CMA LAW: Resolution No. (11) of 2012 Regarding Settlement of Real Estate Funds Situations

Resolution No. (11) of 2012

Regarding

Settlement of Real Estate Funds Situations

Having perused:

• Law No. (7) of 2010 regarding Establishment of the Capital Markets Authority & Regulating Securities Activity, and 
• The Executive Bylaw of the Law No. (7) of 2010 issued on 03/03/2011, and 
• Resolution of CMA Board of Commissioners passed in its meeting No. (15) of 2012 held on 27/06/2012 regarding approval of regulations for investment funds, and
• CMA Resolution No. (8) of 2012 regarding approval of regulations for investment in real estate funds issued on 08/07/2012, and
• Based on Resolution of CMA Board of Commissioners passed in its meeting No. (16) of 2012 held on 12.07.2012 regarding approval of granting grace period to real estate funds for settling their situations according to the regulations for investment in such funds;

We Resolved as Follows

Article (1): Grace period shall be granted up to 30/06/2012 to real estate funds in order to settle their situations according to the regulations for investment in such funds issued under CMA Resolution No. (8) of 2012 dated 08/07/2012 in this regard.

Article (2): The concerned bodies shall implement this resolution, which comes into effect from the date of issuance hereof.

Saleh Mubarak Al-Falah

Chairman, CMA Board of Commissioners

Issued on 30/07/2012

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