CmaBoardReleases
Title: Resolution No. (11) of 2024 Regarding Guidelines for the Valuation or Study of Impairment of Assets
Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and amendments thereto; and
- CMA Board of Commissioners Resolution passed in its meeting No. (03) of 2024 held on 31/01/2024.
The Following Was Resolved
Article (1)
Module Five (Securities Activities and Registered Persons), Module Eight (Conduct of Business), Module Twelve (Listing Rules), Module Thirteen (Collective Investment Schemes),Module Fifteen (Corporate Governance) and Module Nineteen (Financial Technologies), of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and amendments thereto are hereby amended pursuant to Annex (1) attached to this Resolution.
Article (2)
Appendix (1) “Real Estate Assets Valuation” is hereby replaced by Appendix (1) “Minimum Requirements for the Valuation or Assessment of the Impairment of Assets” of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and amendments thereto, pursuant to Annex (2) attached to this Resolution.
Article (3)
The existing Collective Investment Schemes concerned with the provisions of this Resolution are hereby granted a transitional period to regularize their situations by taking the following actions:
1. Fund Managers and collective investment schemes managers shall submit a request to the Authority to amend the articles of association of investment funds and the contractual collective investment schemes contracts in accordance with the new provisions stipulated in this Resolution, during the period from 08/10/2024 and no later than 31/10/2024.
2. The provisions of this Resolution supplement the other regulatory requirements for the valuation of investment funds assets and contractual collective investment schemes, and its provisions shall apply only to existing investment funds and contractual collective investment schemes.
Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction, and it shall take effect from 31/10/2024, and it shall be taken into consideration and complied with when issuing any financial statements (annual or periodic) ending on or after 31/12/2024, and it shall be published in the Official Gazette.
Prof. Ahmad Almelhem
Issued on: 04/02/2024.
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