CmaBoardReleases
Title: Resolution No. (42) of 2021 Regarding Extending the Period for Al-Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them
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. (35) of 2019 issued on 14/03/2019 Regarding Revoking the Securities Activities License of Al-Fouz Investment Company (AP/0020/2016) and Deleting the company’s name from the Licensed Persons Register at the CMA, and
- Resolution No. (46) of 2020 issued on 29/06/2020 Regarding Extending the Period for Al- Fouz Investment Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them, and
- CMA Board of Commissioners Resolution passed in its meeting No. (11) of 2021 dated 30/03/2021.
The Following Was Resolved:
Article (1)
The hand over period to the clients or to the party that is responsible to hold, manage or safe-keep them shall be extended for the Company for six months starting from 15/03/2021.
Article (2)
The Company shall submit to the Authority a monthly report from the date mentioned in the above article on the termination of the company's business related to the clients’ funds and assets until the completion of the hand over.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 15/03/2021, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 01/04/2021