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  • CIU-1.10 CIU-1.10 Reporting and Auditors

    • Publication Requirements

      • CIU-1.10.1

        Bahrain domiciled retail CIUs must publish semi annual and annual financial statements in respect of each financial year. These statements must be prepared in accordance with International Financial Reporting Standards.

      • CIU-1.10.2

        Publication on the CIU's or operator's website would satisfy the requirement in Rule CIU-1.10.1 that the report be published.

      • CIU-1.10.3

        The annual financial statement must be published and distributed to CIU participants within 4 months of the end of the CIU's financial year. The semi annual financial statement must be published and distributed to CIU participants within 2 months of the period end. Both the annual and semi-annual reports must contain at least the minimum information specified in Appendix E.

      • CIU-1.10.4

        The annual financial statement must be subject to independent audit by a qualified auditor located in Bahrain and acceptable to the CBB. The semi-annual financial statement must be subject to an independent review by the same qualified auditor.

      • CIU-1.10.5

        Bahrain domiciled retail CIUs must publish the issue, sale, repurchase or redemption price of its holdings each time it issues, sells, repurchases or redeems its holdings, and at least twice a month.

      • CIU-1.10.6

        Publication on the CIU's or operator's website, or in a local newspaper, would satisfy the publication requirement in Rule CIU-1.10.5.

    • Reporting to the CBB

      • CIU-1.10.7

        Bahrain domiciled retail CIUs must file the annual and semi annual reports required under Rule CIU-1.10.1 with the CBB within the time periods specified in Rule CIU-1.10.3.

      • CIU-1.10.8

        Bahrain domiciled retail CIUs must file with the CBB Form CIU (QS), the CIU Quarterly Statistical Return, within the deadline specified on the return.

      • CIU-1.10.9

        Bahrain domiciled retail CIUs must notify the CBB of any AGMs or EGMs they intend to hold, with at least 14 calendar days' notice. The CBB may attend such meetings at its discretion.

      • CIU-1.10.10

        Bahrain domiciled retail CIUs must provide the CBB, upon request, any additional information relevant to the CIU's financial reports and accounts.

      • CIU-1.10.11

        Bahrain domiciled retail CIUs must, in their terms of engagement with their external auditor, administrator/custodian, provide for them to report to the CBB in writing without delay, if they become aware of any of the following:

        (a) The information provided to the CIU's participants or the CBB does not truly reflect the financial situation of the CIU;
        (b) There has been a material breach of the requirements of this Module, the CIU documents, or any directions issued by the CBB;
        (c) There exist circumstances that may materially affect the ability of the CIU to fulfill its obligations to the CIU participants;
        (d) There are material defects in the financial systems, controls or accounting records of the CIU;
        (e) There are material inaccuracies in any reporting provided to the CBB; or
        (f) In the case of the external auditor, they are likely to qualify any opinion they are to provide in relation to the financial statements of the CIU.

    • Auditors

      • CIU-1.10.12

        Bahrain domiciled retail CIUs must appoint an external auditor resident in Bahrain, and acceptable to the CBB.