Following hot on the heels of Official Gazette No.14 of 2020, the State of Qatar has issued Official Gazette No.15 of 2020, which contains two key developments in relation to the Qatar Stock Exchange and employers/employees.
- Updated rules for dealing in the Qatar Stock Exchange (QSE), following their approval by the Qatar Financial Markets Authority (QFMA). The amendments mainly relate to market makers and have been made pursuant to the Liquidity Provider Rules issued by the QFMA. The amendments provide that market making activities can be carried out by financial services companies after obtaining a licence from the QFMA. The QSE has explained the move as aiming to enhance the market liquidity of eligible securities by encouraging the development of market makers.
- Decision No.51 of 2020 of the Minister of Interior amending some provisions of the implementing regulations of Law No.21 of 2015 on the regulation of the expatriates’ entry, exit and residence (the Decision). The Decision indicates that expatriate workers' residency permits will be valid for ninety days from the date of their expiry (apart from in certain circumstances). As such, many expatriate workers should be able to change their employer within ninety days from the date of expiry of their residency permits.
For further information please contact Ahmad Anani or Alistair Stewart.