Cancellation of United Financial House Company’s License

Wednesday, October 28, 2020 at 8:51 AM

Wed Oct 28, 2020 08:51

The CMA Board of Commissioners (BOC) has issued its resolution to cancel the license granted to United Financial House Company to conduct Dealing as Principal, Investment Fund Management, Discretionary Portfolio Management, and Custody activities in the securities business.

It is worth mentioning that, on 02/09/1440H corresponding to 07/05/2019 G, CMA had announced the suspension of the license of the said company for a period of 12 months.

Such decision was passed as a result of the Company’s violation of the Capital Market Law and its Implementing Regulations, and failure to fulfil the regulatory requirements necessary for the license validity and to respond to the CMA’s requests sent from time to time.