CMA LAW: Circular No. (8) of 2017 Regarding Unitholders Assembly, Reviewed Periodical Financial Statements and Annual Audited Financial Statements

"Circular to All Funds Managers Subject to the Provisions of Module Thirteen of the Executive Bylaws"

Manager of the Fund

Greetings,

We would like to draw your attention to the importance of complying with the provisions of Article No. (2-35) of Chapter Two (Funds) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. (7) of 2010 and their amendments on funds unitholders assembly, and the importance of complying with all requirements stipulated in the Executive Bylaws regarding funds unitholders assembly. 

Starting from 1/6/2017, the draft agenda of the assembly will not be required to be ratified before an invitation is addressed for holding the assembly’s meeting, and there will be no need to obtain CMA’s prior approval for the reviewed periodical financial statements and annual audited financial statements of the funds.

Thus, CMA’s prior approval shall be obtained regarding the items that will be discussed with the unitholders assembly and which the Executive Bylaws stipulates obtaining the CMA’s prior approval for before being discussed with the assembly.   

        
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners 

Issued on: 25/4/2017   

Copy of the Official Document

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