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  • CIU-1.3 CIU-1.3 Holdings

    • Rights

      • CIU-1.3.1

        If a Bahrain domiciled retail CIU has different classes of holdings, the instrument constituting the CIU must clearly set out the different features of each class of holding, including their respective rights; the allocation of expenses and fees; and how the proportion of the value of the assets of the CIU and the proportion of income available for allocation attributable to each such class is to be calculated.

      • CIU-1.3.2

        For the purposes of this Module, the interest of the CIU participants in a Bahrain domiciled retail CIU (by whatever name these interests are called), are deemed to consist of holdings (including fractions of a holding), each holding representing one undivided share of the entitlement in the CIU's assets.

      • CIU-1.3.3

        The instrument constituting the CIU may provide for different classes of holdings to be issued in an authorised CIU and, in the case of umbrella CIUs, may provide that different classes of holdings may be issued for each sub-CIU.

    • Issue, Purchase and Redemption

      • CIU-1.3.4

        Holdings may not be created or issued unless the equivalent of the net issue price is paid into the assets of the Bahrain domiciled retail CIU within the usual time limits. This shall not preclude the distribution of bonus holdings.

      • CIU-1.3.5

        CIU participants shall, in accordance with the CIU documents, either be:

        (a) Issued with registered certificates evidencing title to holdings, in a form and substance satisfactory to the CBB; or
        (b) Provided with written confirmation of entry in a register for such holdings which shall be kept current and up-to-date at all times and shall contain full details of the names and addresses of the CIU participants, the number of holdings held by them, and the date of acquisition of such holdings.

      • CIU-1.3.6

        Holdings in a CIU (except for those in closed-end funds), must be redeemed, repurchased, reimbursed or repaid (as may be appropriate) at the request of the CIU participants and in accordance with the Bahrain domiciled retail CIU's documents.

      • CIU-1.3.7

        Holdings may only be created, issued or sold, and redeemed, repurchased, reimbursed or repaid (as may be appropriate), in accordance with the prospectus constituting the Bahrain domiciled retail CIU and at a price arrived at by dividing the net asset value of the CIU by the number of holdings outstanding, after taking into account any charges as agreed in advance with the CBB.

      • CIU-1.3.8

        The prospectus constituting the Bahrain domiciled retail CIU must clearly state the frequency and basis for calculation of the issue price, repurchase price and other appropriate prices of the holdings in the CIU.