Bahrain introduces family office licences

The Central Bank of Bahrain (CBB) has amended its investment regulations to cater for the growing influence of family offices.

The CBB has introduced a new category within its invest business regulations that will license those firms to provide investment and wealth management services to family offices under its supervision.

It will also enable the provision of advisory, custody and trust services as well as insurance and fund management advice, under a single licence.

“This new licence allows the provision of multiple investment services by family offices that wish to provide specialised wealth management services to other parties while also meeting the governance and regulatory requirements in addition to customer financial needs and interests,” said Abeer Al Saad, executive director of financial institutions supervision at the CBB.

The move has been welcomed by local industry groups, such as the Bahrain Economic Development Board, as a “step in the right direction”.

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