of minor

The Qatar Financial Markets Authority (QFMA) Sunday announced permitting parents to participate in initial public offerings (IPO) on behalf of a minor child, provided that the money used belongs to one of the minor's parents, and is not the minor's own money.
This is subject to the provisions of guardianship over minors' funds.
QFMA also specified the procedures for a parent to trade on behalf of his/her child through buying and selling securities for the benefit of the minor's account, allowing the parent to add his/her bank account to the minor's account. This can be done provided that the money used belongs to the parent, and is not the money of the minor who is subject to the provisions of the state law on money, or through the minor's bank account, in accordance with the provision of Article 38 of the Financial Services Law.
QFMA affirmed that it is open to all proposals that facilitate the IPO participation of companies wishing to be enlisted, provided that the underwriting party determines a list of documents that must be attached to the IPO application form, namely the Residency Permit card, International Bank Account Number (IBAN) or any other documents specified by the offering manager, to be permitted to trade in securities on behalf of a minor, as mentioned above.
Qatar Financial Markets Authority indicated that it is sufficient to follow the reduced or simplified due diligence procedures, and continuous monitoring, in accordance with the provisions of Section 6.4 of the Anti-Money Laundering and Combating Financing of Terrorism regulations.