CmaBoardReleases
Title: Resolution No. (119) of 2016 Regarding Private Marketing License of a Foreign Collective Investment Scheme Granted to Kuwait Financial Center (MARKAZ) for Markaz Arabian Fund
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
- The Memorandum and Articles of Association of Kuwait Financial Center (MARKAZ), and the agreement between the foreign collective investment scheme representative Markaz Arabian Fund Company (Bahraini Closed Shareholding Company) and the marketing manager (Kuwait Financial Center-MARKAZ); and
- Based on the request of Kuwait Financial Center (MARKAZ) on 19/01/2016 to conduct a private marketing for Markaz Arabian Fund; 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 competences of the Supervision Sector.
The Following Was Resolved
Article (1)
Kuwait Financial Center (MARKAZ) is hereby licensed to market a total of 100,000,000 units (One hundred Million Units) of Markaz Arabian Fund as a private marketing in the State of Kuwait. It is incorporated in the Kingdom of Bahrain. The offering price per unit shall be according to the Net Asset Value upon subscription, in addition to 0.5% subscription fee of offering price. The minimum subscription limit is 1,000 units and members may accept requests for smaller quantites.
The marketed units shall be offered only for professional clients in the State of Kuwait according to 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 its Executive Bylaws, and their amendments.
The subscription applications receiving parties are as follows:
- Kuwait Financial Center (MARKAZ)
- Burgan Bank
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (3)
The license term is one year renewable annually from the issuance date of CMA’s license, and after paying the assigned fees.
Article (4)
The assigned fees shall be paid within a month of the issuance of this Resolution. In case of default, this Resolution shall be considered null and void.
Article (5)
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.
Mohammad Sulaiman Almarzouq
Head of Supervision Sector
Issued on: 11/12/2016