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CMA LAW: Circular No (2) of 2018 Regarding the Compliance of all Funds Managers and Liquidators with the Terms Specified for the Announcement and Notification Mentioned in Module Thirteen of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their Amendments
Date Publish
12 February 2018
"To all funds managers and liquidators to which the provisions of Module Thirteen apply"
Mr. Manger and Liquidator of the Fund
Greetings ,,,
We would like to draw your attention to the fact that the counting of periods specified for announcement or notification counted on the basis of business days as set forth in Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, shall not include the day of announcement or notification, and the day of the event.
For example, item (1) of Article (2-35-5) of Module Thirteen of the Executive Bylaws of Law No. (7) of 2010 and their amendments states that the invitation to attend the meeting of the unit holders assembly should be announced in two local daily newspapers and the Exchange at least ten business days prior to the date of holding the meeting. Therefore, this period is counted as of the eleventh business day, which means that the announcement day and the day of holding the unit holders assembly are not included in the ten business days period.
Mishaal M. Al-Usaimi
Issued on 11/02/2018
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
