Country Manual Products – Kuwait – BRP Update 2024
BRP has updated its Country Manual Products for Kuwait
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Material changes
The changes/modifications are as follows:
- In alignment with the Country Manual Private Banking (CM PB), it is highlighted that any provision of execution-only services by foreign (unlicensed) service providers onshore in Kuwait (at target) will trigger local licensing requirements. Accordingly, the provision of execution-only services is not permitted onshore in Kuwait (at target).
- In addition, the CM P BT now treats Public and Private Funds as well as (locally registered) foreign Funds equally as registered Funds. Please note that foreign (unregistered) Funds may not be marketed/offered/recommended to local investors except in accordance with the “current market practice”. Accordingly, it is not permitted to distribute either registered or unregistered (foreign) Funds onshore in Kuwait (at target). However, foreign (unlicensed) service providers may continue to rely on the “current market practice” when operating on a cross-border basis (remote).
- Please note, however, that under the “current market practice”, securities marketed/offered/recommended from outside Kuwait may not be tradable derivatives linked to interest rates based on the KWD or to the exchange rates of the KWD (in which case the approval of the Central Bank of Kuwait is required, which our local counsel believes may negate the application of the “current market practice”).
- Finally, in alignment with the CM PB, the provision of general Macroeconomic information/reports is now only permitted on an occasional basis onshore in Kuwait (at target).
For more information, please contact us: info@brpsa.com
Geneva, February 20th, 2024