CmaBoardReleases
Title: Resolution No. (01) of 2015 Regarding A Private Marketing License of a Foreign Collective Investment Scheme Granted to the National Bank of Kuwait – (K.P.S.C.) for the Islamic Equipment Leasing Fund IV Ltd
Resolution No. (01) of 2015
Regarding
A Private Marketing License of a Foreign Collective Investment Scheme Granted to the National Bank of Kuwait – (K.P.S.C.) for the Islamic Equipment Leasing Fund IV Ltd
Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its Executive Bylaws; and
- The Memorandum and the Articles of Association of the National Bank of Kuwait – (K.P.S.C.), and the agreement between the investment manager of Wafra Capital Partners L.P, and the marketing manager in the National Bank of Kuwait – (K.P.S.C.); and
- Based on the request of the National Bank of Kuwait – (K.P.S.C.) on 24/11/2014 to conduct the private marketing for the Islamic Equipment Leasing Fund IV Ltd; and
- Based on the approval of the Central Bank of Kuwait dated 29/12/2014; and
- Based on the Capital Markets Authority Board of Commissioners' Resolution No. (60) of 2014 regarding delegating some jurisdictions of the Supervision Sector;
The Following Was Resolved
Article (1):
The National Bank of Kuwait – (K.P.S.C.) is hereby licensed to market 20,000,000 units (twenty million units) of the Islamic Equipment Leasing Fund IV Ltd as a private marketing inside the State of Kuwait. It is established in the Cayman Islands in an offer price of $10 per unit, with a minimum subscription unit is $380,000.
Article (2):
The objectives of the Collective Investment Scheme are as mentioned in the Subscription Prospectus.
Article (3):
The license term is one year renewable annually after paying the required fees.
Article (4):
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its publication in the Official Gazette.
Mishaal M. Al-Usaimi
Vice Chairman, CMA Board of Commissioners
Issued on: 7/1/2015