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Find out moreThis special edition of Law Update, marking Al Tamimi & Company’s 35th anniversary, explores the evolving legal landscape of energy and climate law across the region.
As the Middle East prioritises sustainable growth, this edition examines key developments shaping the future of the sector. From the UAE’s Federal Law No. 11 of 2024 to advancements in green hydrogen, solar financing, and carbon capture technology, we spotlight the innovative strides and challenges defining this critical area.
We also go into Saudi Arabia’s initiatives to integrate carbon capture into its industrial expansion and Egypt’s AFRICARBONEX platform, which underscores the region’s commitment to a sustainable and inclusive future.
Join us as we celebrate 35 years of legal excellence and forward-thinking insights, paving the way for a more sustainable tomorrow.
Read NowOn September 14, 2023, the Central Bank of Bahrain (“CBB“) introduced the Family Office Services Module, an integral addition to Volume 4 (Investment Business) of the CBB rulebook. This module specifically pertains to companies that offer family office services, encompassing entities like wealth management and advisory firms specializing in tailor-made solutions for affluent families.
These family office services encompass one or more of the following regulated investment services:
a. wealth management advice;
b. investment management;
c. arranging credit and advising on credit;
d. safeguarding financial instruments (i.e. a custodian);
e. regulated administration services;
f. trust services (i.e. licensees can act as a trustee for family assets held in a trust with the family members as beneficiaries);
g. operating a collective investment undertaking (i.e. an operator); and
h. offering of insurance advice (insurance consultant).
A person does not carry on an activity constituting a family office service if the following criteria is met:
a. the family office provides family office services only to family clients;
b. the family office is wholly-owned by family clients and controlled by the family members; and
c. the family office does not hold itself out to provide regulated services to the public.
Family clients include: (i) a family member of a single family; (ii) trusts for which the family members are beneficiaries; (c) any company, wholly owned (directly or indirectly) by, and operated for the sole benefit of, one or more family members.
Family members are those defined under the family definition (defined below). All family clients must also fall within the definition of accredited investors.
Family for the purposes of family offices services module means one or more individuals that are:
a. lineal descendants of a common ancestor;
b. spouse of the common ancestor;
c. spouses of the lineal descendants of a common ancestor;
d. stepchildren and adopted children of the common ancestor; and
e. stepchildren and adopted children of the lineal descendants of a common ancestor.
All family office licensees must:
a. be managed by a board of directors;
b. adopt a formal board charter;
c. meet periodically as prescribed by the board charter;
d. record minutes of the board meetings; and
e. appoint two (2) senior executives with residency in Bahrain, one of whom must be a chief executive officer.
Al Tamimi and Company’s Banking and Finance team regularly advises on regulatory matters and is well placed to assess the opportunities derived from the implementation of the new family service module. If you would like to further discuss the contents of this article and find out what it means for your business, please contact Al Tamimi and Company in Bahrain.
Partner, Banking & Finance (Bahrain, KSA & UAE) Head – Debt Capital Markets
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