Bahrain’s Central Bank has amended Volume 4 of its Rulebook on Investment Business Regulations to introduce a new category of investment firms. The new category will be allowed to provide regulated investment and wealth management services to family offices that are supervised by the Bank.
They will be able to provide wealth management, investment management, custody services, trust services, fund management and insurance advice.
The regulations were developed to help meet the needs of these businesses, support the growth of the asset management industry in the Kingdom and ensure regulatory requirements relating to governance and internal controls are upheld.
Existing family offices will not be included in the new regulations unless they expand the scope of their activities by providing investment services to other parties which requires a Central Bank licence under the new regime to be obtained.
Also reported in Al Watan on 18 September 2023. For the full story, click here.
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