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CMA LAW: Resolution No. (28) of 2016 Regarding Amending CMA Resolution No. (77) of 2015 Concerning a Private Marketing License of a Foreign Collective Investment Scheme Granted to KFH Capital Investment Company (Kuwaiti Shareholding Company) for KFHC U.S Real Estate Fund 1
Date Publish
07 April 2016
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
- CMA Resolution No. (77) of 2015 issued on 24/11/2015 concerning a private marketing license of a foreign collective investment scheme granted to KFH Capital Investment Company for KFHC U.S Real Estate Fund 1; and
- Based on the request of KFH Capital Investment Company (Kuwaiti Shareholding Company) on 7/3/2016 to amend the offer price and the minimum investment limit of marketing KFHC U.S Real Estate Fund 1 in the State of Kuwait; and
- Based on CMA Board of Commissioners Resolution No. (44) of 2015 passed in its meeting No. (18) of 2015 held on 3/6/2015 on delegating some of the Supervision Sector’s competences;
The Following Was Resolved
Article (1)
Article (1) of CMA Resolution No. (77) of 2015 issued on 24/11/2015 concerning a private marketing license of a collective investment scheme granted to KFH Capital Investment Company for KFHC U.S Real Estate Fund 1 is hereby amended to be as follows:
“KFH Capital Investment Company (Kuwaiti Shareholding Company - Closed) is hereby licensed to conduct a private marketing of “KFHC U.S Real Estate Fund 1” in the State of Kuwait. The Fund is established in Cayman Islands, and the maximum limit of the units that shall be marketed in the State of Kuwait are:
1. A total of 225,000 units with no voting right.
2. A total of 25,000 units with voting right.
The offer price per unit shall be based on the assets’ net value upon subscription, in addition to 2% subscription fee. The minimum subscription limit is KD 10,000 or the equivalent in other currencies.
Units marketed in the State of Kuwait shall be offered for professional clients only according to the provisions of Module One (Glossary) of the Executive Bylaws of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
The subscription applications’ receiving parties shall be:
- KFH Capital Investment Company Kuwaiti Shareholding Company – Closed).
- Kuwait Finance House (Kuwaiti Shareholding Company).”
Article (2)
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.
Mubarak Abdullah Alrefaei
Acting Head of Supervision Sector
Issued on: 7 /4 /2016
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