المادة 99(c): Offer of Securities Issued By a Foreign Fund in the Kingdom

c. The distributer referred to in Paragraph (b) of this Article, must be .one of the following:

1) A capital market institution licensed to carry out dealing activity.

2) A capital market institution licensed to carry out the activity of managing investments and operating funds.

3) A capital market institution licensed to carry out the activity of managing investments, provided that such foreign fund intended to be distributed and whose securities are to be offered in the Kingdom is established by such institution, or by an institution affiliated with it subject to an equivalent regulatory oversight in a jurisdiction recognised by the Authority as having equivalent regulation, and foreign investors own no less than (50%) of the total value of the fund’s units.