The Qatar Financial Markets Authority ("QFMA") has issued Decision No. 1 of 2025 introducing its Code of Market Conduct ("Code"), which aims to safeguard transparency, fairness, and investor confidence in Qatar's capital markets by setting out detailed rules and principles to deter market manipulation, insider trading, and dissemination of false or misleading information.
The Code consists of eight chapters outlining prohibited behaviour and clarifying expectations for market participants, including companies engaged in financial services, insiders, brokers, and investors. Topics include:
- Market Manipulation & Misleading Practices: prohibitions have been introduced to prevent fake trades, price rigging, and spreading false information through medial or social platforms;
- Insider Trading: the Code addresses the unlawful use of non-public, price-sensitive information;
- Financial Services Companies' Conduct: such companies are expected to prioritise client interests, disclose conflicts of interest, and not engage in exploitive practices; and
- Disclosure Standards: the Code also includes provisions requiring market participants to ensure accurate and timely disclosures to maintain a level playing field.
Other important aspects of the Code include:
- Clear Definitions: terms such as "manipulation, "misleading conduct", "inside information" and "insider" have been clearly defined;
- Scope of Application: the Code is designed to capture any transaction or behaviour with manipulative intent, regardless of outcome or profit; and
- Investor Recourse: the Code grants to any person the right to report violations to the QFMA.
Individuals are encouraged to report any violations of the Code, even if no harm resulted from the behaviour. Additional details may be found on the QFMA website.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
