المادة 66: Initial Offer Period

Article 66: Initial Offer Period

a. Details of any initial offer (including the duration of the initial offer period and the initial price of the units) must be provided in the Fund’s Term and Conditions.

b. During the initial offer period, units may only be offered by the fund manager at the initial price.

c. The duration of any initial offer period must not exceed (60) days. During such period and until the elapse of the initial offer no investment of subscription monies raised to be made except investing them in money market funds, deposits, or money market transactions concluded with a party subject to the Saudi Central Bank supervision or equivalent regulator to the Saudi Central Bank in a jurisdiction outside the Kingdom, without prejudice to Paragraph (d) of Article (41) of these Regulations.

d. The fund manager must specify a minimum amount that must be raised through investors subscriptions during the initial offer period, without prejudges to Paragraph (d) of Article (41 ) of these Regulations, no investment of subscription monies raised may be made until this minimum sum has been achieved, except for its investment in money market funds, or in bank deposits and money market transactions concluded with a party subject to the Saudi Central Bank supervision or equivalent regulator to the Saudi Central Bank in a jurisdiction outside the Kingdom. The fund manager must disclose the required minimum amount that must be raised in the Fund’s Terms and Conditions.

e. In case the minimum amount referred to in Paragraph (d) of this Article is not raised during the initial offer period, the fund manager must return to the unitholders their full subscriptions monies together with any returns generated from investing the subscriptions monies as per the Paragraphs (c) and (d) of this Article without any deduction.

f. At the end of the offer period, the fund manager must provide the Authority within (10) days the offer results, and disclose them on its website, in accordance with the requirements of Annex (10) of these Regulations.