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CMA LAW: Resolution No. (56) of 2023 Regarding Development of Provisions for License Renewal and Cancellation at the Request of a Licensed Person
Date Publish
16 April 2023
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
- CMA Board of Commissioners Resolution No. (C.B.C. 1-11) of 2023 passed in its meeting No. (11) of 2023 held on 12/04/2023.
The Following Was Resolved
Article (1)
Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments is hereby amended pursuant to Annex (1) attached to this Resolution.
Article (2)
Appendix 6 (Application for Renewing Securities Activities License) and Appendix 7 (Application for Cancellation of Securities Activities License) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments are hereby amended pursuant to Annex (2) attached to this Resolution.
Article (3)
Appendix 27 (Regulations of the Application for Cancellation of Some or all Securities Activities License) shall be added to Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments pursuant to Annex (3) attached to this Resolution.
Article (4)
The Provisions stipulated in this Resolution are not applicable on the applications of the license renewal or cancellation submitted before its enforcement date.
Article (5)
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.
Prof. Ahmad Al-Melhem
Issued on: 16/04/2023.
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