CmaBoardReleases
Title: Resolution No. (100) of 2022 Regarding Cancelling the Securities Activities License of Kuwait Real Estate Investment Consortium Company and Removing it from the Licensed Persons Register
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments; and
- The application submitted by Kuwait Real Estate Investment Consortium Company to cancel all securities activities and remove its name from the licensed persons register at the CMA; and
- The decision of the Extraordinary General Assembly of Kuwait Real Estate Investment Consortium Company held on 19/04/2022 approving the amendment of the objectives for which the Company was established, in accordance with the provisions of Commercial Companies Law No. (15) of 1960 and noting the aforementioned at the Commercial Registry Department at the Ministry of Commerce and Industry on 17/05/2022; and
- Based on Resolution No. (48) of 2022 regarding amending the authorizations of the Supervision Sector’s procedures issued on 03/04/2022.
The Following Was Resolved:
Article (1)
The license of all securities activities granted to Kuwait Real Estate Investment Consortium Company is hereby cancelled and removed from the licensed persons register at the CMA.
Article (2)
The Company shall fulfill all the legal obligations pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments, for the period prior to the enforcement of this Resolution.
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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 01/06/2022