CmaBoardReleases
Title: Resolution No. (148) of 2017 Regarding Amending the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments by Issuing Additional Provisions of Mandatory Acquisition
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. (72) of 2015 on the Issuance of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2017 held on 25/10/2017.
The Following Was Resolved
Article (1)
Module Nine (Mergers & Acquisitions) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments is hereby amended as shown in Appendix (1) attached with this Resolution.
Article (2)
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: 14/11/ 2017
Appendix (1) of Resolution No. (148) of 2017 Regarding Amending the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments by Issuing Additional Provisions of Mandatory Acquisition
Module |
Article |
Amendment |
Article after amendment |
Nine (Mergers & Acquisitions) |
Article (3-5-3) |
Addition |
Provisions of Mandatory Acquisition stipulated in this Module shall apply on the Person or any of its Subsidiaries or persons with whom they are Acting in Concert with, as a result of the ownership of the Person, its Subsidiary or those Acting in Concert with it, directly or indirectly, of a collected percentage that exceeds 30% of traded Securities of a Listed Shareholding Company |
|
Article (3-5-4) |
Addition |
The Authority shall issue a written and reasoned decision on the exemption of offering the Mandatory Acquisition Offer according to the exemption cases provided for in the Law and the Bylaws based on an application submitted by the Person that it decides the exemption for its interest. |
|
Article (3-5-5) |
Renumbering |
All persons comply with Mandatory Acquisition Offer provisions referred to in this Module shall follow the procedures of executing Mandatory Acquisition Offers set out in Appendix 5 of this Module. |