Title: Resolution No. (5) of 2015 Regarding Licensing the Investment Funds which Regularized their Situations Pursuant to Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities and its Executive Bylaws

Resolution No. (5) of 2015

Regarding

Licensing the Investment Funds which Regularized their Situations Pursuant to Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities and its Executive Bylaws

Having Perused:

• Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its Executive Bylaws, as amended; and

• Article (4) of Resolution No. (37) of 2014 of the CMA Board of Commissioners regarding licensing the investment companies which regularized their situation pursuant to Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities, and its Executive Bylaws; and

• CMA Board of Commissioners Resolution passed in its meeting No. (1) of 2015 held on 6/1/2015.

The Following Was Resolved

Article (1):

The investment funds mentioned in the table below which have regularized their situations pursuant to the provisions of Law No. (7) of 2010, and the Executive Bylaw thereof and the CMA resolutions and regulations issued in this regard are hereby licensed. The license term of the mentioned companies is (3) years starting from the date of the CMA issuance of the license certificate. The mentioned companies are exempted from the initial license fee's payment for such term regarding the licensed activities, provided that the mentioned companies shall abide by paying the fee when renewing the license for any other term pursuant to the Authority's resolutions issued in this regard. The following table includes the licensed companies and the activities they are licensed to practice according to this Article:

Article (2):

The Authority grants an initial approval for the companies mentioned in the able below. This approval is valid for six renewable months starting from the date of the initial approval letter issued by the Authority in order to complete the legal procedures to amend the Memorandum and Articles of Association, in addition to the required activities that the company is permitted to practice as part of the purposes of its establishment, or to meet certain standards. The following table includes the companies that are granted initial approval and the activities they are permitted to practice according to this Article:

Article (3):

The companies mentioned in Article (2) of this Resolution shall be licensed after completing the requirements mentioned in the initial approval letter issued by the Authority for three renewable years from the date of issuing the Authority's license certificate, and after paying the required fee regarding licensing the activities added to the company's purposes. The company shall abide by paying the fee when renewing the license for any other term subject to the Law and its Executive Bylaw, in addition to the Authority's resolutions and regulations.

Article (4):

The license of an investment controller of IFA International Financial Advisors Company is hereby cancelled and it shall be crossed out form the Authority's records for not completing and fulfilling the requirements of licensing the activity pursuant to the provisions of Law No. (7) of 2010, and the Executive Bylaw thereof.

Article (5):

The concerned bodies shall execute this Resolution, each within its own jurisdiction. This Resolution shall come into force from the date of its issuance, and shall be published in the Official Gazette.

          Dr. Nayef Falah Al-Hajraf

Chairman of the Board of Commissioners

            Managing Director

Issued on: 18/1/2015

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