CmaBoardReleases
Title: Resolution No. (181) of 2022 Regarding Granting a Collective Investment Scheme License to The Securities House Company for the Incorporation of Hathina for Early Education Scheme
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 The Securities House Company for the incorporation of Hathina for Early Education Scheme in the State of Kuwait; and
- Memorandum and Articles of Association of The Securities House Company; and
- Articles of Association, Issuance Prospectus, and Agreements of service providers of Hathina for Early Education Scheme; 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 Securities House Company is hereby granted approval to incorporate Hathina for Early Education Scheme. It is offered for private subscription in a fixed capital of KWD 3,000,000 (Three Million KWD only) in a nominal value of KWD 50,000 per unit (Fifty Thousand KWD only). The minimum subscription limit by any of the Scheme’s participants is 1 unit (One only).
Article (2):
The units to be offered for subscription shall be 60 units (sixty units only) which totals KWD 3,000,000 (three million KWD only). The Scheme manager's participation in the Scheme’s units shall not be less than 1 unit (one unit only) or the equivalent in other currencies as a minimum.
The parties receiving the subscription applications are as follows:
• The Securities House Company
Article (3):
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (4):
The Scheme’s term is 5 calendar years, starting from the date of its registration in the collective investment schemes Register at the CMA. It is renewable for a period of one year with a maximum of two times only at the request of the Scheme’s manger, and after obtaining the approval of the CMA.
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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 01/12/2022