CMA LAW: Resolution No. (96) of 2016 Regarding Renewal of the Initial Approval of Incorporating a Kuwaiti Closed Shareholding Company to practice Securities Activities 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 

- Resolution No. (31) of 2016 Regarding Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding Company to Practice Securities Activities by Kuwait Clearing Agency and others, Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments issued on 13/4/2016; and

- CMA Memo No. (002539/C.C/1/3/2016) addressed to Kuwait Clearing Agency on the Initial Approval of Incorporating a Kuwaiti Closed Shareholding Company to practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments

- CMA Memo No. (002540/C.C/1/3/2016) addressed to Chamber of Commerce and Industry on 14/04/2016 on the Initial Approval of Incorporating a Kuwaiti Closed Shareholding Company to practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and

- The request submitted to the Capital Markets Authority on 18/09/2016 to renew the preliminary approval of the CMA for an equivalent period; and

- CMA Board of Commissioners Resolution passed in its meeting No. (34) of 2016 held on 13/10/2016. 

The Following Was Resolved

Article (1)
Initial approval shall be granted for six equivalent months for incorporating a Kuwaiti Closed Shareholding Company to practice securities activities pursuant to the facts identified in Resolution No. (31) of 2016 Regarding Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding Company to Practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments issued on 13/04/2016 and the CMA Memo reference No. (002539/C.C/1/3/2016) issued on 14/04/2016.

Article (2)
The approval is valid for six equivalent months ending on13/04/2017, in order to complete the procedures required for incorporating the Company to practice the licensed securities activities and to fulfil specific criteria.

Article (3)
The Company referred to in this Resolution shall comply with the transitional provisions mentioned in Appendix (3) of Resolution No. (72) of 2015 on the issuance of the Executive Bylaws of Law No. (7) of 2010 and its amendments, and Resolution No. (31) of 2016 Regarding Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding Company to Practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments issued on 13/04/2016 and the CMA Memo reference No. (002539/C.C/1/3/2016) issued on 14/04/2016.

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. It shall be published in the Official Gazette. 

Dr. Nayef Falah Al-Hajraf
Chairman of CMA Board of Commissioners

Issued on: 25/10/2016

Copy of the Official Document

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