CmaBoardReleases
Title: Resolution No. (139) of 2021 Regarding Cancelling the Securities Activities License of Bayan Investment Company
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments; and
- The application submitted by Bayan Investment Company to cancel all securities activities and remove its name from the licensed persons register at the CMA; and
- The decision of the Extraordinary General Assembly of Bayan Investment Company held on 15/11/2021 approving the amendment of the objectives for which the Company was established, in accordance with the provisions of Commercial Companies Law No. (15) of 1960 and noting the aforementioned at the Commercial Registry Department at the Ministry of Commerce and Industry on 2/12/2021;
- Based on Resolution No. (63) of 2021 regarding amending the authorizations for the Supervision Sector’s procedures issued on 14/06/2021.
The Following Was Resolved:
Article (1)
The license of all securities activities granted to Bayan Investment Company is hereby cancelled. The Company shall safeguard the clients’ funds and assets until they are handed over to them or to those who are concerned with holding, managing or safekeeping them. It shall be removed from the licensed persons register at the CMA, after fulfilling the requirements of the CMA in this regard.
Article (2)
The Company shall hand over the clients’ funds and assets to them or to anyone concerned with holding, managing, or safekeeping them within a period of one calendar year starting from the date of this Resolution.
Article (3)
The Company shall provide the CMA with a monthly report from the date of this Resolution regarding the termination of the Company’s business related to clients’ funds and assets, until it completes the handover.
Article (4)
The Company shall fulfill all the legal obligations stipulated under Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and amendments, for the period prior to the entry into force of this Resolution.
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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 22/12/2021