Article 15: Freezing the Investment Accounts

Article 15: Freezing the Investment Accounts

a) The capital market institution must freeze all the investment accounts of the client at the expiration date of the documents provided when opening the investment account if the client has not updated them or if the client has not updated his investment accounts information upon the capital market institution's request in accordance with paragraph (a) of Article 14 of these Instructions.

b) The capital market institution must notify his clients of the date of freezing the investment account at least one month prior to the freezing date. The capital market institution must also maintain policies and procedures to fulfil this requirement and keep records of its applications. ماع - Public

c) If the documents provided when opening the investment account for the legal person do not include a specific expiration of the validity date, the capital market institution must freeze such investment account after the end of the relevant time period specified by the capital market institution under paragraph (a) of Article (14) of these investment account instructions, until the client updates the account's information.

d) The capital market institution must monitor the validity of Identification Documents for the authorised signatories of the legal persons as well as the persons who provided information of their Identification Documents upon opening the investment account, and the capital market institution must freeze their authority to operate the investment account until they provide renewed Identification Documents information.