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Title: Resolution No. (89) of 2025 Regarding Rejection of the Renewal of the Securities Activities License for Massaleh Investments Company
Date Publish
08 May 2025
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 securities activities license certificate for Massaleh Investments Company No. (AP/2016/0014) issued on 19/04/2022, and
- The application of Massaleh Investments Company to renew the securities activities license with the CMA, and
- Based on Resolution No. (04) of 2025 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/01/2025.
The Following Was Resolved:
Article (1)
The renewal of the securities activities license for Massaleh Investments Company with the CMA for practicing the activity of Investment Portfolio Manager is hereby rejected due to the Company’s failure to meet the required standard of capability and efficiency necessary to practice the securities activities covered by the license.
Article (2)
The Company shall hand over the clients’ funds and assets to them or to the party that is responsible to hold, manage or safe-keep them within a period of one year starting on the issuance date of this Resolution.
Article (3)
The Company shall submit to the CMA a monthly report from the issuance date of this Resolution on the termination of the Company's business related to the clients’ funds and assets until the completion of the hand over work.
Article (4)
The Company shall meet all legal obligations set by Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments, for the period prior to the enforcement of this Resolution.
Article (5)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 18/04/2025, and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 08/05/2025.
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