CIU-5.1 CIU-5.1 CIU Winding-up Process
CIU-5.1.1
The
operator of aBahrain domiciled CIU must seek the approval of the CBB prior to taking any step to wind-up aBahrain domiciled CIU .Added: April 2022CIU-5.1.2
The
operator of aBahrain domiciled CIU must give at least one month's written notice, as a minimum, toCIU participants of their intention to wind-up theCIU , together with an explanation for such intention. A copy of this notice must be provided to the CBB at the time it is issued toCIU participants .Added: April 2022CIU-5.1.3
The
operator of aBahrain domiciled CIU must ensure that theCIU continues to meet its contractual obligations and comply with all applicable CBB requirements, until such time as it is formally notified by the CBB that it has been formally removed from the CBB’s register.Added: April 2022CIU-5.1.4
Upon completion of the winding-up process, the
operator of aBahrain domiciled CIU must submit the following to the CBB:(a) The final report from the liquidator/external auditor confirming the completion of the winding-up process and the final audited accounts of theCIU ;(b) An independent verification by the external auditor that theCIU’s assets have been distributed toCIU participants ; and(c) A request for theCIU to be removed from the CBB’s register ofCIUs .Added: April 2022CIU-5.1.5
If the fund company relating to a
Bahrain domiciled CIU is being liquidated, prior CBB approval must be obtained following the submission of a Board resolution and any necessary legal documents.Added: April 2022
