CmaBoardReleases
Back to Search
CMA LAW: Resolution No. (18) of 2017 Regarding Granting Preliminary Approval to Kuwait Financial Center Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments
Date Publish
20 February 2017
Having Perused:
- 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
- The license application submitted by Kuwait Financial Center; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (6) of 2017 held on 8/2/2017.
The Following Was Resolved
Article (1)
Kuwait Financial Center is hereby granted a preliminary approval of licensing Custodian activity. The approval is valid for six renewable months starting from the date of the preliminary approval letter issued by the CMA, 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, either to be included in the objectives of the Company’s establishment, or to meet certain criteria.
Article (2)
The mentioned Company is hereby licensed, after completing the license requirements mentioned in the preliminary approval letter issued by the CMA, for three renewable years from the issuance date of CMA license certificate. The Company shall pay the fee when renewing the license for any other period(s) pursuant to CMA’s Law and its Executive Bylaws and their amendments, in addition to CMA’s resolutions and regulations.
Article (3)
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, CMA Board of Commissioners
Issued on: 20/2/2017
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
