CmaBoardReleases
Title: Resolution No. (12) of 2018 Regarding the License Application Submitted by Gulf Custodian Company to Practice 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
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
- Resolution No. (112) of 2017 Regarding the License Request Submitted by Gulf Custodian Company to Practice 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 issued on 19/07/2017; and
-The request of Gulf Custodian Company to renew the preliminary approval issued by CMA for a similar period; and
- Based on CMA Board of Commissioners Resolution No. C.M.C 4-2 of 2018 passed in its meeting No. (2) of 2018 held on 10/01/2018; and
- Resolution No. (9) of 2018 on organizing the final approval authorizations of CMA’s sectors procedures and delegation issued on 17/01/2018.
The Following Was Resolved
Article (1)
Renewal of the preliminary approval is hereby granted for Gulf Custodian Company for licensing the activity of custodian for six final non-renewable months starting from 19/01/2018 and ends on 18/07/2018 to meet the criteria specified by the CMA.
Article (2)
The company mentioned in this Resolution will be granted a license after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The CMA license certificate will have a validity of three years starting on the date of issuance and is renewable.
Article (3)
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.
Mubarak Abdullah Alrefaei
Acting Head of Supervision Sector
Issued on: 04/02/2018