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QFMA Affirms Keenness to Constantly Review Legislation to Keep Up with Local Variables, International Standards

Doha: Qatar Financial Markets Authority (QFMA) emphasized that is continuously working whenever necessary to review its legal legislation for the purpose of ongoing development and update in order to keep pace with local variables and the best international laws, standards and practices in force in this field, noting the important role played by capital markets regulators in regulating the work in such markets by providing the appropriate legislative environment for their optimal activities and performance.

Acting Director of Complaints Department at QFMA Noora Abdulaziz Al Emadi said since its establishment under Law No. (33) of 2005, QFMA has paid great attention to issue legal legislation that contributes to perform its functions and competencies and complete its work with the least effort and the fastest possible time, aiming to maintain confidence in the dealing system in the local market and enhance the integrity and transparency to ensure the continuity of its stability and reduce the risks may face,
so that such markets will be attractive for investments, and for investors’ funds and savings to be utilized in investment opportunities that achieve meaningful profits.

Al Emadi affirmed that QFMA is working to speed up the process of handling complaints, and on the need to inform all parties dealing in the Qatari capital market of the legal legislation in force, regulating the work of the market issued by QFMA, in particular the legal provisions stating the tasks of the QFMA’s licensed entities and the rights and duties of each party dealing in the market, including the investors.

She added that this would help identify the mechanisms, the proper methods and the correct way used to carry out the various operations in the market, and to review and be aware of the Rules and Procedures of Complaints issued by QFMA and published in the Official Gazette, which clarifies who has the right to lodge a complaint as well the mechanism and subject matter, which is often related to the failure of one of the concerned
parties to carry out its prescribed duties, or its failure to carry out an action directed to be done in accordance with the legal procedures established in this regard, or with regard to any abuses or breaches of the legal legislation in force that may have caused damage to another party or parties, and to indicate the methods of handling such complaints and taking appropriate action in this regard, with the aim of maintain the rights of market participants, recover the stolen rights and return them to their owners and hold violators accountable.

Al Emadi talked about ways to lodge a complaint via the QFMA’s website, or an e-mail to the Complaints Department’s e-mail, or by the recorded phone calls, or attend in person at the QFMA’s headquarters.

Al Emadi continued by saying that the Complaints Department receives positively complaints from investors and all concerned parties, and upon received, it immediately deals with, researches, and considers such complaints as per the prescribed procedures, then the
necessary recommendations are submitted in this regard. Thereafter, the required legal measures are taken within QFMA according to the approved judicial cycle, which may start with the complaint through the necessary investigations by an investigation committee formed for this purpose, following that take the necessary disciplinary actions against violators by the Disciplinary Committee. It may be appealed against the Disciplinary Committee’s decisions before the QFMA’s Appeals Committee, which is formed in its membership of three judges from the Court of Appeals, one of whom is a president of a court who heads this Committee, in addition to two experts, explaining that the Committee’s decisions may be challenged before the Court of Appeal, where its decisions are considered as a ruling of first degree, until the procedures are completed by a ruling issued by the Court of Cassation, if necessary.

Source: Qatar News Agency