CMA LAW: Resolution No. (14) of 2012 of CMA Board of Commissioners Concerning Amendments of Articles No. (313) and (315) of Chapter (8) of the Executive Bylaw

Resolution No. (14) of 2012

of CMA Board of Commissioners

Concerning

Amendments of Articles No. (313) and (315)

of Chapter (8) of the Executive Bylaw

Having perused:

• Law No. 7 of 2010 concerning the Establishment of the Capital Markets Authority and Regulating Securities Activity; and
• The Executive Bylaw of Law No. 7 of 2010 issued on 3/3/2011 and amendments thereto; and
• Based on the CMA Board of Commissioners resolution in its meeting No. ( 23 ) of 2012 held on 3/10/2012 concerning its approval of the amendment of Articles ( 313 ) and ( 315 ) of the eighth Chapter of the Executive Bylaw;

The Following Was Resolved

Article 1:    The text of both Articles (313) and (315) of the eighth chapter of the Executive Bylaw shall be amended to be as follows:

Article (313)

“Every Investment Fund shall have a Board of Directors appointed by the Unit Holders Assembly upon the approval of the Authority. With the exception that the fund manager appoints the constituent board for a term of no more than the first fiscal year upon the approval of the Authority.  The Board of Directors' meetings shall be held and managed according to the Articles of Association of the fund."

Article (315)

“The members of Fund's Board of Directors are paid for their services fees determined by the Unit Holders Assembly; with the exception that the Fund Manager shall determine the fees for the members of constituent board of the fund, provided that such fees are included in the fund issuance prospectus."

Article 2:    The concerned entities shall execute this resolution, each in its capacity, and it shall become effective as of the date of its publication in the Official Gazette.

Saleh Mubarak Al-Falah

Chairman, CMA Board of Commissioners

Issued on 16/10/2012 

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