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Title: Resolution No. (5) of 2017 Regarding Amending CMA’s Resolution No. (31) of 2016 on Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding 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 its Amendments
Date Publish
19 January 2017
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
- Resolution No. (31) of 2016 on Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding 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 its Amendments issued on 13/4/2016; and
- Based on the request of Kuwait Clearing Company to amend the Company’s name mentioned in Resolution No. (31) of 2016; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (2) of 2017 held on 11/1/2017 on the approval of amending Resolution No. (31) of 2016 mentioned above;
The Following Was Resolved
Article (1)
Article (1) of CMA’s Resolution No. (31) of 2016 issued on 13/4/2016 on Granting Initial Approval for the Incorporation of a Kuwaiti Closed Shareholding 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 its Amendments issued on 13/4/2016 is hereby amended to be as follows:
• Name: Kuwait International Trustee Company.
• Capital: KD 15,000,000
• Objectives of incorporating the Company pursuant to the activities granted initial approval by the CMA are:
- Custodian
- Investment Controller
• Founders:
Name Ownership
1. Kuwait Clearing Company 99%
2. Othman Ibrahim Al-Issa 0.25%
3. Adel Yousef Al-Subaie 0.25%
4. Khaldun Shakir Al-Tabtabai 0.25%
5. Esam Abdul Aziz Al-Qaoud 0.25%
Article (2)
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.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 19/1/2017
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