Qatar Financial Markets Authority (QFMA) on Sunday announced permitting participation in the initial public offerings (IPO) on behalf of a minor child, provided that the money used belongs to one of the minor’s parents, and not from the minor’s own money subject to the provisions of guardianship and the provisions of the guardianship over minors funds.
QFMA also specified the procedures for a parent to trade on behalf of their child through buying and selling in securities for the benefit of the minor’s account, allowing the parent to add their bank account to the minor’s account, provided that the money used belongs to the parent, not from 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 IOP application form, namely: the Residency Permit Card, the 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.
QFMA works, in coordination with the financial sector regulators and in partnership with the private sector, to facilitate all dealing procedures for the parties subject to its jurisdiction, in order to achieve compliance with the international standards regulating financial markets.
Source: Qatar News Agency