CmaBoardReleases
Title: Resolution No. (97) of 2017 Regarding Private Marketing License of a Foreign Collective Investment Scheme Incorporated outside the State of Kuwait Granted to NBK Capital for Islamic Leasing and Finance Fund VII Ltd
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 Memorandum and Articles of Association of NBK Capital, and the agreement between the representative of the Collective Investment Scheme (WCP Investments LP) and the marketing manager (NBK Capital); and
- Based on the request of NBK Capital to conduct a private marketing for Islamic Leasing and Finance Fund VII Ltd; and
- Based on CMA Board of Commissioners Resolution No. (44) of 2015 passed in its meeting No. (18) of 2015 held on 03/06/2015 on delegating some of the Supervision Sector’s competences; and
- Based on CMA Board of Commissioners Resolution No. (7-17) of 2017 passed in its meeting No. (17/2017) held on 25/04/2017 on appointing a deputy for the head of Supervision Sector in case of his absence and authorizing him of the same competences of the head of the Supervision Sector mentioned in Resolution No. (44) of 2015.
The Following Was Resolved
Article (1)
NBK Capital is hereby licensed to market a total of 21,000,000 units of Islamic Leasing and Finance Fund VII Ltd as a private marketing inside the State of Kuwait. It is established in the Cayman Islands, and the offering price is $ 10 or equivalent per unit, in addition to the 2.25% subscription fee for each unit. The minimum subscription limit is $ 380,000 or equivalent in other currencies.
Units marketed in the State of Kuwait shall be offered for professional clients only, as provided for in the provisions of Module One (Glossary) of the Executive Bylaws of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments.
The parties that shall receive the subscription applications are as follows:
- NBK Capital
- National Bank of Kuwait
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (3)
The marketing license term is one year, renewable annually from the issuance date of CMA's license, and after paying the prescribed fees.
Article (4)
The prescribed fees shall be paid within a month of the issuance date of this Resolution. In case of default in paying the fees within the specified term, the Resolution shall be considered null and void.
Article (5)
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.
Mubarak Alrefaei
Acting Head of Supervision Sector
Issued on: 22/06/2017