Title: Resolution No. (45) of 2019 Regarding Cancelling the Securities Activities License of Q8 Securities Company and Deleting the Company’s Name from the Licensed Persons Register at the CMA

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 license certificate of Q8 Securities Company No. (AP/2013/0012) issued on 30/06/2016; and

- The license certificate of Q8 Securities Company No. (AP/2017/0013) issued on 11/10/2017; and

- The license certificate of Q8 Securities Company No. (AP/2018/0001) issued on 14/01/2018; and

- CMA Board of Commissioners Resolution passed in its meeting No. (10) of 2019 held on 27/03/2019.

The Following Was Resolved:

Article (1)
The license of all securities activities of Q8 Securities Company is hereby cancelled, and it is deleted from the Licensed Persons Register at the CMA. The Company shall safe-keep the clients’ funds and assets until they are handed over to them or to the party that is responsible to hold, manage or safe-keep them.

Article (2)
The company shall safe-keep the clients’ funds and assets until they are handed over to them or to the party that is responsible to hold, manage or safe-keep them, within one year from the date of this Resolution.
 
Article (3)
The Company shall submit to the Authority a monthly report from the date of this Resolution on the termination of the company's business related to the clients’ funds and assets until the completion of the hand over.

Article (4)
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. 

 
Zeyad Al-Fulaij
Head of Supervision Sector 

Issued on: 31/03/2019

Copy of the Official Document