Title: Resolution No. (116) of 2020 Regarding Granting a Collective Investment Scheme License to Rasameel Investment Company for the Incorporation of Al-Nokhetha Fund
Date Publish 12 November 2020
- 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
- Based on the request of Rasameel Investment Company for the incorporation of Al-Nokhetha Fund in the State of Kuwait; and
- Memorandum and Articles of Association of Rasameel Investment Company; and
- Articles of Association, Issuance Prospectus, and Agreements of administrative service providers of Al-Nokhetha Fund; and
- Resolution No. (149) of 2018 regarding amending the final approval of authorizations for the Supervision Sector’s procedures issued on 25/11/2018.
The Following Was Resolved:
Rasameel Investment Company is hereby granted approval to incorporate Al-Nokhetha Fund in a variable capital ranging between a minimum of US Dollars 5,000,000 (Five Million US Dollars only) and a maximum of US Dollars 500,000,000 (Five Hundred Million US Dollars only) in a nominal value of US Dollars 10 per unit (Ten US Dollars only). The minimum subscription limit of the individuals is 10,000 units (Ten Thousand only) and the multiples of 1,000 units (One Thousand only) thereafter, and the minimum subscription limit of the institutions is 50,000 units (Fifty Thousand only) and the multiples of 5,000 units (Five Thousand only) thereafter.
The units to be offered for subscription shall be 50,000,000 units (Fifty Million units only) which is US Dollars 500,000,000 (Five Hundred Million US Dollars only). The Fund manager's participation in the Fund’s units shall not be less than 5%. The Fund Manager shall not dispose of those units that represent the mentioned minimum limit nor redeem them during the period of his management to the Fund.
The parties receiving the subscription applications are as follows:
• Rasameel Investment Company
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
The Fund’s term is 10 calendar years, starting from the date of its registration in the Funds Register at the CMA. It is renewed for other similar terms after obtaining the approval of the CMA and the unit holders that represent more than 50% of the Fund’s capital.
The Fund is granted a temporary license for three months from the date of the approval letter of granting the license issued by the CMA for the purpose of completing the CMA’s requirements and the minimum limit of the Fund’s capital. The Fund is not permitted to practice any of its activities based on this temporary license.
In the event of the expiration of the temporary license without completing the requirements stipulated in Article (5) of this Resolution, the temporary license shall be revoked, unless the license term is extended for another similar term upon the request of the licensed person before the end of the original license term.
The assigned fees shall be paid within a month from the date of this Resolution. In case of default, this Resolution shall be considered null and void.
The Fund is licensed, after completing the minimum limit of the capital, for three years from the date of its registration in the Funds Register at the CMA.
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.
Head of Supervision Sector
Issued on: 12/11/2020
Copy of the Official Document
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