Licensing of Local Investment fund

1. The application shall be submitted by the fund manager (licensed by the CMA to establish and manage investment funds, or by the experienced qualified natural persons (for stand-alone funds)

The controls set forth in the CMA’s Board of Directors’ Decision No. (1) of 2023 concerning Investment Fund Regulations and its annexes, shall be adhered to, in relation to the fund to be established (and according to the nature of the fund).

The management company and the fund’s board of directors are prohibited from practicing the functions related to the investment fund, subject of the application, except after the CMA issues a decision licensing the fund.

It is prohibited to announce or promote the licensing, subscription, or any information about the investment fund before obtaining approval from the CMA.

The fund’s offering document submitted to the CMA has to be reviewed by the fund’s legal representative, who has to verify that the submitted offering document complies with all laws and controls in force in the state, and then issue a certificate to the CMA in this regard.