CmaBoardReleases
Title: Resolution No. (72) of 2017 on the License Request Submitted by Gatehouse Capital to Practice Securities Activities Pursuant to Law No. (7) of 2010 on 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 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and
- Resolution No. (123) of 2016 on the License Request Submitted by Gatehouse Capital to Practice Securities Activities According to the Provisions of Islamic Sharia Pursuant to Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments issued on 13/12/2016; and
- Based on the letter of Gatehouse Capital dated 7/3/2017 on amending the licensing request to practice securities activities by canceling the activity of Collective Investment Scheme Manager, and to practice activities not according to the provisions of Islamic Sharia; and
- The application form of licensing securities activities submitted to the CMA on26/3/2017; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (18) of 2017 held on 3/5/2017.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval to Gatehouse Capital to license the following activities:
- Investment Portfolio Manager
- Investment Advisor
- Subscription Agent
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, after paying the required fee for the license.
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)
Resolution No. (123) of 2016 on the License Request Submitted by Gatehouse Capital to Practice Securities Activities According to the Provisions of Islamic Sharia Pursuant to Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments issued on 13/12/2016 is hereby revoked.
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.
Abdulmohsen H. Al-Mazidi
Acting Chairman of CMA Board of Commissioners
and Managing Director
Issued on: 16/5/2017