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CMA LAW: Circular No. (7) of 2016 on Submitting the Quarterly Report Regarding the Funds’ Liquidation Works Relevant to the Compliance with the Provisions of Module Thirteen of the Executive Bylaws
Date Publish
19 June 2016
“Circular to All Funds’ Liquidators Subject to the Provisions of Module Thirteen”
Dear Fund’s Liquidator,
Greetings
We would like to draw your attention to the provisions of Article (2-37-15) of Chapter 2 (Funds) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. (7) of 2010 and their amendments. It stipulates that the liquidator shall submit a quarterly annual report to the CMA regarding the liquidation.
Therefore, you shall comply with the provisions of the mentioned Article, and submit a quarterly report to the CMA within 30 days from the end of the period. The report shall be reviewed by an auditor, and it shall include the liquidation procedures that are already executed and the payments distributed to units’ holders, and any assets available at the fund and not liquidated and the reason for not completing their liquidation.
You shall also abide by the provisions of Article (2-37) of Chapter 2 (Funds) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, and comply with all requirements stipulated in the Bylaws regarding the liquidation.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 16/6/2016
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