CmaBoardReleases
Title: Resolution No. (32) of 2016 Regarding Regularizing the Situations of Investment Companies Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments
Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and
- Resolution No. (75) on licensing the investment companies which regularized their situations pursuant to 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
- CMA Board of Commissioners Resolution passed in its meeting No. (13) of 2016 held on 13/4/2016.
The Following Was Resolved
Article (1)
The investment companies listed below, which regularized their situations pursuant to Law No. (7) of 2010 and its amendments, and CMA resolutions and regulations issued in this regard, are hereby licensed. The license term for the mentioned companies shall be three years starting from the date of issuing the CMA license certificate, and after paying the required fee when licensing the activities added to the company's objectives. The mentioned companies shall pay the fee when renewing the license for any other term (s) according to CMA's Law, resolutions, and regulations. The table below includes the companies and the activities they are licensed to practice according to this Article:
Sr. |
Company Name |
Licensed Activity |
1 |
Aref Investment Group Company |
|
2 |
The Securities House Company |
|
3 |
Dimah Capital Investment Company |
|
4 |
Cap Corp Investment Company |
|
5 |
Massaleh Investments Company |
|
6 |
AlSafat Investment Company |
|
7 |
Al-Aman Investment Company |
|
8 |
Al-Masar Leasing & Investment Company |
|
9 |
National Leasing and Financing Company |
|
Article (2)
The initial approval period for the companies mentioned below is hereby ended. It ended on 10/3/2016 and the companies did not regularize their situations regarding the securities activities. The companies shall guard the clients’ funds until they are handed to them, or for whoever is of relevance in respect of keeping and managing them for the activities mentioned below:
Sr. |
Company Name |
Securities Activities |
1 |
Mena Investment Company |
|
2 |
Murabahat Investment Co |
|
3 |
Farabi Investment Company |
|
4 |
Kuwait Finance House Investment Company |
|
5 |
International Investment Group Company |
|
6 |
AMWAL International Investment Company |
|
Article (3)
All companies mentioned in Article (1) of this Resolution shall comply with the transitional provisions mentioned in Appendix No. (3) of Resolution No. (72) of 2015 regarding the issuance of the Executive Bylaws of Law No. (7) of 2010 and its amendments.
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.
Dr. Nayef Falah Al-Hajraf
Chairman of the Board of Commissioners
Issued on: 20/4/2016