Title: Resolution No. (46) of 2019 Regarding Granting a Collective Investment Scheme License to Kuwait Investment Company for the Incorporation of Smart Tech Investment Fund
Date Publish 31 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
- Based on the request of Kuwait Investment Company for the incorporation of Smart Tech Investment Fund; and
- Memorandum and Articles of Association of Kuwait Investment Company; and
- Articles of Association, issuance prospectus and agreements of administrative services providers of Kuwait Investment Company; 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:
Kuwait Investment Company is hereby granted approval to incorporate Smart Tech Investment Fund in a variable capital ranging between a minimum of USD 18,000,000 (Eighteen Million USD Only) and a maximum of USD 250,000,000 (Two Hundred and Fifty Million USD Only) in a nominal value of USD 100/- per unit (One Hundred USD Only). The minimum subscription limit in the Fund is 100 unit (One Hundred Units Only) when subscribing at the first time, and 10 units (ten units only) and multiples thereafter.
A total of 2,500,000 units (Two Million and Five Hundred Units Only) shall be offered for subscription, which is 250,000,000 USD. The Fund manager's participation shall not be less than 5% of the Fund's capital and shall not be disposed of or redeemed during the period of his management to the Fund.
The parties receiving the subscription applications are as follows:
· Kuwait Investment Company.
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
The Fund’s term is 5 calendar years, starting from the date of its registration in Funds Register at the CMA. It is automatically renewed for other similar periods(s) after the approval of the Authority.
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 of 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 CMA Register.
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: 31/03/2019
Copy of the Official Document
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