CMA LAW: Resolution No. (20) of 2016 Regarding 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 Amendments

Having Perused:

- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and

- Article (2) of Resolution No. (57) of 2015 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 Amendments, and its Executive Bylaws; and  

- CMA Board of Commissioners Resolution passed in its meeting No. (9) of 2016 held on 9/3/2016.

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 purposes. 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:  

Article (2)
The initial approval for AMWAL International Investment Company is hereby renewed for six final nonrenewable months, in order to complete the legal procedures of amending the Memorandum and Articles of Association by adding the required activities which the company is permitted to practice as part of the purposes of its establishment, or to fulfill specified criteria. The activities granted initial approval according to this Article are as follows:
• Investment Controller.
• Investment Portfolio Manager.

Article (3)
AMWAL International Investment Company which is mentioned in Article (2) of this Resolution shall be licensed after completing the requirements mentioned in the initial approval letter issued by the CMA for three renewable years from the issuance date of the CMA's license certificate, and after paying the required fee regarding licensing the activities which are added to the company's purposes. The companies shall pay the fee when renewing the license for any other term(s) subject to the Law and its amendments, in addition to the CMA's resolutions and regulations. 

Article (4)
All companies mentioned in in this Resolution shall abide by the transitional provisions included in Appendix (3) of Resolution No. (72) of 2016 on issuance of the Executive Bylaws of Law No. 7 of 2010 and its Amendments.

Article (5) 
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: 15/3/2016        

Copy of the Official Document

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