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Title: Resolution No. (37) of 2024 Regarding Extending the Period for Al-Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them
Date Publish
25 March 2024
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
- Based on Resolution No. (35) of 2019 Issued on 14/03/2019 Regarding Cancelling the Securities Activities License of Al-Fouz Investment Company No. (AP/2016/0020) and Removing it from the Licensed Persons Register at the CMA; and
- Based on Resolution No. (46) of 2022 Issued on 29/06/2020 Regarding Extending the Period for Al-Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them; and
- Based on Resolution No. (42) of 2021 Issued on 01/04/2021 Regarding Extending the Period for Al-Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them; and
- Based on Resolution No. (39) of 2022 Issued on 22/03/2022 Regarding Extending the Period for Al-Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them; and
- Based on Resolution No. (54) of 2023 Issued on 05/04/2023 Regarding Extending the Period for Al-Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (8) of 2024 held on 20/03/2024.
The Following Was Resolved:
Article (1)
The hand over period of the clients’ funds and assets to them or to the party that is responsible to hold, manage or safe-keep them shall be extended for the Company for one calendar year starting from 16/03/2024.
Article (2)
The Company shall submit to the CMA a detailed monthly report from the date mentioned in the above Article on the termination of the Company's business related to the clients’ funds and assets until the completion of the hand over.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 16/03/2024, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 25/03/2024.
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