AFQM received 100 electronic service requests in 2021
Doha: Qatar Financial Markets Authority (QFMA) received 100 applications for electronic services in 2021 and continued its role and activity at a rapid pace and made great efforts to enhance the attractiveness of the financial sector, develop and improve its performance, QFMA said in its 2021 annual report.
The report noted that QFMA provides e-services for licensing through its official website, phone app, and through the “Hukoomi” website, as it started providing the service of submitting all kinds of applications. electronically, including license renewal application for individuals to engage in regulated activities. positions in financial services companies.
The repercussions of the pandemic and its continued impact on various sectors and activities have not prevented the AFQM from continuing its efforts. It was able to carry out many initiatives, works and activities during the year 2021, which are part of the strengthening and consolidation of its mission in the presence of a strong and competitive regulated capital market in the Qatar, capable of attracting and stimulating local and foreign investment, and keeping pace with global developments.
In 2021, the AQFM received 100 requests for electronic services, including 4 requests for authorization of financial services activities, 5 requests for renewal of authorization for financial services activities, 39 requests for individual authorization in regulated functions, 33 requests for renewal of approval as an approved individual. in the functions authorized by the AFEQ, 9 applications for renewal of external auditor registration and 10 applications for renewal of financial evaluator registration, indicates the report.
Regarding the issuance of rules and regulations related to the capital market and securities trading, the report states that the QFMA is keen to have a regulated Qatari capital market that keeps pace with global developments and is based on international standards, as required. of the Qatari market, in terms of achieving its regulatory objectives, stimulating local and foreign investment, and protecting investors in an attractive environment that meets their needs and aspirations.
He added that he was working hard to maintain the stability, integrity and transparency of the Qatari capital market, which is the main element and driving force in attracting investments and ensuring their success.
Regarding the granting of licenses to individuals and companies to carry out a regulated function and activities, the annual report stated: “The AQFM, through the Licensing Department, receives and examines applications for the granting and renewal licenses for financial market activities, including financial transactions and services carried out by a regulated financial market, a depositary, a clearing company or a financial services company and other entities subject to its jurisdiction.”
“The Department also receives and considers applications from persons authorized to perform the functions regulated by granting licenses or approvals. In addition to the application for registration of external auditors and financial evaluators eligible to work with entities listed or subject to the jurisdiction of the AFEQ,” he adds.
He further stated that during the year 2021, the FMAQ received 72 requests including 33 license renewal requests and 39 new requests for approval which include the approval of requests (18), the renewal of the licensed person to regulated function (33), withdrawal by applicant (3), pending review and compliance with requirements (17), and denial due to non-compliance with regulatory requirements for approval (1).