CmaBoardReleases
Title: Resolution No. (65) of 2023 Regarding the License Application Submitted by Warba Bank to Practice Securities Activities
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 Warba Bank; 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 Warba Bank to license the activity of Securities Broker not Registered in the Securities Exchange.
The approval is valid for a renewable six months starting from 10/05/2023 and ending on 09/11/2023 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 is valid for a renewable period of three years starting from 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: 10/05/2023