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CMA LAW: Resolution No. (37) of 2023 Regarding the License Application Submitted by Arzan Financial Group for Financing and Investment to Practice Securities Activities
Date Publish
27 March 2023
Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws and their amendments; and
- The application for licensing securities activities submitted by Arzan Financial Group for Financing and Investment; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval to Arzan Financial Group for Financing and Investment to license the activity of Subscription Agent.
The approval is valid for six months starting from 26/03/2023 and ending on 25/09/2023 in order to meet the criteria specified by the CMA.
Article (2)
The Company 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 is valid for a renewable period of three years starting on the date of issuance of the CMA license certificate, and after the payment of the prescribed fee.
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: 27/03/2023
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