CMA LAW: Resolution No. (5) of 2016 Regarding Regularizing Situations of Investment Companies Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments 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 amendments, and its Executive Bylaws; and

- CMA Resolution No. (66) of 2014 issued on 16/12/2014 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; and

- CMA Board of Commissioners Resolution No. (61) of 2015 issued on 23/8/2015 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; and

- CMA Board of Commissioners Resolution passed in its meeting No. (3) of 2016 held on 20/1/2016. 

The Following Was Resolved 

Article (1): The investment companies listed below, which regularized their situations pursuant to Law No. (7) of 2010 and its amendments and its Executive Bylaws, in addition to 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, and after paying the required fee when licensing the activities added to the company's purposes.

The mentioned companies shall pay the fee when renewing the license for any other terms pursuant to the CMA's Law and its amendments, and CMA's resolutions and regulations.

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 Bayan Investment Company

- Investment Portfolio Manager.

- Collective Investment Scheme Manager. 2 Industrial & Financial Investments Co.

- A securities broker who is not registered in the Securities Exchange.

- Investment Advisor.

- Investment Portfolio Manager.

- Collective Investment Scheme Manager.

- Custodian.

- Investment Controller.

- Subscription Agent.

Article (2): The initial approval term for the below mentioned companies is hereby terminated.

It has ended on 17/12/2015 and the companies' situations regarding the securities activities have not been regularized.

The companies shall guard the clients' funds until they are received by the clients or the ones in charge of handling and keeping such funds, which are related to all the activities in the mentioned table.

CMA Data Classification: Public 3 S/N Company Name Securities Activities 1 Ryada Capital Investment Company

- Investment Advisor.

- Investment Portfolio Manager.

2 Al Mustaqbal Investment Co.

- Investment Advisor.

- Subscription Agent. 

Article (3): All companies mentioned in Article (1) of this Resolution shall comply with the transitional provisions mentioned in Annex No. (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 own jurisdiction. This Resolution shall come into force from the date of its issuance, and shall be published in the Official Gazette. Mishaal M. Al-Usaimi

Copy of the Official Document

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