Revoking the License of ICG Financial Advisors Group

Under its resolution No. 14-16-2009, the CMA Board of Commissioners issued today Monday 1/6/1430H corresponding to 25th May 2009 its decision to revoke the license granted to ICG Financial Advisors Group based on the Capital Market Law issued by the Royal Decree No. (M/30) dated on 2/6/1424H, and the Authorised Persons Regulations issued by CMA Board of Commissioners on their Resolution No. 1-83-2005 dated on 21/5/1426H corresponding to 28th June, 2005.

The CMA had authorized ICG Financial Advisors Group to conduct Arranging and Advising in the securities business under resolution No. 6-17-2007 dated on 21/3/1428H corresponding 9th April 2007, with conditions to be fulfilled prior to commencing the business.  However, in spite of CMA approval no. 6-9-2009 dated 26/3/1430H corresponding to March 23, 2009 to extend the period to satisfy the conditions, ICG Financial Advisors Group has not fulfilled the conditions and thus did not commence the business within the granted period.