Chapter 4
Securities Business
 
Division 1
Formation and Issuance of License
 
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Section 90.
 
 
Securities business can be undertaken only by formation of either a limited company or a public limited company, or by a financial institution established in accordance with other laws, and after having obtained a license from the Minister upon the recommendation of the SEC.

The formation of a limited company or of a public limited company to undertake securities business under the first paragraph may be commenced after having been given an approval of the Minister upon the recommendation of the SEC.
A merger of securities companies shall be deemed to be the fomation of a limited company or of a public limited company, as the case may be.
The application for a license, application for an approval, the issuance of a license, and the granting of an approval under this Section shall be in accordance with the rules, conditions and procedures, and subject to the payment of fees, as specified in the ministerial regulations.
 
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Section 91.
 
 
Where it is necessary to maintain the economic and financial stability of the country, or to protect the public interest, the Minister upon the recommendation of the SEC has the power to specify conditions with which the license holder shall be required to comply in the undertaking of the securities business.
In cases where there has been a change in the necessary circumstances as provided in the first paragraph, the Minister upon the recommendation of the SEC may modify or change the conditions already specified.
 
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Section 92.
 
 
A securities company may establish a branch office only when an approval has been given by the Office.
The application for and the granting of such approval shall be in accordance with the rules, conditions and procedures as specified by the SEC.

The establishment of a branch office of a financial institution established in accordance with other laws shall comply with such governing laws.
 
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Section 93.
 
 
Any person wishing to act on behalf of a company established to undertake securities business under foreign law by setting up a representative office in the Kingdom shall obtain an approval from the Office.
The representative under the first paragraph shall undertake only those businesses specified in the approval.
The provisions of Section 95 shall not apply to a person receiving approval under this Section. However, such person shall comply with the regulations specified by the Office.