CmaBoardReleases
Title: Resolution No. (183) of 2022 Regarding Cancellation of the License and Liquidation of Markaz Energy 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
- Resolution of the Unit Holders Assembly of Markaz Energy Fund held on 20/11/2022 on the approval of liquidating the Fund and appointing Kuwait Financial Centre - Markaz as the Fund’s liquidator; 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 license of Markaz Energy Fund managed by Kuwait Financial Centre - Markaz is hereby cancelled.
Article (2)
Kuwait Financial Centre - Markaz is hereby appointed as the Fund’s liquidator. The liquidator shall only proceed with the liquidation works after the announcement of this Resolution.
Article (3)
Markaz Energy Fund shall be removed from the Funds Register at the CMA after completing the liquidation works.
Article (4)
the Fund’s liquidator shall meet all the legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, for the period prior to the enforcement this Resolution.
Article (5)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its publication in the Official Gazette.
Fahed Al-Fadli
Acting Head of Supervision Sector
Issued on: 05/12/2022