CmaBoardReleases
Title: Resolution No. (124) Regarding Granting Gulf Bank a Securities Activities License 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 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their Amendments; and
- Form of securities activities’ license request submitted to the Capital Markets Authority on 31/5/2015; and
- Form of securities activities’ license request submitted to the Capital Markets Authority on 21/02/2016; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2016 held on 05/12/2016.
The Following Was Resolved
Article (1)
Gulf Bank is hereby granted approval for licensing the following securities activities:
- Investment Portfolio Manager.
- Custodian.
- Investment Controller.
- Subscription Agent.
Article (2)
The mentioned Bank is hereby licensed for three years from the issuance date of CMA license certificate. The Bank shall be exempted from paying the preliminary fee of the license for such period of the licensed activity. The Bank shall pay the fee when renewing the license for any other period(s) pursuant to CMA’s Law and its Executive Bylaws and their amendments, in addition to CMA’s resolutions and regulations.
Article (3)
Gulf Bank is granted a preliminary approval to practice the activity of Investment Advisor, the approval is valid for six renewable months starting from the date of the preliminary approval letter issued by the CMA, in order to complete the legal procedures of amending the Memorandum and Articles of Association by adding the required activities which the Bank is permitted to practice, either to be included in the objectives of the Bank’s establishment or to meet certain criteria.
Article (4)
The mentioned Bank is hereby licensed, after completing the license requirements mentioned in the preliminary approval letter issued by the CMA, for three renewable years from the issuance date of CMA license certificate, after paying the required fee upon licensing the additional activity to the Bank’s objectives.
The Bank shall pay the fee when renewing the license for any other period(s) pursuant to CMA’s Law and its Executive Bylaws and their amendments, in addition to CMA’s resolutions and regulations.
Article (5)
The mentioned Bank shall comply with the transitional provisions mentioned in Appendix (3) of Resolution No. (72) of 2015 on the issuance of the Executive Bylaws of Law No. (7) of 2010 and its amendments.
Article (6)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance. It shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 14/12/2016