CmaBoardReleases
Title: Resolution No. (151) of 2017 Regarding Cancelling Part of the Securities Activities License of Sharq Investment Company and Amending the List of Licensed Activities in the Licensed Persons Register at the Authority
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
- Based on the application submitted by Sharq Investment Company to cancel part of the securities activities license and amend the list of licensed activities in the licensed persons register at the Authority; and
- Based on the Extraordinary General Assembly Meeting of Sharq Investment Company held on 11/10/2017 regarding the approval of amending the Company’s activities that were established pursuant to the provisions of Commercial Companies Law No. (15) of 1960, and the notation of that in the commercial register at the Ministry of Commerce & Industry on 06/11/2017; 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)
The following licensed securities activities of Sharq Investment Company are hereby cancelled:
1- Collective Investment Scheme Manager.
2- Investment Advisor
3- Subscription Agent
4- Custodian
5- Investment Controller
And the list of licensed activities in the licensed persons register at the CMA are hereby amended.
Article (2)
The Company shall remain a licensed person for the other licensed securities activities and registered in the licensed persons register, pursuant to the license issued by the CMA.
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.
Mubarak Alrefaei
Acting Head of Supervision Sector
Issued on: 3/12/2017