Resolution No. (19) 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

• Article No. (2) of CMA Board of Commissioners Resolution No. (37) of 2014 regarding Licensing the Investment Companies which Regularized their Situations Pursuant to Law No. (7) of 2010 on the "Establishment of the Capital Markets Authority and Regulating Securities' Activity", and its Executive Bylaw, and

• CMA Board of Commissioners Resolution passed in its meeting No. (9) of 2015 held on 26/3/2015.

The Following Was Resolved

Article (1):

International Financial Advisors Company (IFA), which regularized its situations pursuant to the provisions of Law No. (7) of 2010, its Executive Bylaw, and CMA's resolutions and regulations issued in this regard, is hereby licensed. The term of the license is three years starting from the issuance date of the license certificate. The company is exempted from paying the license initial fee of such term for the licensed activities, provided that it 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 activities which the company is licensed to practice according to this Article:

Article (2):

The initial approvals of the companies mentioned below are hereby renewed for six final and non-renewable months in order to complete the legal procedures of amending the Memorandum and Articles of Association by adding the required activities that the company is permitted to practice to be part of the purposes of its establishment, or to meet specified standards. The following table includes such companies and the activities they are permitted to practice according to this Article:

 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 issuance date of 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, its Executive Bylaw, and CMA's resolutions and regulations.

Article (4):

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

             Managing Director

Issued on 30/3/2015