CmaBoardReleases
Title: Resolution No. (56) of 2016 Regarding Collective Investment Scheme License Granted for the Incorporation of Boubyan KD Money Market Fund II of Boubyan Capital Investment Company
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
- Based on the request of Boubyan Capital Investment Company to incorporate Boubyan KD Money Market Fund II in the State of Kuwait, and
- Memorandum and Articles of Association of Boubyan Capital Investment Company, and
- Articles of Association, issuance prospectus and agreements of administrative services providers of Boubyan KD Money Market Fund II; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (19) of 2016 held on 31/5/2016.
The Following Was Resolved
Article (1)
Boubyan Capital Investment Company is hereby granted approval to incorporate Boubyan KD Money Market Fund II. Offering of the Fund’s units shall be a public offer in a variable capital from KD 5,000,000 to KD 1,500,000,000 in a par value of KD 1 per unit. The minimum subscription limit for each subscriber is KD 10,000. Subscriptions are permitted in the multiples of KD 1,000.
Article (2)
Total of 1,425,000,000 units shall be offered for subscription, which equals KD 1,425,000,000. The parties which receive the subscription applications are as follows:
- Boubyan Capital Investment Company
- Boubyan Bank
Article (3)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (4)
The Fund’s term is 15 years, starting from the date of its registration in the investment funds register at the CMA. It is renewable for other similar term(s), after obtaining the approval of more than 50% of the owners of the investment units and the supervisory body.
Article (5)
The Fund is granted a temporary license for three months from the date of the approval letter of granting the license issued by the CMA for the purpose of completing the CMA’s requirements and the minimum limit of the Fund’s capital. The Fund is not permitted to practice any of its activities based on this temporary license.
Article (6)
If the term of the temporary license ends without completing the requirements stipulated in Article (5) of this Resolution, the temporary license is revoked, unless the license term is extended for other similar term upon the request of licensed person before the end of the original license term.
Article (7)
The assigned fees shall be paid within a month of the issuance of this Resolution. In case of default, the Resolution shall be considered null and void.
Article (8)
The Fund is licensed after completing the minimum limit of the capital for three years from the date of its registration in CMA register.
Article (9)
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.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 2/6/2016