The Qatar Stock Exchange (QSE) has obtained the Qatar Financial Market Authority's (QFMA) approval to correct error trades executed under NINs (national identification numbers), effective from Monday.
The trade shall be corrected no later than the end of the business day following the date of the trade. The broker shall notify the related parties of the corrected trades (wrong NIN and correct NIN) on the same day during which the correction takes place.
It is not permissible to amend any data in the trade except for the NIN, and it is not permissible for the corrected trade to exceed the shareholder’s ownership percentages or contradict the relevant regulations.
The process of correcting the trade shall be executed in the private market, regardless of the value of the trade and the broker must send a daily report to the exchange showing the corrected. The exchange shall provide the QFMA with a weekly report on the trades that have been corrected in the private market, including all of the documents submitted to the QSE regarding the corrected trades.
The bourse, which must approve the trade correction application before the broker executes the correction, should collect fees for trading corrections equivalent to the fees for trading commission.
The broker undertakes to bear the legal consequences of the error trade or its correction, without any responsibility on QSE in terms of the error trade or its correction. In the event of violating the provisions of this notice, the broker shall be subject to the relevant accountability and regulatory procedures.
The trade correction application must include the correction justifications and supporting documents, which include an email addressed to the QSE from the broker, containing the details of the error trade to be corrected; a copy of the relevant purchase and sales order; and a copy of the clients' request or the incoming messages sent to the local broker by the international broker.
It is not permissible to amend any data in the trade except for the NIN, and it is not permissible for the corrected trade to exceed the shareholder’s ownership percentages or contradict the relevant regulations.
The process of correcting the trade shall be executed in the private market, regardless of the value of the trade and the broker must send a daily report to the exchange showing the corrected. The exchange shall provide the QFMA with a weekly report on the trades that have been corrected in the private market, including all of the documents submitted to the QSE regarding the corrected trades.
The bourse, which must approve the trade correction application before the broker executes the correction, should collect fees for trading corrections equivalent to the fees for trading commission.
The broker undertakes to bear the legal consequences of the error trade or its correction, without any responsibility on QSE in terms of the error trade or its correction. In the event of violating the provisions of this notice, the broker shall be subject to the relevant accountability and regulatory procedures.
The trade correction application must include the correction justifications and supporting documents, which include an email addressed to the QSE from the broker, containing the details of the error trade to be corrected; a copy of the relevant purchase and sales order; and a copy of the clients' request or the incoming messages sent to the local broker by the international broker.
