Title: Resolution No. (35) of 2019 Regarding Revoking the Securities Activities License of Al-Fouz Investment Company and Deleting the company’s name from the Licensed Persons Register at the CMA
Date Publish 14 March 2019
- 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 securities activities license certificate of Al-Fouz Investment Company No. (AP/2016/0020) issued on 18/07/2016; and
-Resolution No. (152) of 2018 issued on 29/11/2018 Regarding Suspending the Securities Activities License of Al-Fouz Investment Company; and
- CMA Board of Commissioners Resolution passed in its meeting No. (08) of 2019 held on 06/03/2019.
The Following Was Resolved:
The securities activities license of Al-Fouz Investment Company is hereby revoked and is deleted from the licensed persons register at the CMA. The company is obliged to safe-keep the clients’ funds and assets until they are handed over to them or to the party that is responsible to hold, manage or safe-keep them.
The company is obliged to safe-keep the clients’ funds and assets until they are handed over to them or to the party that is responsible to hold, manage or safe-keep them, within one year of the issuance of this resolution.
The Company is obliged to submit to the Authority a monthly report from the issuance date of this resolution on the termination of the company's business related to the client’s funds and assets until the completion of the hand over.
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: 14/03/2019
Copy of the Official Document
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