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21 September 2023

06 Rabee' Al-Awwal 1445

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Law No. 8 of 2012 concerning Qatar Financial Markets Authority

Law Summary Record Type: LawNumber: 8Date: 07/08/2012 Corresponding to 19/09/1433 HijriNumber of Articles: 57Status: In force

Official Gazette :Issue: 11Offcial Journal Issue Publication Date: 18/09/2012 Corresponding to 11/02/1433 HijriPage from: 27

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Chapter Five: Regulation and Control of Financial Markets Activities

28 Article

The Authority shall regulate, supervise and control the financial markets activities in accordance with the provisions of this Law and the bylaws, regulations and resolutions issued in the implementation thereof.

29 Article

No person may conduct financial markets activities without a relevant licence from the Authority indicating the activity or activities such person is permitted to practice.

2. The terms, controls and procedures for granting the said licences, as well as the standards for practicing activities, shall be determined by virtue of the bylaws, regulations and resolutions issued by the Board pursuant to the provisions of this Law.

30 Article

The Board shall issue all the bylaws, regulations and resolutions necessary for regulating the activities of the financial markets. The Board may, in particular, carry out the following:

1. Laying out licensing conditions, controls and procedures for financial markets, their related activities, as well as the depositaries and the manner in which they are managed;

2. Identifying the securities transactions that are considered as market activities;

3. Laying out the conditions and procedures for issuing securities to the public in the markets subject to the Authority's control, and the requirements for obtaining the Authority's approval of the prospectus adopted by the Ministry of Business and Trade, in order to ensure that the prospectus contains comprehensive, accurate and sufficient disclosure of information that is of interest to investors;

4. Laying out the conditions for licensing to list and trade securities in financial markets subject to the Authority's control, particularly conditions of periodic and immediate disclosure of the outcomes of operations and activities, substantial developments and events that influence the price of securities, transparency of trading, fairness and integrity of markets dealings, corporate governance, control, mergers, acquisition, financial adequacy, professional competence, and integrity of directors and controllers of listed companies.

5. Laying out the conditions, controls and procedures for granting licences to financial services companies and other professionals operating in financial markets and the disciplinary regulations thereof;

6. Laying out the rules and terms related to the purchase and possession of securities issuers;

7. Approving the bylaws and regulations pertaining to the activity of financial markets that are issued by persons subject to the Authority's control;

8. Laying out and approving rules of compliance with professional ethics, competence and integrity of licensed persons;

9. Laying out the rules and procedures for decisions on complaints and appeals against the resolutions of financial markets and the resolutions of bodies and persons subject to the Authority's control;

10. Establishing mechanisms for settlement of disputes arising from transactions connected and related to securities, particularly through a dispute settlement committee by arbitration and other means of dispute resolution, and through an accountability committee for violations of the provisions of this Law and the bylaws and regulations thereof.

31 Article

The Authority may, by written notice, issue instructions to financial markets and other persons subject to the Authority's control. The said entities shall incorporate such instructions in their applicable regulations and shall commit to act in accordance therewith. The Authority may request the said entities to prepare or amend specific rules on their scope of work within a specified time. If they fail to comply with the request or the timeframe specified therein, the Authority may, on their behalf, prepare or amend these rules and compel them to bear the costs.

32 Article

The Authority shall investigate any contraventions pertaining to the application of the provisions of this Law and the bylaws, regulations and resolutions issued in the implementation thereof. The Authority may assist non-Qatari control authorities, upon their request, in conducting their investigations regarding the violation of legislation pertaining to securities.

2. The Authority may also conduct inspection of entities and persons subject to its control and enter their premises to verify their compliance with such provisions, including the conduct of periodic inspections by virtue of a prior notice or spot checks without prior notice.

33 Article

The persons subject to the provisions of this Law shall commit to carry out all that is necessary to assist the Authority in realising its regulatory purposes, in particular the following:

1. Enabling the Authority's representatives to review any registers, documents, files, tapes, computers, or any other means of storing or processing information;

2. Facilitating the task of the Authority's representatives while discharging their functions; and

3. Providing the Authority with copies of any documents or reports requested by the Authority.

34 Article

No person may deal with the market in securities or perform any other act that results in influencing the rate or value of securities, whenever such act is based on information that is not available to the public, or where such act may give an incorrect or misleading idea about the securities, or may cause instability in the financial markets.

35 Article

Where any person violates the provisions of this Law and the bylaws or resolutions issued in the implementation thereof, the Authority may take some or all of the following measures:

a. Issue instructions on the corrective measures that should be taken;

b. Warning;

c. Reprimand;

d. Impose certain restrictions on the financial services activities carried out by the persons subject to this Law;

e. Prevent any person from dealing for a specified period of time;

f. Suspension from work or practicing the profession for a period not exceeding six months;

g. Take over the management of the market for a specific period of time;

h. Annul the transactions related to the violation and their consequential impacts;

i. Suspend trading in securities for a specific period of time;

j. Impose a financial penalty not exceeding ten thousand Qatari Riyals(QR 10, 000) per day for a continuous violation;

k. Impose a financial penalty not exceeding ten million Qatari Riyals(QR 10,000,000);

l. Ban any person from practicing any work in the bodies subject to the Authority's control. The Authority may compel the violating party to return funds or indemnify the prejudiced party.

2. The Authority shall notify the violating party of the resolution to impose the penalty and the Authority may publish such resolution in any manner it deems appropriate.

3. The Authority may conclude settlements with violators in accordance with the procedures and controls decided by the Authority in this regard.

36 Article

The Authority may temporarily suspend or revoke a granted licence, as the case may be, in any of the following cases:

1. Where the licence is obtained on the basis of false or misleading information or documents;

2. Where the licensee fails to meet any of the licensing terms;

3. Where the licensee violates any of the provisions of this Law or the bylaws, regulations, resolutions or instructions issued in the implementation thereof or the relevant laws;

4. Where the licensee violates any of the conditions specified in the license;

5. Where the licensee ceases to practice the activity for which he was licensed;

6. Where the licensee provides the Authority with misleading or inaccurate information that results in damage to third parties according to the Authority's judgment;

7. Where the licensee fails to meet his obligations or the financial adequacy requirements in accordance with the provisions of this Law and the bylaws, regulations and resolutions issued in the implementation thereof;

8. Where a resolution is issued to liquidate or dissolve the licensee;

9. Any other cases as determined by the Board

37 Article

An Appeals Committee(“the Committee”) shall be established. It shall be chaired by one of the presidents of the Court of Appeals and shall include the membership of two judges of the Court of Appeals selected by the Supreme Judiciary Council, as well as two experts in securities transactions selected by the Board.

2. The nomination of the Committee Chairperson and members and the procedures to be adopted therein shall be determined by virtue of a resolution issued by the Council of Ministers.

3. The Secretariat of the Committee shall be undertaken by one or more of the Authority's employees whose secondment and remunerations shall be determined by a resolution of the CEO.

38 Article

The Committee shall be concerned with decisions on grievances in respect of the punitive resolutions issued by the Authority. The Committee's resolutions in this regard shall be reasoned and final. The concerned parties may challenge these resolutions before the competent circuit of the Court of Appeals.

39 Article

Evidence in securities cases shall be through all means of proof, including electronic data extracted from a computer, telephone recordings, text messages, telex and fax correspondence, and other electronic devices.

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