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CMA LAW: Circular No. (5) of 2019 to All Funds’ Liquidators that are Subject to the Provisions of Module Thirteen of the Executive Bylaws of Law No. (7) of 2010 and their Amendments Regarding the Quarterly Report on Liquidation Works.
Date Publish
28 May 2019
Dear Fund’s Liquidator,
Greetings
CMA would like to draw your attention to the provisions of Article (2-37-15) of Chapter 2 (Funds) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. (7) of 2010 and their amendments. It stipulates that the liquidator shall submit a quarterly annual report to the CMA regarding the liquidation.
Therefore, you shall comply with the provisions of the mentioned Article, and submit a quarterly report to the CMA according to the form attached to this circular. You shall also submit reviewed quarterly financial statements and audited annual financial statements, and the auditor’s report on the under liquidation fund within 30 days from the end of the period of liquidation and financial statements’ report.
You shall also abide by the provisions of Article (2-37) of Chapter 2 (Funds) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, and comply with all requirements stipulated in the Bylaws regarding the liquidation.
Thus, a fund liquidator shall follow this circular from the financial year ending 30/06/2019 and the following financial periods in accordance with the financial year of every under liquidation fund.
Prof. Ahmad Al-Melhem
Chairman of CMA Board of Commissioners - Managing Director
Issued on: 27/05/2019
* Circular No. (7) of 2016 on Submitting the Quarterly Report Regarding the Funds’ Liquidation Works Relevant to the Compliance with the Provisions of Module Thirteen of the Executive Bylaws issued on 16/06/2016 is hereby cancelled
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