Regulatory Alerts2010-04-18
Instructions on Notifying the Central Bank Before Communicating with Foreign Regulatory Authorities
The Central Bank of Kuwait requires all Islamic banks to notify the authority in advance before communicating with foreign regulatory or banking authorities for approvals. This mandate covers planned activities such as acquiring shares, establishing subsidiaries, amending capital, opening branches, and initiating new operations, as well as transactions conducted in breach of local hosting laws. The requirement ensures compliance with Basle Committee supervision standards and prevents adverse impacts from uncoordinated international regulatory consultations.
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