Title: Resolution No. (99) of 2023 Regarding the License Application Submitted by Burgan Bank to Practice Securities Activities

Having Perused:

- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws and their amendments; and

- Resolution No. (200) of 2022 Regarding the License Application Submitted by Burgan Bank to Practice Securities Activities pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws and their amendments issued on 28/12/2022; and

- The application submitted by Burgan Bank to renew the preliminary approval issued by the CMA for a similar period; 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 preliminary approval granted to Burgan Bank is hereby renewed to license the following activities:

1. Investment Portfolio Manager.
2. Investment Advisor.
3. Securities Broker not registered with an Exchange.

The approval is valid for six months starting from 29/06/2023 and ending on 28/12/2023 in order to meet the criteria specified by the CMA.

 Article (2)

The Bank mentioned in this Resolution shall be granted a license after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The license is valid for a renewable period of three years starting from the date of issuance of the CMA license certificate, and after the payment of the prescribed fee.

 Article (3)

The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance, and it shall be published in the Official Gazette.

 
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 21/06/2023

Copy of the Official Document