Doha is gearing up to be a signatory to the enhanced multilateral memorandum of understanding (EMMoU) of the International Organisation of Securities Commission (IOSCO) as part of its “strategic” objectives to develop a sustainable capital market.
This was outlined in the fifth strategic objective of enhanced local and international co-operation in the Qatar Financial Market Authority’s (QFMA) recently released Strategic Plan for 2023-27, which has set out six strategic objectives with 63 initiatives.
“For every strategic objective, we identified key initiatives,” said the strategic plan, which considered the Third National Development Strategy and Third Financial Sector Strategy.
Highlighting the need for developing a sustainable capital market, the QFMA, which is embarking on a rebranding drive, had identified the initiative of “starting the process of becoming a signatory” to the IOSCO EMMoU.
The EMMoU is a benchmark for co-operation standards, which encourages and enables co-operation between securities regulators through exchanging information in order to combat securities and derivatives violations with a cross-border element.
The QFMA’s other identified initiatives are establishing strategic cooperation with local regulators and other local government entities, activating channels of collaboration through memorandums of understanding and co-operation with regional and international organisations, and increasing co-ordination and co-operation with counterparts in the GCC (Gulf Co-operation Council) countries.
The QFMA also seeks to enter into MoUs and co-operation agreements with well-established international fintech and asset Management hubs as well as create an international resources and research library.
To enable future-proof legislations, the QFMA is seeking to determine the legal and regulatory changes (in QFMA and Qatar Central Bank rules) to support the enhancement of the capital market; implement governance codes for financial services companies, companies listed on the main and venture markets, listed funds and entities subject to the authority’s supervision.
The initiative aims to develop a framework for fixed-income markets and asset management as well as develop targeted regulations for Green Assets and a framework for Islamic Finance related to the capital market.
The QFMA is seeking to establish a Risk Insurance Fund in accordance with Article 53 of Law No 8 of 2012 regarding the QFMA.
The QFMA plan aims to develop and execute the digital transformation strategy, adopt the Qatar Financial Centre model on the digital/virtual marketplace, and consider future implementation.
It is also considering robotic advisory for asset management and supporting the creation and innovation of the private companies market.
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