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Title: Announcement Regarding Expiration of the Preliminary Approval Period for the Licensing Application Submitted by Sharq Investment Company
Date Publish
02 December 2024
The Capital Markets Authority (CMA) announces the expiration of the preliminary approval period granted to Sharq Investment Company on 29/05/2024 to license the activity of a Collective Investment Scheme Manager pursuant to Resolution No. (68) of 2024 Regarding the License Application Submitted by Sharq Investment Company to Practice Securities Activities issued on 30/05/2024.
Accordingly, the request of the securities activities license submitted by Sharq Investment Company is considered null and void as of the expiry date of the preliminary approval on 28/11/2024 in accordance with the provision of Article 1-7 of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments which stipulates:
“… If the applicant fails to submit the required information and documents within the period stipulated in writing by the Authority without an excuse acceptable to the Authority, the application shall be deemed to have been withdrawn.”
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