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CMA LAW: Resolution No. (66) of 2014 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 the Securities' Activity and its Executive Bylaw
Date Publish
24 November 2015
Resolution No. (66) of 2014
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 the Securities' Activity and its Executive Bylaw
Having Perused:
- Law No. (7) of 2010 regarding the "Establishment of the Capital Markets Authority and Regulating the Securities' Activity and its Executive Bylaw; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (27) of 2014 held on 10/12/2014 regarding "Licensing the Investment Companies which Regularized their Situations Pursuant to CMA Law No. (7) of 2010, as amended.
The Following Was Resolved
Article (1):
Three investment companies, which regularized their situations pursuant to Law No. (7) of 2010 and its Executive Bylaw, in addition to the CMA's resolutions and regulations issued in this regard, are hereby licensed. The period of the license granted to the mentioned companies is three years starting from the date of issuing the license certificate. The mentioned companies are exempted from paying the license initial fee for such period regarding the licensed activities, provided that the mentioned companies 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 licensed companies and the activities they are licensed to practice according to this Article:
|
S/N |
Company Name |
Licensed Activity |
|
1 |
Watani Investment Company |
|
|
2 |
Kuwait Investment Company |
|
|
3 |
Kuwait Financial Centre (Markaz) |
|
Article (2):
The CMA hereby grants an initial approval to (12) investment companies for a renewable period of six months, starting from the date of the initial approval letter issued by the CMA in order to complete the legal procedures of amening the Memorandum and Articles of Association by adding the required activities that the company is permitted to practice as part of the purposes of its establishment, or to meet certain standards. The following table includes the companies that are granted initial approval and the activities they are permitted to practice according to this Article:
|
S/N |
Company Name |
Licensed Activity |
|
1
|
Kuwait Investment Company |
|
|
2 |
Kuwait International Investment Company (KIIC) |
|
|
3 |
Kuwait Financial Centre (Markaz) |
|
|
4 |
Al-Mal Investment Company |
|
|
5 |
Bayan Investment Company |
|
|
6 |
Industrial & Financial Investments Company |
|
|
7 |
Housing Finance Company (ISKAN) |
|
|
8 |
Al-Ryada Capital Investment Company |
|
|
9 |
Kuwait China Investment Company ( KCIC) |
|
|
10 |
Tharwa Investment Co |
|
|
11 |
Al-Mustaqbal Investment Company |
|
|
12 |
Arab Investment Company |
|
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 date of issuing the CMA's license certificate, and after paying the required fee when licensing the activities added to the company's purposes. The company shall abide by paying the fee when renewing the license for any other term, subject to the Law and its Executive Bylaw, in addition to the CMA's resolutions and regulations.
Article (4):
Two companies are hereby licensed additional grace period which lasts until 19/3/2015 to complete and fulfill the requirements of regularizing their situations, pursuant to the provisions of Law No. (7) of 2010 and its Executive Bylaw, according to the required activities. The following table includes these two companies and the activities whose requirements need to be met:
|
S/N |
Company Name |
Licensed Activity |
|
1 |
Kuwait China Investment Company ( KCIC) |
|
|
2 |
Arab Investment Company |
|
Article (5):
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 of the Board of Commissioners
Issued on: 16/12/2014
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