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Title: Resolution No. (49) of 2019 Regarding Renewal of the Preliminary 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 Executive Bylaws and their Amendments
Date Publish
09 April 2019
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
- Resolution No. (31) of 2016 Regarding Granting Preliminary 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; and
- CMA Board of Commissioners Resolution No. (96) of 2016 Regarding Renewal of the Preliminary 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
- Resolution No. (05) of 2017 Regarding Amending CMA’s Resolution No. (31) of 2016 on Granting Preliminary 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; and
- Resolution No. (56) of 2017 Regarding Renewing the Preliminary Approval for the Incorporation of a Kuwaiti Closed Shareholding Company 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 Amendments; and
- Resolution No. (145) of 2017 Regarding Renewal of the Preliminary 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 Executive Bylaws and their Amendments; and
- Resolution No. (43) of 2018 Regarding Renewal of the Preliminary 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 Executive Bylaws and its Amendments; and
- Resolution No. (117) of 2018 Regarding Renewal of the Preliminary 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 Executive Bylaws and their Amendments
- The request of Kuwait International Trustee Company to renew the preliminary approval issued by the CMA for a similar period; and
- Resolution No. (149) of 2018 on amending the final approval of authorizations for the Supervision Sector’s procedures issued on 25/11/2018.
The Following Was Resolved
Article (1)
The preliminary approval is hereby renewed for six months for incorporating a Kuwaiti Closed Shareholding Company to practice securities activities pursuant to the information mentioned in Resolution No. (05) of 2017 issued on 19/01/2017 Regarding Amending CMA’s Resolution No. (31) of 2016 on Granting Preliminary 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 their Amendments.
Article (2)
The approval starts from 12/04/2019 and ends on 10/10/2019, in order to complete the procedures required for incorporating the Company to practice the licensed securities activities and to meet the criteria specified by the CMA.
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 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 12/04/2019 and It shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 09/04/2019
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