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  • Revocation of Authorisation

    • CIU-1.1.15

      The CBB may revoke authorisation of a Bahrain domiciled retail CIU if the CIU is not in operation within 6 months of the date of its authorisation.

    • CIU-1.1.16

      The CBB will normally only exempt a CIU from the above 6 months rule if exceptional unforeseen circumstances have intervened and delaying the start of the CIU's operations would not prejudice the interests of potential investors (for instance, due to a sudden downturn in markets).

    • CIU-1.1.17

      The CBB may also revoke authorisation of a Bahrain domiciled retail CIU if in its opinion:

      (a) Any of the applicable requirements contained in Module CIU are not met;
      (b) False or misleading information has been provided to the CBB, or significant information which should have been provided to the CBB has not been so provided; or
      (c) The CBB believes it necessary in order to safeguard the interests of potential investors or the CIU's participants.

    • CIU-1.1.18

      Where the CBB proposes to cancel a CIU's authorisation, it shall give the CIU concerned a written notice of its intention to do so and the reasons for such action. The CIU has 30 calendar days from the date of the written notice to appeal the decision, as per the appeal procedures specified in the notice.