CmaBoardReleases
Title: Resolution No. (37) of 2015 Regarding Licensing the Investment Companies which Regularized their Situations Pursuant to Law No. (7)of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive
Resolution No. (37) of 2015
Regarding
Licensing the Investment Companies which Regularized their Situations Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and 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; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (14) of 2015 held on 6/5/2015.
The Following Was Resolved
Article (1):
The investment companies listed below, which regularized their situations pursuant to Law No. (7) of 2010 and its Executive Bylaw, in addition to the CMA's resolutions and regulations issued in this regard, are hereby licensed. The term of the license granted to the mentioned companies is three years starting from the date of issuing the license certificate. The mentioned companies are exempted from paying the license initial fee for such term regarding the licensed activities, provided that the mentioned companies shall pay the fee when renewing the license for any other term pursuant to the CMA'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:
S/N |
Company Name |
Licensed Activity |
1 |
Osoul Investment company
|
|
2 |
Amar Finance & Leasing Company |
|
3 |
Al-Riyada Finance & Investment Company |
|
4 |
KFH capital Investment company |
|
5 |
Hayat Investment Company |
|
Article (2):
The CMA grants an initial approval for the below mentioned companies. This approval is valid for six renewable months starting from the date of the initial approval letter issued by the CMA in order to complete the legal procedures of amending the Memorandum and Articles of Association by adding to the required activities, which the company is permitted to practice to the purposes of its establishment, or to meet specified standards. The following table includes the companies that are granted initial approval and the activities they are permitted to practice according to this Article:
S/N |
Company Name |
Activities Granted Initial Approval |
1
|
AL Imtiyaz Investment Group |
|
2
|
Osoul Investment company |
|
3 |
Al-Riyada Finance & Investment Company |
|
4 |
KFH capital Investment company
|
|
5
|
Al-Fouz Investment Company
|
|
6 |
Al-Fanar Investment Company |
|
7 |
Hayat Investment Company
|
|
8 |
Al-Dar Asset Management Company
|
|
9 |
Arabian Capital Investment and Finance Company |
|
Article (3):
The companies mentioned in Article (2) of this Resolution are hereby licensed after completing the requirements mentioned in the initial approval letter issued by the CMA for three renewable years from the date of issuing the CMA's license certificate, and after paying the required fee when licensing the activities added to the company's purposes. The companies shall abide by paying the fee when renewing the license for any other term, as per the Law and its Executive Bylaw, in addition to the CMA's resolutions and regulations.
Article (4):
The investment companies mentioned below are hereby granted additional grace period which lasts until 12/8/2015 to complete and fulfill the requirements of regularizing their situations, pursuant to the provisions of Law No. (7) of 2010 and its Executive Bylaw, according to the required activities. The following table includes the companies granted additional grace period pursuant to this Article, and the activities whose requirements need to be met:
S/N |
Company Name |
Required Activities |
1 |
Qaf Investment company |
|
2 |
Al Madina for finance and investment |
|
3 |
Sabaek Leasing and Investment Company |
|
4 |
WARED Lease & Finance Company |
|
5 |
Al-Dar Asset Management Company |
|
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, CMA Board of Commissioners
Issued on 12/5/2015