Revoking the Securities Business License of Portfolio Brokerage & Financial Services Company

Under its resolution No. 15-23-2009, the CMA Board of Commissioners issued today Sunday 25/08/1430H corresponding to 16th August 2009 its decision to revoke the license granted to Portfolio Brokerage and Financial Services Company based on the Capital Market Law issued by the Royal Decree No. (M/30) dated on 02/06/1424H, and the Authorized 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 Portfolio Brokerage and Financial Services Company to conduct Dealing as Underwriter, Managing, Arranging, Advising and Custody in the securities business under resolution No. 4-7-2007 dated 12/01/1428H corresponding to 31st January 2007 and resolution No. 3-12-2009 dated 17/4/1430H corresponding to 13/4/2009, with stipulated requirements and conditions to be satisfactorily fulfilled prior to commencing the business. 

In spite of CMA board resolution no. 11-21-2008 dated 05/06/1429H corresponding 09/06/2008 and board resolution no. 3-12-2009 dated 17/04/1430H corresponding to 13/04/2009 to extend licensing period to commence business, Portfolio Brokerage and Financial Services Company has not fulfilled the requirements and conditions and thus is not in a position to commence the business.