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Cabinet approves draft law on investment funds

Gulf Times

15 May 2014
The weekly Cabinet meeting, presided over by HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani, has approved  a draft law concerning investment funds.

The draft law comes to cope with the developments of the capital market and in conformity with the monitoring and supervisory role of  Qatar Financial Markets Authority (QFMA) on financial markets and to maintain confidence in trading system in the financial markets and protecting the owners of securities and their dealers, in a fair, transparent and competitive manner.

The draft law included determination of the authorised party to issue a licence to the investment fund, namely QFMA, and set up a registration of investment funds at the authority and determining the fund's capital upon incorporation to at least QR10mn or its equivalent, and the founder has to offer the investment units of the fund for public or private subscription within a period not exceeding two months from the date of the QFMA's approval.

The draft law has authorised non-Qataris, either the natural persons or legal entities, to participate in the fund in accordance with its statute. 

 The Cabinet then approved a draft decree amending the standard customs tariff.

The draft decree stipulates adding subsidiary items to the GCC standard customs tariff and deleting some items of such a tariff attached to the decree No 53 of 2012.

A proposal of the Ministry of Foreign Affairs amending the Cabinet decision No 15 of 2011 on setting up the climate change and clean development committee was also approved.  

As per the proposal the vice-chairman of the committee will be a representative of the Ministry of Foreign Affairs and at the same time attains membership of the Foreign Ministry in the committee.

This comes ahead of the next phase of international negotiations before the signing of the 2015 Paris Convention on Climate Change.

The Cabinet then reviewed the two following topics and adopted the relevant decisions:

1- A memo of HE the Foreign Minister suggesting to form an ad hoc committee to consider Qatar's access to the Convention on the Prevention and Punishment of the Crime of Genocide, which the UN General Assembly adopted on December 9, 1948.

 2- The letter of HE the Minister of Education and Higher Education concerning the outcomes of the following meetings held in Riyadh, Saudi Arabia:

l The 14th conference of the ministers in charge of education and scientific research in the Arab world (March 2014).

l The 16th meeting of the GCC Higher Education And Scientific Research Ministers' committee (Feb.2014).

l The 4th international forum for Education (Feb.2014).

 The Cabinet also approved the 3rd executive draft programme of the educational and scientific accord in general education field between the governments of Qatar and Lebanon for the scholastic years (2014-2015, 2015-2016 ,2016-2017).

A draft agreement on air services between the governments of Qatar and Cape Verde was also approved.

© Gulf Times 2014

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