CmaBoardReleases
Title: Resolution No. (54) of 2024 Regarding Cancelling the License for Securities Activities of Al-Madar Investment Company
Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and amendments thereto; and
- The application submitted by Al-Madar Investment Company to cancel all securities activities and remove its name from the licensed persons register at the CMA; and
- The decision of the Extraordinary General Assembly of Al-Madar Investment Company passed in its meeting on 14/03/2024 on approving the amendment of the objectives for which the Company was established pursuant to the provisions of the Commercial Companies Law No. (15) of 1960, and notation of the same in the commercial register at the Ministry of Commerce & Industry on 16/04/2024; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved:
Article (1)
The license of all securities activities granted to Al-Madar Investment Company is hereby cancelled. The Company shall safeguard the clients’ funds and assets until they are handed over to them or to the party concerned with holding, managing or safekeeping them. It shall be removed from the licensed persons register at the CMA, after fulfilling the requirements of the CMA in this regard.
Article (2)
The Company shall hand over to the clients their funds and assets or to the party concerned with holding, managing, or safekeeping them within a period of one calendar year starting from the issuance date of this Resolution.
Article (3)
The Company shall provide the CMA with a monthly report from the issuance date of this Resolution on the termination of the Company’s business related to clients’ funds and assets, until it completes the handover.
Article (4)
The Company shall fulfill all the legal obligations stipulated under Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and amendments thereto, for the period prior to the entry into force of this Resolution.
Article (5)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 29/04/2024.