Units may not be marketed in the State of Kuwait for a Collective Investment Scheme incorporated out of the State of Kuwait unless a permission is granted from the Authority; which shall be issued after verification of the following requirements and conditions: 1. Submit an application, for marketing a Collective Investment Scheme incorporated outside the State of Kuwait, according to Appendix 1 of this Module, and the aforementioned application should be enclosed with the complete documents and information set out in this Appendix and the required fees must be paid. 2. The Collective Investment Scheme must be licensed by a foreign Regulatory Body in accordance with regulatory standards and conditions which are at least similar to those applied by the Authority. 3. Units of the Collective Investment Scheme should be set for private subscription only in the State of Kuwait and such private subscription must be directed to a Professional Client. 4. Securities or promotional materials related to a Collective Investment Scheme incorporated outside the State of Kuwait should be advertised in accordance with the conditions of the Financial Promotion set forth in Chapter Seven of Module Eight (Conduct of Business) of these Bylaws and it shall be directed to the Persons related with the private subscription, provided that advertisements available for the public should not be used. 5. The Units in a Collective Investment Scheme shall be offered in the State of Kuwait through a Subscription Agent or a manager of Collective Investment Scheme licensed by the Authority. 6. Any other requirements and conditions decided by the Authority must be met.