CmaBoardReleases
Title: Resolution No. (35) of 2022 Regarding the Calculation of the Minimum Value for Submitting the Request of Initiating the Procedures of Preventive Settlement, Restructuring or Declaring Bankruptcy
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
- Law No. (71) of 2020 Regarding the Issuance of the Law of Bankruptcy and its Executive Bylaws; and
- CMA Board of Commissioners Resolution passed in its meeting No. (7/2022) of 2022 held on 23/02/2022.
The Following Was Resolved:
Article (1):
The minimum value for submitting the request of initiating the procedures of preventive settlement, restructuring, or declaring bankruptcy for securities exchanges, clearing agencies, and persons licensed by the CMA shall be calculated pursuant to annex (1) attached to this Resolution.
Article (2):
The equations included in the annex attached to this Resolution are considered as part of the Executive Bylaws of Law No. (71) of 2020 Regarding the Issuance of the Bankruptcy Law, pursuant to the provisions of Articles (3), (4), and (5) thereof.
Article (3):
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.
Prof. Ahmad A. Al-Melhem
Issued on: 07/03/2022