Dubai: The Qatar Financial Markets Authority (QFMA) said it has officially adopted the new listing and IPO rules in the secondary market after an in-depth consultation with the concerned parties.

Nasser Ahmad Al Shaibi, CEO of QFMA, said: "The new rules, while part of the authority's strategic plan, were a result of intense discussions between QFMA and the Qatar Exchange to further consolidate the local financial market and to regulate the working relationship between various parties concerned with the listing process to cope with developments in Qatar's capital markets.

"In particular, the new rules also encourage newly established small- and medium-sized enterprises (SMEs) to list on the Qatar Exchange."

Various chapters

"The secondary market comprises several categories as defined by QFMA or established by a financial market under its umbrella.

"Hence, the new rules include various chapters related to definitions, IPO and listing requirements, disclosure rules, suspension, cancellation and re-listing of companies as well as other general rules. In addition, the rules provide reference information on the new regulations and the official forms to be used with them."

"The authority also aims at consolidating integrity and transparency in the financial markets through strict transparent controls. In addition, QFMA has the mandate to create a truly competitive edge for the Qatari market to become a destination for foreign capital as well as the provision of financial services related to stock exchanges and promoting the culture of investment among all parties in Qatar."

Right framework

Rashid Ali Al Mansouri, Deputy Chief Executive Officer of Qatar Exchange, welcomed the adoption of the new listing and IPO rules in the secondary market, saying it will provide the right framework for the inclusion of many products and investment tools on the exchange.

In particular, says Al Mansouri, the rules came at the right time when the Qatar Exchange is getting ready to launch the Venture Market segment as part of the markets and products to be included under the umbrella of the new listing and IPO rules in the secondary market.

The venture market segment will be launched to encourage SMEs and newly formulated companies to list on the Qatar Exchange.