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Title: Resolution No. (12) of 2025 Regarding Cancelling the License for Some Securities Activities of KFIC Brokerage Company and Amendment of the List of Licensed Activities in the Licensed Persons Register
Date Publish
21 January 2025
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
- The application submitted by KFIC Brokerage Company to cancel some securities activities to amend the list of licensed activities in the licensed persons register at the CMA; and
- The decision of the Extraordinary General Assembly of KFIC Brokerage Company passed in its meeting on 20/05/2024 regarding approving the amendment of the objectives for which the Company was established pursuant to the provisions of the Commercial Companies Law No. 15 of 1960, and notation of the same in the commercial register at the Ministry of Commerce & Industry on 03/06/2024; and
- Based on Resolution No. (04) of 2025 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/01/2025.
The Following Was Resolved
Article (1)
The securities activities license of Securities Broker not Registered with an Exchange of KFIC Brokerage Company is hereby cancelled.
The list of licensed activities in the licensed persons register at the CMA is hereby amended.
Article (2)
The Company shall remain a licensed person for the other licensed securities activities registered in the licensed persons register pursuant to the license issued by the CMA.
Article (3)
The Company shall meet all legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, for the period prior to the enforcement of this Resolution.
Article (4)
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: 21/01/2025
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