Title: Resolution No. (97) of 2019 Regarding Granting a Collective Investment Scheme License to KFH Capital Investment Company for the Incorporation of Takamul Investment Scheme in the Nutrition Sector.
Date Publish 03 June 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 KFH Capital Investment Company for the Incorporation of Takamul contractual Nutrition Company in the State of Kuwait; and
- Based on the request of KFH Capital Investment Company for the Incorporation of Takamul Investment Scheme in the Nutrition Sector in the State of Kuwait; and
- Memorandum and Articles of Association of KFH Capital Investment Company; and
- Agreements of administrative service providers of Takamul Investment Scheme in the Nutrition Sector; 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:
KFH Capital Investment Company is hereby granted approval to incorporate Takamul Investmnt Scheme in the Nutrition Sector in a fixed capital of KWD 2.500.000 (Two Million and Five Hundred Thousand KWD only) in a nominal value of KWD 100.000 per unit (One Hundred Thousand KWD only). The minimum subscription limit is one unit and its multiples
25 units shall be offered for subscription, which is KWD 2.500.000 (Two Million and Five Hundred Thousand KWD only). The Scheme manager's participation in the Fund’s units shall not be less than one unit.
The parties receiving the subscription applications are as follows:
• KFH Capital Investment Company
The objectives of the Collective Investment Scheme are as mentioned in the contractual collective investment scheme prospectus.
The Scheme’s term is 5 calendar years, starting from the date of its registration in the collective investment schemes Register at the CMA. It is renewed for one year, two times for a similar period after the approval of the Authority.
The Scheme is granted a temporary license for six 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 Scheme’s capital. The Scheme 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 applicant may terminate the subscription period and be content with the subscribed capital at any time. He may also submit to the Authority to extend the validity of the temporary license before the expiry of the original license period and the Authority may take whatever it deems appropriate for the advantage of the contractual collective investment scheme.
If the temporary license expires without completing the minimum limit of the capital, the temporary license shall be canceled. In this case, the manager of the collective investment scheme shall return any funds collected from the clients and profits they have made within a maximum period of ten working days from the date of canceling the approval, the Authority shall be notified about it in a letter.
Takamul Contractual Nutrition Company is establishing a special purpose entity to issue new units in the capital of the unit holders in the contractual collective investment scheme so that the partners of the special purpose company are the participants in the contractual collective investment scheme and register the units of the contractual collective investment scheme in the names of the participants in the scheme.
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 Scheme is licensed, after completing the minimum limit of the capital, for three years from the date of its registration in the collective investment scheme 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: 02/06/2019
Copy of the Official Document
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