CmaBoardReleases
Title: Resolution No. (84) of 2021 Regarding Cancelling the License of Some of the Securities Activities of Noor Financial Investment Company and Amending the List of Licensed Activities in the Licensed Persons Register at the CMA
Having Perused:
- 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
- The application submitted by Noor Financial Investment Company to cancel some of the securities activities and amend the list of licensed activities in the licensed persons register at the CMA; and
- The decision of the Extraordinary General Assembly of Noor Financial Investment Company passed in its meeting on 14/06/2021 regarding approving the amendment of the objectives for which the Company was established pursuant to the provisions of the Commercial Companies Law No. (15) of 1960, and notation of the same in the commercial register at the Ministry of Commerce & Industry on 14/07/2021; and
- Based on Resolution No. (63) of 2021 regarding amending the authorizations for the Supervision Sector’s procedures issued on 14/06/2021.
The Following Was Resolved
Article (1)
The license of Investment Controller activity of Noor Financial Investment Company is hereby cancelled and the list of licensed activities in the licensed persons register at the CMA is hereby amended.
Article (2)
The Company shall remain a licensed person for the other licensed securities activities registered in the licensed persons register pursuant to the license issued by the CMA.
Article (3)
The Company shall meet all legal obligations set by Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, for the period prior to the enforcement of this Resolution.
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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 01/08/2021