This document serves to clarify the regulatory landscape for Goldman Sachs Asset Management across various jurisdictions. It is crucial to understand that the distribution and authorization of materials related to investment management are subject to specific regional guidelines and oversight. Goldman Sachs Asset Management operates through a network of entities and partners globally, each adhering to the regulations of their respective locations. This ensures compliance and provides clarity for financial institutions and licensed professionals engaging with Goldman Sachs’ services.
Regional Regulatory Overview for Goldman Sachs Asset Management
To provide a comprehensive understanding, the following sections detail the regulatory bodies and Goldman Sachs entities responsible for asset management operations in key regions worldwide. This information is vital for financial partners to ensure they are operating within the bounds of legal and regulatory frameworks.
United States
In the United States, document issuance and approval are handled by Goldman Sachs Asset Management, L.P. and Goldman Sachs & Co. LLC. Both entities are registered with the U.S. Securities and Exchange Commission as investment advisers. This ensures adherence to US securities laws and provides a regulated framework for their operations within the country.
United Kingdom
Within the United Kingdom, this document is considered financial promotion and is approved by Goldman Sachs Asset Management International (GSAMI). GSAMI is authorized and regulated by the Financial Conduct Authority (FCA) in the UK. This regulatory oversight is essential for maintaining financial standards and protecting investors within the UK market.
European Economic Area (EEA)
In the European Economic Area, Goldman Sachs Asset Management B.V. (GSAM BV) distributes this communication through its branches. GSAM BV is authorized and regulated by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) as an Alternative Investment Fund Manager (AIFM) and a manager of Undertakings for Collective Investment in Transferable Securities (UCITS). This authorization allows GSAM BV to provide various investment services across the EEA, including portfolio management and investment advice, while adhering to EU regulations. Investor rights information is available on the GSAM website, emphasizing transparency and responsible investing.
Within the European Union, document approval is managed by either Goldman Sachs Asset Management Funds Services Limited, regulated by the Central Bank of Ireland, or Goldman Sachs Asset Management B.V, overseen by the Dutch AFM. This dual structure reflects the complex regulatory environment within the EU.
Switzerland
In Switzerland, communications are exclusively for professional investors and not for public distribution. Goldman Sachs Asset Management Switzerland GmbH provides this document, but future contractual relationships may be with affiliated entities based outside of Switzerland. It is important to note that regulatory systems outside Switzerland might not offer the same level of client confidentiality and data protection as Swiss law.
Asia (Excluding Japan)
In Asia, excluding Japan, entities like Goldman Sachs Asset Management (Hong Kong) Limited (GSAMHK) and Goldman Sachs Asset Management (Singapore) Pte. Ltd. (GSAMS) operate under specific regional licenses. These entities are licensed and operate in Hong Kong, Singapore, India, and China, subject to local regulations. Documents are issued or approved for use from Hong Kong by GSAMHK and from Singapore by GSAMS, ensuring regional compliance and focused operations.
Australia and New Zealand
In Australia and New Zealand, Goldman Sachs Asset Management Australia Pty Ltd (GSAMA) distributes documents solely to “Wholesale clients” in Australia and “New Zealand wholesale investors.” GSAMA operates under Australian Financial Services License (AFSL) No. 228948 and is not registered as a Financial Service Provider in New Zealand. Distribution in New Zealand is restricted to those pre-qualified as wholesale investors. This targeted distribution ensures compliance with Australian and New Zealand financial regulations.
Financial advice within these documents is provided by entities exempt from holding an Australian Financial Services License and are regulated under their home country laws, which differ from Australian law. These entities operate under ASIC Class Orders and Instruments, ensuring a level of regulatory alignment.
Canada
In Canada, GSAM LP provides this document and is registered as a portfolio manager across all Canadian provinces, and as a commodity trading manager and derivatives advisor in specific provinces. This registration ensures compliance with Canadian securities laws, although services related to exchange-traded futures or options contracts in Manitoba are not offered.
Japan
In Japan, this document is for professional investors as defined under the Financial Instruments and Exchange Law (FIEL). Descriptions of investment strategies related to collective investment schemes are approved only for Qualified Institutional Investors, as defined by Japanese regulations. This focused approach aligns with Japanese financial market regulations and targets professional investment partners.
United Arab Emirates
In the United Arab Emirates, neither the Central Bank of the UAE nor the Securities and Commodities Authority of the UAE has approved or reviewed this document. Consultation with a financial advisor is recommended if the content is unclear, underscoring the need for professional guidance in this region. Distribution is limited to a select audience, maintaining regulatory control.
Saudi Arabia
In Saudi Arabia, Goldman Sachs Saudi Arabia Company (GSSA), authorized and supervised by the Capital Market Authority (CMA), provides this document. The CMA does not guarantee the document’s accuracy and disclaims liability for any losses arising from it. Seeking advice from an authorized financial advisor is recommended for clarity. Distribution is limited to a select audience, adhering to Saudi Arabian regulatory guidelines.
Kuwait
In Kuwait, this document has not been approved for distribution by the Ministry of Commerce and Industry, the Central Bank of Kuwait, or any other competent authority in Kuwait. Distribution is restricted under Kuwaiti law, and no public offering or securities sales contracts are conducted within Kuwait. Marketing activities related to securities offerings are also restricted, ensuring regulatory compliance within Kuwait’s financial market. Distribution is limited to a select audience.
Qatar
In Qatar, this document has not been registered, reviewed, or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority, or the Qatar Central Bank and is not for public distribution. It is intended for limited distribution and should not be reproduced or used for other purposes, reflecting Qatar’s specific financial regulations.
Conclusion
Goldman Sachs Asset Management operates within a complex global regulatory framework, partnering with various entities across different regions to ensure compliance and provide services to financial institutions and licensed professionals. Understanding these regional nuances is crucial for all partners engaging with Goldman Sachs Asset Management to navigate the global financial landscape effectively and responsibly. This detailed overview highlights the commitment of Goldman Sachs to adhering to local regulations while providing consistent and reliable asset management services worldwide.
