CMA LAW: Resolution No. (01) of 2015 Regarding A Private Marketing License of a Foreign Collective Investment Scheme Granted to the National Bank of Kuwait – (K.P.S.C.) for the Islamic Equipment Leasing Fund IV Ltd

Resolution No. (01) of 2015

Regarding

A Private Marketing License of a Foreign Collective Investment Scheme Granted to the National Bank of Kuwait – (K.P.S.C.) for the Islamic Equipment Leasing Fund IV Ltd

Having Perused:

• Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its Executive Bylaws; and

• The Memorandum and the Articles of Association of the National Bank of Kuwait – (K.P.S.C.), and the agreement between the investment manager of Wafra Capital Partners L.P, and the marketing manager in the National Bank of Kuwait – (K.P.S.C.); and

• Based on the request of the National Bank of Kuwait – (K.P.S.C.) on 24/11/2014 to conduct the private marketing for the Islamic Equipment Leasing Fund IV Ltd; and

• Based on the approval of the Central Bank of Kuwait dated 29/12/2014; and

• Based on the Capital Markets Authority Board of Commissioners' Resolution No. (60) of 2014 regarding delegating some jurisdictions of the Supervision Sector; 

The Following Was Resolved

Article (1):

The National Bank of Kuwait – (K.P.S.C.) is hereby licensed to market 20,000,000 units (twenty million units) of the Islamic Equipment Leasing Fund IV Ltd as a private marketing inside the State of Kuwait. It is established in the Cayman Islands in an offer price of $10 per unit, with a minimum subscription unit is $380,000.

            Article (2):

            The objectives of the Collective Investment Scheme are as mentioned in the          Subscription Prospectus.

            Article (3):

            The license term is one year renewable annually after paying the required fees.

            Article (4):

            The concerned bodies shall execute this Resolution, each within its             jurisdiction. This Resolution shall come into force from the date of its             publication in the Official Gazette.

               Mishaal M. Al-Usaimi

 Vice Chairman, CMA Board of Commissioners

Issued on: 7/1/2015       

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