Qatar’s Financial Markets Authority has announced it has issued a new Offering & Listing of Securities on the Financial Markets Rulebook. It will come into force on 1 April 2021. It has been issued as part of the Authority’s regulatory and supervisory role over the country’s capital market. It is aimed at expanding the offering and listing procedures and requirements to more companies. It is also aimed at increasing the transparency and volumes of disclosures, particularly in the main market. Finally, it is aimed at increasing the number of listed companies, share turnover and liquidity and attract more investments into Qatar’s capital market.
Qatar: The Qatari cabinet has approved a number of decisions including a template draft memorandum of understanding on cooperation in the field of combating narcotic drugs and psychotropic substances
The Qatari cabinet has approved a number of decisions including a template draft memorandum of understanding on cooperation in the field of combating narcotic drugs and psychotropic substances and their precursors in the field of civil aviation between the government of Qatar and the government of any other country. The cabinet has also approved a draft memorandum of understanding for cooperation in the field of exchanging financial investigations related to combating money laundering and terrorist financing between the Financial Information Unit in the State of Qatar, the Anti-Money Laundering Council, and the Financial Intelligence Unit in the Republic of the Philippines.
Qatar’s Prime Minister has approved various conditions, including a decision extending the term of the real estate sector development committee for another six months. The Committee is responsible for proposing a strategy to develop the sector in the State. They are also responsible for suggesting policies and plans to implement the strategy.
Qatar: Transport and Communications Ministry has announced it has published the guidelines to Qatar Law No. 13/2016 (the Personal Data Privacy Protection Law)
The Compliance and Data Protection Department of Qatar’s Transport and Communications Ministry has announced it has published the guidelines to Qatar Law No. 13/2016 (the Personal Data Privacy Protection Law). They provide a set of guidelines, controls, assistance tools, checklists and templates for regulated entities covered by the Law to support compliance with it. They also include guidance for individuals to be more aware of their rights and responsibilities under the Law. Regulated entities should refer to them and adapt according to their individual role either as data processor or data controller, without prejudice to the Law to avoid liability. They were issued on Data Privacy Day. They are aimed at helping individuals, regulated entities and stakeholders understand their respective responsibilities, rights and practices under the Law. They have also been introduced as part of efforts to implement the Law.
Qatar’s Cabinet has reviewed the 2020 property ownership for non-Qataris report. The report was submitted to them by the appropriate committee. Among other things, they are responsible for proposing areas non-Qataris can own and use real estate. They are also responsible for proposing conditions and regulations for non-Qataris’ ownership and use of real estate. They report to the Justice Ministry.
Qatar’s Prime Minister and Interior Minister has announced all Government agencies and bodies have to announce all tenders and auctions on the unified government tenders website. The aim is to provide equal opportunities and provide information to investors on the needs of Government agencies.
The Listing Director of the Qatar Stock Exchange has announced the Venture Market will launch this year. It will enable SMEs to list which will enable them to diversify their incomes. Two companies have already been approved to list on it. Companies on the Venture Market will trade on the same UTP infrastructure and benefit from the same regulatory protections as those on the Main Market. It is expected Venture Market companies will move to the Main Market as they grow and develop.
According to reports by the Kuwaiti state news agency Saudi Arabia is to reopen its land and sea border with Qatar.
The borders have been shut since 2017. The move is seen as the first step to ending the diplomatic crisis between the two countries. According to several reports, Qatar will, in return, drop its lawsuits against Saudi and its allies, as part of a broader agreement to defuse tensions, which is due to be signed on 5 January 2021. The border with Saudi is Qatar’s only land border.
Egypt, the UAE and Bahrain have also been part of the blockade. Kuwait has been mediating between Qatar and the four states. The change allows the Qatari leader to attend the GCC summit which is being held in Saudi.
According to reports in Arab News Saudi will also be reopening its airspace to Qatar. Bahrain, Egypt and the UAE have also agreed to fully restore ties with Qatar.
They signed the Al Ula Declaration with Qatar during the 41st summit of GCC leaders.
They have committed to fully restoring all diplomatic ties, but it is unclear what this means in practice and how long the process will take.
Qatar’s Shoura Council has approved the Private Associations and Institutions Decree-Law (Qatar Decree-Law No. 21/2020). They approved it after discussing a report from the Public Services and Utilities Committee on it. It defines an association as a group which is composed of several natural or legal persons who participate together to carry out a social, cultural, scientific, educational, or professional activity, without seeking a profit. It also defines the professional association as an association consisting of the owners of one profession regulated by law. In addition, it defines a private enterprise as a private establishment set up by one or more natural or legal persons to achieve one or more charitable or public or private benefit purposes without looking to make a profit. Finally, it specifies the conditions for establishing an association, its founding contract requirements, its articles of association, how to register it, its objectives, the license period and aspects related to its management, finances and control of its business. They have referred it to the Government to consider.
Qatar’s Interior Ministry has announced cheque complaint cases can now be filed online through the Interior Ministry’s website. The facility is available to companies, banks and individuals who will not have to visit the relevant security department in person. Instead they will be able to log in to the service and submit a report by attaching all the required documents. Once submitted, the relevant department will review the report and the required documents and confirm validity. A text message will then be sent via Metrash confirming the successful receipt of the report and its reference number. If further documents are required, the complainant will get a text message asking them to complete the case procedures and refer to the Public Prosecution in line with the law. Complainants can also make enquiries about the status of the case through the electronic follow up service by giving the case details.