CmaBoardReleases
Title: Resolution No. (115) of 2018 Regarding the License Application Submitted by Warba Bank 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 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 Executive Bylaws and their amendments; and
- The application submitted by Warba Bank for a securities activities license, the last of which was on 30/05/2018; and
- Resolution No. (20) of 2018 regarding amending the final approval of authorizations for the Supervision Sector’s procedures issued on 11/02/2018.
The Following Was Resolved
Article (1)
Warba Bank is hereby granted a preliminary approval for licensing the following activities:
1-Investment Portfolio Manager
2-Collective Investment Scheme Manager
3- Investment Advisor
4- Subscription Agent
5- custodian
The approval is valid for six renewable months starting from 14/08/2018 and ending on 13/02/2019, in order meet the criteria specified by the CMA.
Article (2)
Warba Bank will be granted a license after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The CMA license certificate will have a validity of three years starting on the date of issuance, after paying the required fee upon licensing.
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 and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Acting Head of Supervision Sector
Issued on: 14/08/2018