MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Oman / Saudi Arabia
Exchange Traded Funds
Questions Oman Saudi Arabia
establishment of the fund, issuing and
listing its units.
Article (214): The sponsor shall apply to
CMA to obtain approval to establish the
fund and shall attach with the application,
the draft articles of association, draft
prospectus in accordance with the format
prescribed by CMA as well as any
statements or documents that CMA may
require.
Article (215): CMA shall consider the
application and issue its decision within
fifteen (15) days from the date of receipt of
the duly completed application. Where
such period passes without a decision in
the application, the application shall be
deemed to have been rejected.
Article (216): The sponsor manager shall
complete the process of establishing the
fund within three (3) months from the date
of notice of the approval by CMA as
otherwise such approval would be
considered void.
Article (217): Issuance of investment units
as regards issue, subscription and
allocation processes shall be subject to the
provisions of Part I of this regulation in
accordance with the provisions of this Part.
155