GE A Kentfield
Deputy Chief of the Banking Department
and Deputy Chief Cashier
071-601 4284
Sheikh Fahad Mohammed Al-Sabah
Chairman
Kuwait Investment Office
St Vedast House
150 Cheapside
London
EC2V 6ET
¡
BANK OF ENGLAND
LONDON EC2R 8AH
17 August 1990
HKB
020126
RECEIVED INDE
1 SEP 1990
S
Dear Sheilch Fahad,
EMERGENCY LAWS (RE-ENACTMENTS AND REPEALS) ACT 1964
I refer to conversations between the Bank and representatives of your Office concerning the establishment of guidelines and the giving of appropriate permissions under the above Act which would be intended, consistent with the legislation, to allow the Kuwait Investment Office (KIO) to carry out sterling transactions in the London Financial Markets in the same manner as prior to the introduction of the above restrictions. Specific details are set
out below by type of investment.
Transactions in Equities
Purchases by KIO
Brokers may effect purchase transactions in equities on behalf of the KIO. Settlement of such transactions may be effected only through the Bank of England Securities Office or National Bank of Kuwait, London Branch who will be given permission to effect settlement by debit of a Kuwaiti Account provided that the stock/contract note indicates that the purchaser is either
109