CmaBoardReleases
Title: Resolution No. (171) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities
Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and
- The license application of securities activities submitted through the electronic portal No. LSN20220019; and
- Based on Resolution No. (141) of 2022 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 04/09/2022.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval for incorporating a Closed Shareholding Company to practice securities activities. Its details are as follows:
Securities Activities:
- Investment Portfolio Manager.
- Investment Advisor.
- Custodian.
- Collective Investment Scheme Manager.
- Subscription Agent.
Capital: KWD 45,000,000 (forty-five million Kuwaiti Dinars)
This is for the Company founders mentioned in the following table:
No. |
Name |
Ownership |
Nationality |
1 |
Kuwait International Bank |
99.99% |
|
2 |
Marzook Khaled Yousef Al-Marzook |
0014% |
Kuwaiti |
3 |
Raed Jawad Ahmed Bukhamseen |
0014% |
Kuwaiti |
4 |
Anwar Jawad Ahmed Bukhamseen |
0014% |
Kuwaiti |
5 |
Mohammad Jarrah Sabah Al-Sabah |
0014% |
Kuwaiti |
6 |
Abdullah Abdul-Samad Abdullah Marafi |
0014% |
Kuwaiti |
7 |
Jassem Hassan Ali Zainal |
0014% |
Kuwaiti |
8 |
Saleh Sulaiman Trad Faraj Al-Trad |
0014% |
Kuwaiti |
This approval shall be valid for six renewable months as of 13/11/2022 and ending on 13/05/2023, in order to meet the criteria specified by the CMA.
Article (2)
The Shareholding Company under incorporation will be granted a license according to this Resolution in its final approved name after completing the requirements mentioned in the preliminary approval letter issued by the CMA, for three renewable years starting on the date of issuance of the CMA license certificate and after paying the prescribed fees.
Article (3)
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: 13/11/2022.
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