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  • CIU-5.2 CIU-5.2 Requirements for Operators

    • CIU-5.2.1

      Operators of CIUs authorised or registered under this Module must:

      (a) Ensure compliance of the CIU with the requirements of this Module, the instrument constituting the CIU, and of its prospectus;
      (b) Take all reasonable steps to rectify any failure to comply with the obligations specified in (a) above, and to notify the CBB of such a breach as soon as it becomes aware of the fact; and
      (c) Not withdraw as operator of the CIU except upon the appointment of a new operator and subject to the prior approval of the CBB.

    • CIU-5.2.2

      Operators of Bahrain domiciled retail CIUs and Bahrain domiciled expert CIUs who have introduced seed capital into a CIU authorised or registered under this Module must not seek redemption or buy back the seed capital without the prior written approval of the CBB.

    • CIU-5.2.3

      Operators of Bahrain domiciled retail CIUs and Bahrain domiciled expert CIUs are liable for any loss suffered by participants, because of of their unjustifiable failure to perform their obligations adequately, as required under the CIU documents or this Module. This liability shall not in any way be diminished by any provision in any document, save to the extent that any release or indemnity from liability relates to a prior event and/or where clients holding not less than 75% in value of the units in issue at that date have agreed to such a release or indemnity.