1.The complete application shall be submitted to the Authority.
2.The Authority shall examine the submitted application and documents enclosed thereto. In case any parts are missing the applicant shall be notified to complete the data and documents required by the Authority.
3.The Authority shall issue a decision approving or rejecting the application for license within a period no later than (30) business days from the date of submitting a complete application and it may set limits of approval as it sees fit.
4.The Authority may grant the applicant an initial conditional approval in order to complete the licensing procedures.
5. The applicant shall complete the procedures, finalize final contracts with the service providers of the Fund, and appoint a Board of Directors, then deliver the following documents to the Authority:
- A copy of the contracts finally signed by parties thereto.
- The fund offering plan indicating the final dates.
- Two approved hard copies of the Fund Prospectus (Offering Document- Private Placement Memorandum)
- Two approved hard copies of the summary of the Key Investor Information Document (KIID) of the fund offered for public offering.
- Any other documents whose submission to the Authority is postponed or required later.
6. The Authority shall approve the two copies of the Fund Prospectus (Offering Document – Private Placement Memorandum), the two copies of the summary of KIID as per the provisions of the Regulations, and both copies of the summary of offering document (for the Fund offered for public offering). Then the Authority shall provide the applicant with one of the copies after approval by the Authority in addition to a letter from the Authority indicating approval to start receiving subscriptions as per the offering plan and asserting not to use the subscription funds until the Authority issues its approval in this respect.
7.The applicant shall provide the Authority with a weekly statement on the subscription status indicating the date, number of subscribers, and volume of subscriptions. In the end of subscription period as per the offering plan, the applicant shall provide the Authority with the following documents:
- A letter by the applicant including, as per the offering plan and subscription outcome, either a request for the Authority's approval to start fund activity in light of covering the minimum limit of the fund size, or a request to cancel the offering for not covering the minimum limit of the fund size along with an undertaking to refund the subscriptions as per the applicable rules.
- A certificate by the Fund Auditor on the final subscription status as per the form prepared by the Authority for this purpose (Form 10160 Auditor Certificate on the Final Subscription Status).
The Authority shall issue a letter to include, depending on the subscription outcome, either an approval to start the fund activity, or cancellation of the fund offering in the State, within a period no later than (30) business days from the date of completing all required data and documents.