CmaBoardReleases
Title: Resolution No. (107) of 2017 Regarding the License Request Submitted by Citibank Kuwait to Practice Securities Activities Pursuant to Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and
- The license request submitted by Citibank Kuwait; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (24) of 2017 held on 14/06/2017.
The Following Was Resolved
Article (1)
Citibank Kuwait is hereby granted a preliminary approval for practicing the activity of Custodian.
This approval is valid for six renewable months starting from the date of the preliminary approval letter issued by the CMA, to meet the criteria specified by the CMA.
Article (2)
The bank mentioned in this Resolution is licensed after completing the requirements mentioned in the preliminary approval letter issued by the CMA for three renewable years from the date of issuing the CMA license certificate, after paying the required fee when obtaining the license.
Article (3)
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 of CMA Board of Commissioners
Issued on: 05/07/2017