CmaBoardReleases
Title: Resolution No. (155) of 2017 Regarding Renewal of a Private Marketing License of the Collective Investment Scheme Incorporated outside the State of Kuwait to Kuwait Financial Centre (MARKAZ) for Markaz Arabian Fund
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 Kuwait Financial Center (MARKAZ), and the agreement between the foreign collective investment scheme representative Markaz Arabian Fund Company (Bahraini Closed Shareholding Company) and the marketing manager (Kuwait Financial Center-MARKAZ); and
- Based on the request of Kuwait Financial Center (MARKAZ) to renew the marketing license of Markaz Arabian Fund,
- Based on CMA Board of Commissioners Resolution No. (44) of 2015 passed in its meeting No. (18) of 2015 held on 3/6/2015 on delegating some competences of the Supervision Sector.
- 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)
Kuwait Financial Center (MARKAZ) is hereby licensed to market a total of 100,000,000 units (One hundred Million Units) of Markaz Arabian Fund as a private marketing in the State of Kuwait. It is incorporated in the Kingdom of Bahrain. The offering price per unit shall be according to the Net Asset Value upon subscription, in addition to 0.5% subscription fee of offering price. The minimum subscription limit is 1,000 units and members may accept requests for smaller quantites.
The marketed units shall be offered only for professional clients in the State of Kuwait according to 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 Executive Bylaws, and their amendments.
The subscription applications receiving parties are as follows:
- Kuwait Financial Center (MARKAZ)
- Burgan Bank
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 one month from the date of issuance of this Resolution. In case of default, this 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: 11/12/2017