DOHA: The regulator of the Qatari bourse said yesterday it has received two requests for new listings and five for launching initial public offerings (IPOs).
The Qatar Financial Markets Authority (QFMA), however, did not give details of the applicants or elaborate whether the requests were being processed for approval.
The QFMA said in a statement issued on the occasion of the National Day it received 12 complaints during the financial year 2012-13 and conducted 30 investigations into irregularities attributed to financial services companies or their employees and the listed companies.
It also referred seven alleged violations to the State Audit Bureau, QNA reported yesterday.
The QFMA has also adopted the new listing and IPO rules, which include various chapters related to definitions, IPO and listing requirements, disclosure rules, suspension, cancellation and re-listing of companies.
It also participated in the development of a new mechanism for cooperation and coordination with regulators of other financial sector including Qatar Central Bank (QCB) and the Qatar Financial Centre Regulatory Authority (QFCRA) in the areas of legislation, regulation, supervision and control, through the Financial Stability and Risk Control Committee control established under the Article No. (115) of the Law No. (13) of 2012 of the Qatar Central Bank and the Regulation of Financial Institutions.
The QFMA has also completed a number of draft projects with respect to the acquisition and merging as well as the regulation and licensing of the Qatar Central Security Depositary, the rules of margin trading and the listing of real estate investment funds, corporate governance rules for companies listed on markets as well as licensing and regulating the activity of the credit rating of securities.
Concerning the issuance and the inclusion of securities of the listed shareholding companies or those interested in listing to the Qatar Stock Exchange, QFMA has approved the procedures for the completion of four acquisitions of joint stock companies listed on the stock exchange and six capital increase operations of some listed companies, in addition to approving three requests for the inclusion of bonus shares, distributed by some companies to the existing shareholders.
On the control of financial services companies or their employees and the listed joint-stock companies’ disclosures, QFMA is closely following up the compliance with the terms of the licence granted to any of them by asking for data and documents on the company’s activities and its financial position, such as the financial solvency weekly reports.
QFMA also monitors the trading on the stock exchange to maintain the market integrity and the compliance with the legislation in force, as well as the follow-up of listed companies’ disclosures in the local newspapers and on the Qatar Exchange website through a daily review of newspapers and verification of disclosures received in order to enhance the level of transparency.
It also reviews the corporate governance reports issued by the companies listed on the Qatar Exchange and prepares statistics on their compliance with the corporate governance code for public listed entities, issued by the Authority. The Authority also received 12 complaints during the fiscal year 2012-2013 and conducted 30 investigations into the irregularities attributed to financial services companies or their employees and the listed companies.
It also referred seven violations to the Audit Bureau.
On the local, regional and international cooperation, QFMA has gained full membership of the International Organidation of Securities commissions (IOSCO), took part in its 37th meeting and hosted the 6th meeting of the Council of the Union of Arab Securities Commissions. The Union presidency moved to the State of Qatar in 2012.
QFMA plans to review and update the systems relating to the disclosure of listed companies, complete the XBRL system for the preparation of the financial reports of listed companies and develop corporate performance management and technology. Peninsula