คำอนุมัติและใบอนุญาตจาก CMA ใดที่จำเป็นในการจัดตั้งกองทุนส่วนบุคคลในคูเวต และมีข้อกำหนดด้านทุนขั้นต่ำและภาระผูกพันการบริหารจัดการในท้องถิ่นอย่างไรบ้าง?
คำตอบจากทนายความ
al-dostour law firm
Launching a fund that operates across the Gulf requires strict adherence to the regulations set by the Capital Markets Authority (CMA) of Kuwait. At Al-Dostour Law Firm, we specialize in navigating these regulatory frameworks to ensure a seamless setup and ongoing compliance.
Below is a summary of the key requirements and procedures:
1. CMA Licensing and Approvals
To establish and manage a fund in Kuwait, you must obtain a Collective Investment Scheme (CIS) license from the CMA. The process involves:
Approval of the Fund Manager: The entity managing the fund must be licensed by the CMA to conduct 'Investment Fund Management' activities.
Fund Prospectus: You must submit a detailed prospectus and Articles of Association for CMA review and approval.
2. Capital and Structural Requirements
Minimum Capital: The minimum capital required for a private equity fund typically depends on the specific fund structure, but the fund manager must maintain adequate capital as prescribed by the CMA’s Module 5 (Securities Activities).
Sponsor and Administrator: While a Kuwaiti 'sponsor' is not a formal legal term, the Fund Manager must be a CMA-licensed entity (usually a Kuwaiti shareholding company). Additionally, you are required to appoint a Local Custodian and a Local Investment Controller, both of whom must be independent of the fund manager.
3. Management and Reporting Obligations
Local Management: The fund manager must have a physical presence in Kuwait with CMA-approved 'Registered Positions' (e.g., Compliance Officer, Risk Officer, and Money Laundering Reporting Officer).
Ongoing Reporting: Funds are subject to monthly, quarterly, and annual reporting obligations to the CMA, including audited financial statements and Net Asset Value (NAV) disclosures.
4. Cross-Border Investment and Investors
Cross-Border Scope: As long as the fund is licensed in Kuwait, it can invest across the GCC, provided it complies with the investment limits and objectives stated in its prospectus.
Foreign Investors: Foreign (cross-border) investors are generally permitted to subscribe to Kuwaiti funds. However, specific Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols must be strictly followed for all international participants.
How Al-Dostour Law Firm Can Support You
Our firm provides end-to-end legal support for private equity ventures, including:
Structuring the fund to optimize tax and operational efficiency.
Drafting the Prospectus, Placement Memorandum, and all constitutional documents.
Liaising with the CMA to secure all necessary licenses.
Advising on cross-border compliance for regional investments.
al-dostour law firm
Launching a fund that operates across the Gulf requires strict adherence to the regulations set by the Capital Markets Authority (CMA) of Kuwait. At Al-Dostour Law Firm, we specialize in navigating these regulatory frameworks to ensure a seamless setup and ongoing compliance.
Below is a summary of the key requirements and procedures:
1. CMA Licensing and Approvals
To establish and manage a fund in Kuwait, you must obtain a Collective Investment Scheme (CIS) license from the CMA. The process involves:
Approval of the Fund Manager: The entity managing the fund must be licensed by the CMA to conduct "Investment Fund Management" activities.
Fund Prospectus: You must submit a detailed prospectus and Articles of Association for CMA review and approval.
2. Capital and Structural Requirements
Minimum Capital: The minimum capital required for a private equity fund typically depends on the specific fund structure, but the fund manager must maintain adequate capital as prescribed by the CMA’s Module 5 (Securities Activities).
Sponsor and Administrator: While a Kuwaiti "sponsor" is not a formal legal term, the Fund Manager must be a CMA-licensed entity (usually a Kuwaiti shareholding company). Additionally, you are required to appoint a Local Custodian and a Local Investment Controller, both of whom must be independent of the fund manager.
3. Management and Reporting Obligations
Local Management: The fund manager must have a physical presence in Kuwait with CMA-approved "Registered Positions" (e.g., Compliance Officer, Risk Officer, and Money Laundering Reporting Officer).
Ongoing Reporting: Funds are subject to monthly, quarterly, and annual reporting obligations to the CMA, including audited financial statements and Net Asset Value (NAV) disclosures.
4. Cross-Border Investment and Investors
Cross-Border Scope: As long as the fund is licensed in Kuwait, it can invest across the GCC, provided it complies with the investment limits and objectives stated in its prospectus.
Foreign Investors: Foreign (cross-border) investors are generally permitted to subscribe to Kuwaiti funds. However, specific Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols must be strictly followed for all international participants.
How Al-Dostour Law Firm Can Support You
Our firm provides end-to-end legal support for private equity ventures, including:
Structuring the fund to optimize tax and operational efficiency.
Drafting the Prospectus, Placement Memorandum, and all constitutional documents.
Liaising with the CMA to secure all necessary licenses.
Advising on cross-border compliance for regional investments.
ABDUL RAZZAQ ABDULLAH & PARTNERS LAWYER & LEGAL CONSULTANTS
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