and 2 attached herewith. The OFAR system will be available for a test run during 1-30 December 2016. Thereafter, intermediaries will be required to submit their daily status report via OFAR, starting
. The financial statements under the first paragraph shall be prepared under the criteria as specified in the notification of the SEC and shall be audited with an opinion rendered thereon by a certified
not be a director, officer or employee of the securities company. The securities company shall publish its balance sheet and profit and loss account prepared in accordance with the first paragraph for
and documents submitted or presented or the explanations to elaborate or clarify in accordance with the first paragraph shall be complete and accurate.
been a change in the necessary circumstances as provided in the first paragraph, the Minister upon the recommendation of the SEC may modify or change the conditions already specified.
of the Office. In issuing the notification in accordance with the first paragraph, the Office shall specify the following important matters: (1) capital fund, net total assets and business operation of
liquidator under the first paragraph shall be given prior approval from the Office. Expenses and remuneration arising from liquidation of any mutual fund shall be paid from the assets of that mutual fund.
representative office in the Kingdom shall obtain an approval from the Office. The representative under the first paragraph shall undertake only those businesses specified in the approval. The provisions of
) having a clear action plan which demonstrates determination for providing services of trading investment units in the long run; (6) having sufficient readiness for providing services and ensuring that