CMA LAW: CMA Resolution No. (5) of 2013 Regarding Granting a Private Marketing License to KIPCO Asset Management Company K.S.C. (Closed) for Etqan Sharia Fund

Having Perused:
- Law No. (7) of 2010 of the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws; and

- Based on the request of KIPCO Asset Management Company K.S.C (Closed) to conduct a private marketing for Etqan Sharia Fund in the State of Kuwait; and 

- The Articles and Memorandum of Association of KIPCO Asset Management Company K.S.C (Closed) and the agreement between the Fund’s investment manager – Etqan Sharia Capital Partners and the marketing manager of KIPCO Asset Management Company K.S.C (Closed); and

- Based on CMA Board of Commissioners Resolution No. (6) of 2013 passed in its meeting No. (4) of 2013 held on 13/3/2013 on delegating some competences of the Markets Regulation Sector;

The Following Was Resolved

Article (1)
KIPCO Asset Management Company K.S.C (Closed) is hereby licensed to market Etqan Sharia Fund as a private marketing in the State of Kuwait. It is established in the Cayman Islands in a minimum variable capital of $23,000,000/- and a maximum of $200,000,000/- provided that the maximum limit to be marketed in the State of Kuwait is $200,000,000/- and the minimum subscription limit is $1,000,000. 

Article (2)
Objectives of the Fund shall be as mentioned in the prospectus.

Article (3)
The marketing license is for a year renewable annually after paying the specified fees.

Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. It shall come into force from the date of publication in the Official Gazette.

Mishaal M. Al-Usaimi
Board of Commissioners Member

Issued on: 17/6/2013
     

نسخة pdf

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