Kuwait's CMA Opens Foreign Fund Marketing to Investment Advisors in Resolution 95 of 2026

The Capital Markets Authority published two amending resolutions in the Official Gazette on 19 July 2026 (Kuwait Al-Youm, Issue 1800, pages 34–40). Resolution No. 95 of 2026 amends Book One (Definitions) and Book Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010, and Resolution No. 96 of 2026 amends Book Ten (Disclosure and Transparency). Both were made on the resolution of the Board of Commissioners at its meeting No. 28 of 2026 held on 8 July 2026, were signed by the Chairman of the Board of Commissioners, Emad Ahmed Tayfouni, on 9 July 2026, and take effect from their date of issue.

The substantive change sits in the definition of "Marketer" in Book One. As previously drafted, a Marketer was a person licensed by the Authority to carry on the activity of collective investment scheme manager or subscription agent (sale) who markets units of a foreign collective investment scheme in Kuwait after obtaining the Authority's permission. The amended definition adds "or investment advisor" to that list. An investment-advisor licence is therefore now capable of supporting the marketing of foreign fund units in Kuwait, subject as before to the Authority's permission.

The Book Five amendment is technical. Article 1-43-3, which sets out what a person wishing to carry on the activity of qualified securities broker registered on the securities exchange must provide to the Authority, is revised so that its opening cross-reference cites Article (1-43-2) alongside Article (1-42-2), and refers expressly to the Bylaws. Resolution No. 96 of 2026 amends Article 4-1-1 of Book Ten, the provision requiring a listed company to make timely disclosure of material information concerning it; the revised wording is set out in the comparison annex to that resolution.

WEFAQ's view: Widening the Marketer definition is a small drafting change with a real licensing consequence: firms holding an investment-advisor licence no longer need to sit outside the foreign-fund distribution chain, and the population of entities able to place offshore fund units with Kuwaiti investors grows accordingly. Advisory firms considering that step should note that the Authority's separate permission for the specific scheme remains a precondition, and that the marketing conduct and disclosure obligations attaching to the activity are unchanged.

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Source: Kuwait Al-Youm, Issue 1800, pages 34–40 (Capital Markets Authority Resolutions No. 95 and No. 96 of 2026, with their comparison annexes), dated 19 July 2026; Law No. 7 of 2010 and its Executive Bylaws.

This article is provided for general information only and does not constitute legal advice. For advice specific to your circumstances, please contact WEFAQ Law Firm.