CmaBoardReleases
Back to Search
CMA LAW: Resolution No. (31) of 2016 Regarding Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding Company to Practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments
Date Publish
12 April 2016
Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and
- Item No. (22) of Appendix No. (3) of the transitional provisions included in Resolution No. (72) of 2015 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments; and
- The request submitted to the Capital Markets Authority on 15/7/2015 to incorporate a Kuwaiti closed shareholding company to practice securities activities; and
- CMA Board of Commissioners Resolution passed in its meeting No. (12) of 2016 held on 6/4/2016.
The Following Was Resolved
Article (1)
The CMA hereby grants an initial approval for the incorporation of a Kuwaiti closed shareholding company, whose details are as follows:
• Name: Kuwait Trustee Services Company
• Capital: KD 15,000,000
• Objectives of incorporating the Company pursuant to the activities granted initial approval by the CMA are:
- Custodian
- Investment Controller
• Founders:
Sr. Name Ownership
1 Kuwait Clearing Company 99%
2 Othman Ibrahim Al-Issa 0.25%
3 Adel Yousef Al-Subaie 0.25%
4 Khaldun Shakir Al-Tabtabai 0.25%
5 Esam Abdul Aziz Al-Qaoud 0.25%
Article (2)
The approval is valid for six renewable months, which starts from the date of the initial approval letter issued by the CMA, in order to complete the procedures required for incorporating the Company to practice the licensed securities activities and to fulfil specific criteria.
Article (3)
The Company referred to in this Resolution shall comply with the transitional provisions mentioned in Appendix (3) of Resolution No. (72) of 2015 on the issuance of the Executive Bylaws of Law No. (7) of 2010 and its amendments.
Article (4)
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: 13/4/2016
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
