Title: Resolution No. (129) of 2023 Regarding Renewal of the 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 

-Resolution No. (151) of 2022 issued on 04/10/2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities; and

- Resolution No. (161) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities issued on 20/10/2022; and

-Resolution No. (57) of 2023 Regarding Renewal of the Preliminary Approval for the Incorporation of a Company to Practice Securities Activities issued on 18/04/2023; and

- Based on the application of the founders of a company under incorporation to renew the preliminary approval issued by the CMA for a similar period; and

- CMA Board of Commissioners Resolution No. (27) of 2023 held on 20/09/2023; 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 is hereby renewed for incorporating a closed shareholding company to practice securities activities. Its data are as follows:

• Securities Activities:
-Subscription Agent

• Capital: KWD 1,000,000 (one million Kuwaiti Dinars)
This is for the Company founders mentioned in the following table:

This approval is valid for six renewable months as of 03/10/2023 and ends on 02/04/2024, in order to meet the criteria specified by the CMA.

Article (2)
The company under incorporation is hereby licensed according to this Resolution, in its final approved name and after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The License is for three renewable years as of the date of issuance of the CMA license certificate, and after paying 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 its issuance and it shall be published in the Official Gazette. 
 

Zeyad Al-Fulaij 
Head of Supervision Sector 
Issued on: 24/09/2023.

Copy of the Official Document