CmaBoardReleases
Title: Resolution No. (66) of 2023 Regarding Renewal of the Preliminary Approval for the Incorporation of a Company 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
- Resolution No. (171) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and its amendments issued on 13/11/2022; and
- Based on the application of the founders of a company under incorporation to renew the preliminary approval issued by the CMA for a similar period; 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 Preliminary approval granted for the incorporation of a closed shareholding company to practice securities activities is hereby renewed. Its data are as follows:
• Securities Activities:
- Investment Portfolio Manager.
- Investment Advisor.
- Custodian.
- Collective Investment Scheme Manager.
- Subscription Agent.
• Capital: KWD 45,000,000 (forty-five million Kuwaiti Dinars)
This is for the Company founders mentioned in the following table:
No. |
Name |
Ownership |
Nationality |
1 |
Kuwait International Bank |
99.99% |
|
2 |
Marzook Khaled Yousef Al-Marzook |
0014% |
Kuwaiti |
3 |
Raed Jawad Ahmed Bukhamseen |
0014% |
Kuwaiti |
4 |
Anwar Jawad Ahmed Bukhamseen |
0014% |
Kuwaiti |
5 |
Mohammad Jarrah Sabah Al-Sabah |
0014% |
Kuwaiti |
6 |
Abdullah Abdul-Samad Abdullah Marafi |
0014% |
Kuwaiti |
7 |
Jassem Hassan Ali Zainal |
0014% |
Kuwaiti |
8 |
Saleh Sulaiman Trad Faraj Al-Trad |
0014% |
Kuwaiti |
This approval is valid for six renewable months as of 14/05/2023 and ends on 13/11/2023, in order to meet the criteria specified by the CMA.
Article (2)
The Shareholding Company under incorporation is hereby licensed according to this Resolution, in its final approved name and after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The License is for three renewable years as of the date of issuance of the CMA license certificate, and after paying 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 its issuance and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 11/05/2023.