CmaBoardReleases
Title: Resolution No. (58) of 2022 Regarding the License Application Submitted by HSBC Bank Middle East LTD to Practice Securities Activities
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
- Resolution No. (114) of 2021 Regarding the License Application Submitted by HSBC Bank Middle East LTD to Practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and amendments issued on 07/10/2021; and
- Based on the application submitted by HSBC Bank Middle East LTD to renew the preliminary approval issued by the CMA for a similar period; and
- Based on Resolution No. (48) of 2022 regarding amending the final approval of authorizations for the Supervision Sector’s procedures issued on 03/04/2022.
The Following Was Resolved
Article (1)
The preliminary approval granted to HSBC Bank Middle East LTD for licensing the activity of Investment Advisor is hereby renewed.
The approval is valid for six months starting from 07/04/2022 and ending on 06/10/2022 in order to meet the criteria specified by the CMA.
Article (2)
The Bank mentioned in this Resolution shall be granted a license after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The license will be valid for a renewable period of three years starting on the date of issuance of the CMA license certificate, and after the payment of the required fee.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 17/04/2022