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Title: Resolution No. (117) of 2017 Regarding the License Request Submitted for the Incorporation of a Kuwaiti Closed Shareholding Company for Practicing Securities Activities 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
Date Publish
03 August 2017
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
- The request of the securities activities license submitted to the CMA by the founders of the Kuwaiti closed shareholding company; and
- CMA Board of Commissioners Resolution passed in its meeting No. (29) of 2017 held on 26/07/2017.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval for the founders of a Kuwaiti closed shareholding company to practice securities activities. Its information is as follows:
- Name: Greenstone Equity Partners.
- Capital: KWD 100,000.
- Incorporation objectives are according to the Investment Advisor activity which is granted preliminary approval by the CMA.
- Founders:
# Name Ownership Nationality
1 Seham Al-Gharabally 51% Kuwait
2 Greenstone Group 46% UAE
3 Alex Gemici 1% USA
4 Steven Omar 1% .Canada
5 Doug Naidus 1% USA
Article (2)
This approval is valid for six renewable months starting from the date of the preliminary approval letter issued by the CMA, to complete the necessary legal procedures for incorporating the company, which shall practice the securities activities subject of the license, and to meet the standards set by the CMA.
Article (3)
The company mentioned in this Resolution is licensed after completing the requirements mentioned in the preliminary approval letter issued by the CMA for three renewable years from the date of issuing the CMA license certificate, after paying the required fee when obtaining the license.
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 and it shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman of CMA Board of Commissioners
Issued on: 2/08/2017
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