Title: Resolution No. (163) of 2022 Regarding Granting a Collective Investment Scheme License to Kuwait Financial Centre “Markaz” Company for the Incorporation of GCC Momentum Fund

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

- Based on the request of Kuwait Financial Centre “Markaz” Company for the incorporation of GCC Momentum Fund in the State of Kuwait; and

- Memorandum and Articles of Association of Kuwait Financial Centre “Markaz” Company; and

- Articles of Association, Issuance Prospectus, and Agreements of service providers of GCC Momentum Fund; and

- Based on Resolution No. (141) of 2022 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 04/09/2022.

The Following Was Resolved:

Article (1):
Kuwait Financial Centre “Markaz” Company is hereby granted approval to incorporate GCC Momentum Fund. It is offered for public subscription in a variable capital, with a limit of $7,000,000 (only seven million US Dollars) as a minimum and an amount of $ 100,000,000 (only one hundred million US Dollars) as a maximum with a nominal value of $10 (only ten US Dollars) per unit. The number of units subscribed to by any of the Fund’s subscribers may not be less than 50 units (only fifty units).
 
Article (2):
The units to be offered for subscription shall be 10,000,000 units (ten million units only) which totals $ 100,000,000 (one hundred million US Dollars only). The Fund manager's participation in the Fund’s units shall not be less than KWD100,000 (one hundred thousand Kuwaiti Dinars only) or what is equivalent in other currencies as a minimum. The Fund Manager shall dispose or redeem some of those units during the period of his management to the Fund in the event that its net value exceeds the minimum stipulated in this Article.

The parties receiving the subscription applications are as follows:
• Kuwait Financial Centre “Markaz” Company

Article (3):
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
 
Article (4):
The Fund’s term is 15 calendar years, starting from the date of its registration in the Funds Register at the CMA. It is renewed for other similar terms after obtaining the approval of the CMA and the unit holders that represent more than 50% of the Fund’s capital.
 
Article (5):
The Fund is granted a temporary license for three 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 Fund’s capital. The Fund is not permitted to practice any of its activities based on this temporary license.
 
Article (6):
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.
 
Article (7):
The assigned fees shall be paid within a month from the date of this Resolution. In case of default, this Resolution shall be considered null and void.
 
Article (8):
The Fund shall be licensed, after completing the minimum limit of the capital, for three years from the date of its registration in the Funds Register at the CMA.
 
Article (9):
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.
 
 
Fahed Al-Fadli
Acting Head of Supervision Sector

Issued on: 20/10/2022.

Copy of the Official Document