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CMA LAW: Resolution No. (172) of 2022 Regarding Extending the Period for Bayan Investment Holding Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them
Date Publish
16 November 2022
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. (139) of 2021 issued on 22/12/2021 Regarding Cancelling the Securities Activities License of Bayan Investment Holding Company; and
- The Commercial Register notation No. 70718 dated 29/11/2021 regarding amending the article of the commercial name of Bayan Investment Company in the Memorandum and Articles of Association, so the Company’s name becomes “Bayan Investment Holding Company” after amendment; 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)
The hand over period of the clients’ funds and assets to them or to the party that is responsible to hold, manage or safe-keep them shall be extended for the Company for one calendar year starting from 22/12/2022.
Article (2)
The Company shall submit to the CMA a monthly report from the date mentioned in the above Article on the termination of the Company's business related to the clients’ funds and assets until the completion of the hand over.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 22/12/2022, and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 16/11/2022
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