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Title: Resolution No. (180) of 2023 Regarding the License Application Submitted by Al Mowazi Capital Company to Practice Securities Activities
Date Publish
27 December 2023
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
- Resolution No. (199) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities issued on 28/12/2022; and
- Resolution No. (93) of 2023 Regarding Renewal of the Preliminary Approval for the Incorporation of a Company to Practice Securities Activities issued on 18/06/2023; and
- Based on the letter received from Al Mowazi Capital Company on 05/12/2023 regarding the incorporation of a company to practice securities activities; and
- Based on the application of Al Mowazi Capital Company to renew the preliminary approval issued by the CMA for a similar period; and
- CMA Board of Commissioners Resolution passed in its meeting No. (39) of 2023 held on 27/12/2023; 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 granted for Al Mowazi Capital Company to license the activity of Securities Broker not registered with an Exchange is hereby renewed.
This approval is valid for six months, renewable, starting from 27/12/2023 and ending on 26/06/2024 in order to meet the criteria specified by the CMA.
Article (2)
The Company mentioned in this Resolution shall be granted a license upon completion of the requirements stated in the preliminary approval letter issued by the CMA. This license is valid for a renewable period of three years, starting from the date of issuance of the CMA license certificate, and upon 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: 27/12/2023.
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