CmaBoardReleases
Title: Resolution No. (122) of 2016 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 Securities Activities and its Executive Bylaws and their Amendments
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and
- Resolution No. (59) of 2016 on 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 their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2016 held on 05/12/2016.
The Following Was Resolved
Article (1)
Al-Madina For Finance And Investment Company, which regularized its situations pursuant to Law No. (7) of 2010 and its amendments, and CMA resolutions and regulations issued in this regard, is hereby licensed. The license term for the mentioned companies shall be three years starting from the date of issuing the CMA license certificate, and after paying the required fee when licensing the activities added to the company's objectives. The mentioned companies shall pay the fee when renewing the license for any other term(s) according to CMA's Law, resolutions, and regulations. The table below includes the activities it is licensed to practice according to this Article:
- Securities Broker not Registered in the Securities Exchange.
- Investment Advisor.
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Custodian
- Investment Controller
- Subscription Agent (Underwriter)
Article (2)
The preliminary approval period granted to the companies mentioned in the table below, which ended on 06/10/2016 without having their situations regularized in respect of the securities activities, is hereby ended. However, they shall guard the clients’ funds until they are handed over to them or to the person that is concerned with holding, managing or safekeeping them with regard to all the activities included in the mentioned table:
Company’s Name / Licensed Activities
1.QAF Investment Company
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Subscription Agent
2. WARED Lease & Finance Company
- Investment Portfolio Manager
- Collective Investment Scheme Manager
- Custodian
- Investment Controller
- Subscription Agent
Article (3)
QAF Investment Company request for the license of Securities broker not registered in the Securities Exchange is rejected for not meeting the license requirements according to the Executive Bylaws of Law No. (7) of 2010 and its amendments. The companies shall guard the clients’ funds until they are handed to them, or for whoever is of relevance in respect of holding, managing or safekeeping them.
Article (4)
All companies mentioned in this Resolution shall comply with the transitional provisions mentioned in Appendix No. (3) of Resolution No. (72) of 2015 regarding the issuance of the Executive Bylaws of Law No. (7) of 2010 and its amendments.
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.
Dr. Nayef Falah Al-Hajraf
Chairman of the Board of Commissioners
Issued on: 13/12/2016