CmaBoardReleases
Title: Resolution No. (18) of 2018 Regarding the Preliminary Approval for the Incorporation of a Company to Practice Securities Activities Pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities 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. (117) of 2017 Regarding the License Application Submitted for the Incorporation of a Kuwaiti Closed Shareholding 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 02/08/2017; and
- The license application submitted by the founders of the Kuwaiti closed shareholding company to renew the preliminary approval issued by the CMA for a similar period; and
- CMA Board of Commissioners Resolution No. C.B.C 6-4 of 2018 passed in its meeting No. (4) of 2018 held on 29/01/2018; and
- Resolution No. (9) of 2018 on organizing the final approval authorizations of CMA’s sectors procedures and delegations issued on 17/01/2018.
The Following Was Resolved
Article (1)
- Renewal of the preliminary approval is hereby granted for the incorporation of a Kuwaiti closed shareholding company to practice securities activities pursuant to the information mentioned in Resolution No. (117) of 2017 regarding the License Application Submitted for the Incorporation of a Kuwaiti Closed Shareholding 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 02/08/2017.
This approval is valid for six final non-renewable months, starting from 02/02/2018 and ending on 01/08/2018, in order to complete 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 (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.
Mubarak Alrefaei
Acting Head of Supervision Sector
Issued on: 07/02/2018