Board Releases
 
 
Back to Search

A+ A-
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


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 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:


Article (1)
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.

Article (2)

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.

 

Article (3)

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.


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: 14/03/2019

 

Copy of the Official Document

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
In this section