CMA LAW: Resolution No. (32) of 2024 Regarding the License Application Submitted by 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, its Executive Bylaws, and amendments thereto; and
- The application for licensing securities activities submitted by Burgan 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 Burgan Bank to license the activity of Subscription Agent.
This approval is valid for six months, renewable, starting from 17/03/2024 and ending on 16/09/2024 in order to meet the criteria specified by the CMA.

Article (2)
Burgan Bank mentioned in this Resolution shall be granted a license upon completion of the requirements stated in the preliminary approval letter issued by the CMA. This license is valid for a renewable period of three years, starting from the date of issuance of the CMA license certificate, and upon 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: 17/03/2024.

Copy of the Official Document

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