CmaBoardReleases
Title: Resolution No. (144) of 2021 Regarding the License Application Submitted by KFIC Financial Brokerage Company for Practicing Securities Activities
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 KFIC Financial Brokerage Company; and
- 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 CMA hereby grants preliminary approval to KFIC Financial Brokerage Company to license the activity of Securities Broker not Registered with an Exchange. This approval is valid for six renewable months, starting from 29/12/2021 and ends on 28/06/2022, to meet the criteria specified by the CMA.
Article (2)
The Company mentioned in this Resolution shall be granted a license after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The license will be valid for a renewable period of three years starting on the date of issuance of the CMA license certificate, and after the payment of the required fee.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 29/12/2021