Back Custom print Link Text Only Rich Text Print

  • CIU-3.4 CIU-3.4 De-registration

    • CIU-3.4.1

      Bahrain domiciled exempt CIUs must give at least one months' written notice to CIU participants of their intention to de-register the CIU, together with an explanation for wishing to do so, and the options available to CIU participants (such options to include, if possible, a right to switch without charge into another CIU). A copy of this notice must be provided to the CBB at the time it is issued to CIU participants.

    • CIU-3.4.2

      Once the CIU's assets have been distributed to the CIU's participants, or switched to another CIU, the Bahrain domiciled exempt CIU must confirm the fact to the CBB and request that it be taken off the CBB register of exempt CIUs.

    • CIU-3.4.3

      In the meantime, the Bahrain domiciled exempt CIU should keep the CBB informed about their timetable and progress made in either transferring CIU participants into another CIU, or returning moneys due to them.

    • CIU-3.4.4

      CBB may cancel the registration of a 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-3.4.5

      Where the CBB proposes to cancel a CIU's registration, 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.