The Capital Markets Authority (CMA) has issued Resolution No. (152) of 2023 in relation to the license application submitted by Sharq Investment Company for practicing securities activities. The CMA has granted a preliminary approval to the company, allowing them to obtain an investment advisor activity license. This approval is valid for a renewable period of six months, commencing from October 31, 2023 and ending on April 30, 2024. This timeframe is set to comply with the criteria set by the Authority.
Upon meeting the requirements outlined in the initial approval letter issued by the Authority, Sharq Investment Company will be granted the aforementioned license for a duration of three years. The license will be renewable upon the issuance of the Authority's license certificate and payment of the applicable fee. The implementation of this resolution will be carried out by the relevant authorities in accordance with their respective responsibilities. The resolution is effective from the date of its issuance.