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  • Authorisation Requirement

    • CIU-1.1.1

      Bahrain domiciled retail CIUs must be authorised by the CBB prior to being offered to investors.

    • CIU-1.1.2

      An application for authorisation may only be made by one of the following:

      (a) The operator of the CIU; or
      (b) The directors or trustees of the CIU (as appropriate).

    • CIU-1.1.3

      An applicant may appoint a representative — such as the CIU's proposed administrator/custodian, or a law firm or professional consultancy — to prepare and submit the application. However, the applicant retains full responsibility for the accuracy and completeness of the application, and is required to certify the application form accordingly. The CBB also expects to be able to liaise directly with the applicant during the authorisation process, when seeking clarification of any issues.

    • CIU-1.1.4

      An application for authorisation under Rule CIU-1.1.1 involving an overseas operator will only be considered if:

      (a) The overseas operator is duly authorised to operate similar CIUs in its home jurisdiction and is supervised by an overseas financial services authority acceptable to the CBB; and
      (b) The overseas operator has identified an appropriate institution licensed by the CBB, with which it would enter into service agreements in order to satisfy the administration and custody requirements contained in Rule CIU-1.4.9.