Title: Resolution No. (200) of 2022 Regarding the License Application Submitted by The Burgan Bank to Practice Securities Activities

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
- The application for licensing securities activities submitted by Burgan Bank; 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 CMA hereby grants preliminary approval to Burgan Bank to license the following activities:
1. Investment Portfolio Manager.
2. Investment Advisor.
3. Securities Broker not registered with an Exchange.
The approval is valid for six months starting from 28/12/2022 and ending on 28/06/2023 in order to meet the criteria specified by the CMA.

Article (2)
The Bank mentioned in this Resolution shall be granted a license after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The license shall be valid for a renewable period of three years from the date of issuance of the CMA license certificate.

Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance, and it shall be published in the Official Gazette.
 

Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 28/12/2022

Copy of the Official Document