CmaBoardReleases
Title: Resolution No. (123) of 2016 on the License Request Submitted by Gatehouse Capital for Economic & Financial Advisory Services to Practice Securities Activities According to the Provisions of Islamic Sharia Pursuant to Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- Form of securities activities’ license request submitted to the Capital Markets Authority on 18/10/2016; and
- CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2016 held on 5/12/2016.
The Following Was Resolved
Article (1)
The Authority hereby grants preliminary approval to Gatehouse Capital for Economic & Financial Advisory Services to practice the following activities:
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Investment Advisor
- Subscription Agent
The approval is valid for six renewable months starting from the date of the preliminary approval letter issued by the CMA, in order to complete the legal procedures of amending the Memorandum and Articles of Association by adding the required activities which the Company is permitted to practice, either to be included in the objectives of the Company’s establishment, or to meet certain criteria.
Article (2)
The mentioned Company is hereby licensed, after completing the license requirements mentioned in the preliminary approval letter issued by the CMA, for three renewable years from the issuance date of CMA license certificate.
The Company shall pay the fee when renewing the license for any other period(s) pursuant to CMA’s Law and its Executive Bylaws and their amendments, in addition to CMA’s resolutions and regulations.
Article (3)
The mentioned Company 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. It shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 13/12/2016