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  • CIU-1.4 CIU-1.4 Reporting Requirements

    • CIU-1.4.1

      Operators of retail CIUs must distribute, electronically (and if the operator so chooses also in hard copy format) audited annual financial statements of the CIU within 4 months of the year-end and reviewed semi-annual financial statements within 2 months of the period-end. Operators of exempt CIUs are required to distribute an annual report within 4 months of the year-end.

      Added: April 2022

    • CIU-1.4.2

      The annual report of a Bahrain domiciled CIU must include the following:

      (a) The report of the Board of Directors together with the names of directors and the relevant persons associated with the CIU;
      (b) Audited financial statements, prepared in accordance with IFRS or AAOIFI standards, as applicable, which should include in addition to a balance sheet and income statement a statement of changes in net assets attributable to holders of units;
      (c) Details of the investment portfolio classified in accordance with the criteria specified in the offering memorandum policy, their proportion to the net asset value of the CIU, and for unit based CIUs, number of units, and NAV per unit;
      (d) The amount of fees, charges and remuneration including any performance fee or carried interest where relevant paid to the operator and to other relevant persons (such as custodian and fund administrator);
      (e) Developments concerning the CIU investments during the reference period including income from investments, other income, net income, distributions and income reinvested, increase or decrease of capital accounts, and appreciation or depreciation of investments;
      (f) A comparative table covering the preceding 3 financial years (unless the CIU was not in operation for 3 full years in which case, for each year of operation) and including, for each financial year, at the end of the financial year:
      a. The total net asset value; and
      b. The net asset value per unit for open ended funds;
      (g) Transactions and arrangements with connected parties of the CIU operator; and
      (h) The Shari’a advisor report for Shari’a-compliant CIUs.
      Added: April 2022

    • CIU-1.4.3

      The semi-annual financial statements must at least include the information required under Sub-paragraphs CIU-1.4.2 (a) to (f).

      Added: April 2022

    • CBB Reporting

      • CIU-1.4.4

        The CIU operator is required to report the following to the CBB:

        (a) Any periodic or adhoc reports provided to the CIU participants within the same deadline;
        (b) The Quarterly Statistical Return (Form CIU-QS, Part B of Volume 7) within 30 days of each quarter end; and
        (c) The following information as soon as reasonably practicable but no later than 30 calendar days, in the event of any:
        a. Breaches of terms and conditions of the offering including breaches in investment limits;
        b. Any suspension or deferral of issuance or redemption;
        c. Any legal claims or disputes involving the CIU;
        d. Any material changes in relation to the CIU which would impact the accuracy of the information provided to the CBB including a change in any relevant persons of the CIU;
        e. Any non-compliance with the CIU’s AML/CFT obligations; and
        f. Details of unresolved customer complaints involving the CIU.
        Added: April 2022