Update BRP Country Manual Asset Management
Kuwait
BRP has published its latest update concerning
the Country Manual Asset Management
for Kuwait
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Material changes
The changes/modifications are as follows:
The marketing of registered funds is now permitted if (directly) performed via remote means of communication into Kuwait (remote) in accordance with the “tolerated market practice” or if (indirectly) performed via/with a locally licensed entity/intermediary towards Professional Clients only. Accordingly, the CM AM BT provides the answer “Grey zone/YES”.
Brand advertising (without mentioning specific information about strategies, financial products and/or investment services) is not a licensable activity and therefore now generally permitted. The Country Manual Asset Management Behaviour Template (CM AM BT) provides the answer “YES” in all scenarios accordingly;
Providing general information/marketing material about the Company as well as macroecnonomic information, general market views or investment options (both without specific information on strategies, products and services) is now permitted (indirectly) via/with a locally licensed entity/intermediary on a one-to-one basis (without using any kind of public advertisement) in all scenarios. The CM AM BT therefore provides the answer “Grey zone” in all scenarios.
It is highlighted that the handling of contracts, agreements, subscription forms or transaction documents (including their signature) is not permitted in Kuwait. The CM AM BT therefore now provides the answer “NO” in the relevant scenarios.
Activities based on a reverse solicitation or responding to an RFP are only permitted in relation to the provision of written materials relating to specific products/services upon an unsolicited request of a local prospect/client and if (directly) performed via remote means of communication into Kuwait or (indirectly) via/with a locally licensed entity.
Contacting locally licensed entities and propose a cooperation (for subdistribution of products) as well as providing information and documents on the products to such a locally licensed entity is now permitted (without restriction). The CM AM BT therefore provides the answer “YES” in all scenarios.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, September 19th, 2025