CmaBoardReleases
Title: Resolution No. (69) 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. (83) 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. (22) of 2016 held on 13/7/2016.
The Following Was Resolved
Article (1)
The investment companies mentioned in the table 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 is three years starting from the issue date of CMA license certificate, after paying the fee when licensing the activities added the company’s objectives. The companies shall pay the fee when renewing the license for any other term(s) pursuant to the Law, its Executive Bylaws and the CMA’s resolutions and regulations. The following table includes the companies and the activities they are licensed to practice according to this Article:
Company’s Name / Licensed Activities
1. Al-Fouz Investment Company
- Securities Broker not registered with an Exchange
- Investment Advisor
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Subscription Agent
2. Hayat Invest Company
- Securities Broker not registered with an Exchange
3. Alimtiaz Investment Group Company
- Securities Broker not registered with an Exchange
- Investment Advisor
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Subscription Agent
4. OSOUL Investment Company
- Investment Controller
Article (2)
The initial approval period granted to the companies mentioned in the table below, which ended on 12/5/2016 without having their situations regularized in respect of the securities activities, is hereby ended. However, they shall guard the clients’ funds until they are handed over to them or to the person that is concerned with holding, managing or safekeeping them with regard to all the activities included in the mentioned table:
Company’s Name / Securities Activities
1. Al-Fanar Investment Company
- Investment Advisor
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Custodian
- Subscription Agent
2. Arabian Capital Investment and Finance Company
- Investment Advisor
- Investment Portfolio Manager
- Subscription Agent
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: 14/7/2016