Doha: Qatar Financial Markets Authority (QFMA) has released its 2024 Annual Report, detailing the organization's significant achievements and activities over the past year. The report provides a comprehensive overview of the regulatory advancements in the Qatari capital market throughout 2024, highlighting pivotal procedures, initiatives, and legislation pertinent to QFMA's roles and the capital market's operations.
According to Qatar News Agency, the report serves as an extensive reference underscoring QFMA's dedication to nurturing a sustainable and appealing investment environment, aligning with Qatar National Vision (QNV) 2030. It encapsulates QFMA's contributions and engagements in numerous local and international meetings and conferences related to the capital market in 2024. The document also emphasizes QFMA's efforts in fostering market transparency and stability, safeguarding investors, and bolstering their confidence in the market.
Throughout 2024, QFMA continued executing its responsibilities, maintaining its crucial role in sustaining a robust, regulated, and competitive capital market within the State. This was achieved by adhering to international standards in investor protection, market surveillance, and market development, ensuring QFMA could adapt to changes in advanced global capital markets.
QFMA focused on legislative and investment environment development and supported the digital transformation of the Qatari capital market infrastructure. This reflects QFMA's commitment to innovation and sustainability, as integral elements of its 2023-2027 strategy to solidify Qatar's status as a leading hub for foreign investments and regional capital investment.
Central to QFMA's operations is the regulation of capital markets and legislative issuance, vital to its aspiration for continuous market development and stability, providing investors with an engaging environment to enhance market competitiveness at regional and global levels.
In 2024, QFMA implemented new legislation, including Insider Trading Rules and Share Buyback Controls. Amendments were made to existing provisions, such as Ownership of Shares in Listed Companies on QSE and Dividend Distribution Rules. These legislative efforts aim to ensure company compliance with offering and listing requirements and promote adequate disclosure practices.
The report also highlights that 55 government debt instruments were listed in 2024, encompassing Treasury Bills and Debt Bonds valued at a nominal QAR 51 billion. Additionally, QFMA processed five acquisition and merger applications, completing five acquisitions valued at QAR 583 million, spanning sectors like Industrials, Transportation, and Financial Services.
QFMA's role in enhancing the investment environment is pivotal, ensuring investor protection and market stability. This involves setting high standards for integrity and transparency while ensuring compliance with legislative standards to bolster confidence in Qatar's economy and attract investments.
In 2024, QFMA assessed listed companies' adherence to the Governance Code, receiving 48 corporate governance reports and external auditor reports on compliance. The overall compliance rate reached 99%, with Transportation and Telecoms achieving full compliance and Industrials at 98%.
Efforts to enhance transparency and improve investor culture continued, with the Disclosure Section monitoring company disclosures, financial data, and compliance with legislation. The Disciplinary Committee held 15 sessions, adjudicated 13 violations, and recorded violations totaling QAR 5.690 million, reinforcing investor confidence.
QFMA also addressed combating illicit financing, collaborating with national authorities like the Financial Information Unit (FIU) to ensure compliance with AML/CFT requirements. In 2024, QFMA advanced its digital infrastructure, launching systems like the "Market Data System" and internal portals to support strategic objectives and cybersecurity measures.
QFMA's Strategic Plan 2023-2027 outlines strategic objectives and initiatives, utilizing systems that track progress and provide decision-making dashboards. Cybersecurity advancements included implementing SIEM solutions and collaborating with the National Cybersecurity Agency to issue security standards for licensed entities.
The development of human capital remains a priority for QFMA, focusing on enhancing competitive capabilities and increasing Qatarization across departments to align with strategic goals.