Title: Resolution No. (131) of 2021 Regarding Rejection of Renewal of the Securities Activities License of Al-Mal Investment Company

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-Mal Investment Company No. (AP/2015/0031) issued on 05/10/2018; and

- The request of Al-Mal Investment Company to renew the license of the securities activities at the CMA; and

- Based on CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2021 held on 17/11/2021.

The Following Was Resolved
Article (1)

The renewal of the securities activities license for Al-Mal Investment Company is hereby rejected for the following activities:

1. Investment Portfolio Manager.
2. Collective Investment Scheme Manager.
3. Investment Advisor.
4. Subscription Agent.

Article (2)

The Company shall hand over the clients’ funds and assets to them or to the party that is responsible to hold, manage or safe-keep them within a period of one calendar year starting on the issuance date of this Resolution.

Article (3)

The Company shall 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 clients’ funds and assets until the completion of the hand over work.

Article (4)

The Company 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 (5)

The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 05/10/2021, and it shall be published in the Official Gazette.
 

Prof. Ahmad Al-Melhem

Issued on: 21/11/2021

Copy of the Official Document