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Title: Resolution No. (37) of 2014 of Capital Markets Authoritys Board of Commissioners Regarding Licensing the Investment Companies which have Adjusted their Situations Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activity, and its Executive Bylaw
Date Publish
24 November 2015
Resolution No. (37) of 2014
of Capital Markets Authority's Board of Commissioners
Regarding
Licensing the Investment Companies which have Adjusted their Situations Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activity, and its Executive Bylaw
Having Perused:
- Law No. (7) of 2010 regarding the " Establishment of the Capital Markets Authority and Regulating Securities' Activity", and its Executive Bylaw; and
- CMA Board of Commissioners' Resolution passed in its meeting No.(17) of 2014 held on 21/8/2014.
The Following Was Resolved
Article (1):
Licensing (9) investment companies which have adjusted their situations pursuant to the provisions of Law No. (7) of 2010 and its Executive Bylaw, in addition to the Authority's resolutions and regulations issued in this regard. The license granted to the mentioned companies is for three years starting from the date of the issuance of the license certificate. The mentioned companies are exempted from paying the initial fee of the license for such period for the licensed activities, provided that the mentioned companies shall pay the fee when renewing the license for any other term pursuant to the Authority's resolutions issued in this regard. The following table includes the licensed companies and the activities they are licensed to practice according to this Article:
|
S/N |
Company Name |
Licensed Activity |
|
1 |
Coast Investment and Development Company |
|
|
2 |
National Investments Company |
|
|
3 |
Kuwait & Middle East Financial Investment Company (KMEFIC) |
|
|
4 |
Kuwait Projects Asset Management Company (KAMCO)
|
|
|
5 |
Arzan Financial Group For Financing And Investment |
|
|
6 |
Wafra International Investment Co
|
|
|
7 |
Securities Group Company |
|
|
8 |
Global Investment House |
|
|
9 |
Strategia Investment Company |
|
Article (2):
The Authority grants an initial approval to (5) investment companies for a period of six months, which is renewable, starting from the date of the initial approval letter issued by the Authority in order to complete the legal procedures to amend the Memorandum and Articles of Association, in addition to the required activities that the company is permitted to practice as part of the purposes of its establishment, or to meet certain standards. The following table includes the companies that are granted initial approval and the activities they are permitted to practice according to this Article:
|
S/N |
Company Name |
Activities Granted Initial Approval |
|
1 |
Strategia Investment Company |
|
|
2 |
Noor Financial Investment Company |
|
|
3 |
Ahli Capital Investment Company |
|
|
4 |
Kuwait & Middle East Financial Investment Company (KMEFIC) |
|
|
5 |
IFA International Financial Advisors Company |
|
Article (3):
The companies mentioned in Article (2) of this Resolution shall be licensed after completing the requirements mentioned in the initial approval letter issued by the Authority for three renewable years from the date of issuing the Authority's license certificate, and after paying the required fee regarding licensing the activities added to the company's purposes. The company shall abide by paying the fee when renewing the license for any other term subject to the Law and its executive Bylaw, in addition to the Authority's resolutions and regulations.
Article (4):
Granting (6) companies additional grace period which lasts until 7/12/2014 to complete and fulfill the requirements of adjusting their situations pursuant to the provisions of Law No. (7) of 2010 and its Executive Bylaw, and according to the required activities. The following table includes the companies which are granted additional grace period pursuant to the provisions of this Article and the activities required for fulfilling their requirements:
|
S/N |
Company Name |
Required Activities |
|
1 |
IFA International Financial Advisors Company
|
|
|
2 |
Kuwait & Middle East Financial Investment Company (KMEFIC) |
|
|
3 |
Noor Financial Investment Company
|
|
|
4 |
Sharq Investment Company
|
|
|
5 |
KGL Investment Company |
|
|
6 |
Securities Group Company |
|
Article (5):
The concerned bodies shall execute this Resolution, each within its own jurisdiction. This Resolution shall come into force from the date of its issuance, and shall be published in the Official Gazette.
Dr. Faisal A. Al-Fahad
Acting Chairman, CMA Board of Commissioners
Issued on 13 / 8 / 2014
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