Title: Resolution No. (83) of 2023 Regarding Cancelling the License of Some of the Securities Activities of Burgan Bank and Amending the List of Licensed Activities in the Licensed Persons Register

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 Burgan Bank to cancel some securities activities and amend the list of licensed activities in the licensed persons register at the CMA; and

- The decision of the Extraordinary General Assembly of Burgan Bank passed in its meeting on 01/04/2023 regarding approving the amendment of the objectives for which the Company was established pursuant to the provisions of the Commercial Companies Law No. (15) of 1960, and notation of the same in the commercial register at the Ministry of Commerce & Industry on 14/05/2023; and

- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.

The Following Was Resolved

Article (1)
The license of the following securities activities of Burgan Bank is hereby cancelled:
1. Investment Controller.
2. Collective Investment Scheme Manager.
The list of licensed activities in the licensed persons register at the CMA is hereby amended. 

Article (2)
The Bank shall remain a licensed person for the other licensed securities activities registered in the licensed persons register pursuant to the license issued by the CMA.
 

Article (3)

The Bank shall meet all legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, for the period prior to the enforcement of this Resolution.

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, and it shall be published in the Official Gazette. 
 

Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 08/06/2023

Copy of the Official Document