• RP-1 RP-1 Appointment of Relevant Persons

    • RP-1.1 RP-1.1 General Requirements

      • RP-1.1.1

        A relevant person for the purpose of Volume 7, is the:

        (a) Operator;
        (b) Trustee (if applicable);
        (c) Fund Manager;
        (d) Custodian;
        (e) Fund Administrator;
        (f) Registrar/Transfer Agent;
        (g) Placement Agent;
        (h) Investment Advisor (if applicable);
        (i) External Auditor; and
        (j) CBB Licensee acting as a Placement Agent offering overseas domiciled CIU holdings to investors in the Kingdom of Bahrain.
        Amended: July 2017
        April 2012

      • RP-1.1.2

        Throughout this Module, reference to relevant persons (a) to (i) is made in relation to Bahrain domiciled CIUs. Reference to relevant person (j) is made in relation to overseas domiciled CIUs; however, the CBB expects overseas domiciled CIUs to have in place relevant persons similar to (a) to (i) appointed in their home jurisdiction.

        April 2012

      • Combination of Relevant Persons

        • RP-1.1.3

          Where relevant persons functions are combined and the CIU is structured as a Common CIU or Corporate, the following combination of relevant persons must be observed:

          Relevant Person Operator Fund Manager Custodian Fund Admin. Registrar/Transfer Agent Placement Agent Inv. Advisor External Auditor
            (a) (c) (d) (e) (f) (g) (h) (I)
          Operator   yes no no no yes yes no
          Fund Manager yes   no no no yes no no
          Custodian no no   yes yes no no no
          Fund Admin. no no yes   yes no no no
          Registrar/Transfer Agent no no yes yes   no no no
          Placement Agent yes yes no no no   yes no
          Investment Advisor yes no no no no yes   no
          External Auditor no no no no no no no  
          April 2012

        • RP-1.1.4

          Where relevant persons functions are combined and the CIU is structured as a trust, the following combination of relevant persons must be observed:

          Relevant Person Trustee Fund Manager Custodian Fund Admin. Registrar/Transfer Agent Placement Agent Inv. Advisor External Auditor
            (b) (c) (d) (e) (f) (g) (h) (i)
          Trustee   no yes yes yes no no no
          Fund Manager no   no no no yes no no
          Custodian yes no   yes yes no no no
          Fund Admin. yes no yes   yes no no no
          Registrar/Transfer Agent yes no yes yes   no no no
          Placement Agent no yes no no no   yes no
          Investment Advisor no no no no no yes   no
          External Auditor no no no no no no no  
          April 2012

        • RP-1.1.5

          In applying Rules RP-1.1.3 and RP-1.1.4 above, relevant persons who are related parties or from the same group will not be considered independent from each other, and as such will not be permitted to act in the capacity intended.

          April 2012

        • RP-1.1.6

          Bahrain domiciled CIUs must appoint separate entities to act as each of the relevant persons listed under Rule RP-1.1.1, as appropriate.

          April 2012

        • RP-1.1.7

          The appointment of relevant persons (a), (c), (d), (e), (f), (g) and (i) is mandatory for Bahrain domiciled CIUs. In the case of CIUs structured as trusts, the appointment of relevant person (b) in place of (a) is mandatory in addition to (c), (d), (e), (f), (g) and (i). The appointment of relevant person (h) is optional for all Bahrain domiciled CIUs.

          April 2012

    • RP-1.2 RP-1.2 Operator/Trustee

      • RP-1.2.1

        The initial appointment of the operator/trustee of a Bahrain domiciled CIU will be approved by the CBB as part of the process of authorisation/registration outlined in Module ARR.

        April 2012

      • RP-1.2.2

        The list of documents required to be submitted along with the initial appointment are listed in Form 1 CIU Application Form.

        April 2012

      • RP-1.2.3

        Termination of the approved operator/trustee is not permitted by the CBB, without obtaining for the proposed replacement, the necessary prior written approval of the CBB and submitting the documents listed under Rule RP-1.2.4.

        April 2012

      • RP-1.2.4

        The documents that must be submitted to the CBB in support of an application for a subsequent appointment of an operator/trustee include, but are not limited to, the following:

        (a) Board Resolutions from the BODs of the existing and proposed operator/trustee satisfying the Rule RP-1.2.3;
        (b) A copy of the license certificate of the proposed operator/trustee (if a non CBB Licensee);
        (c) A 'no-objection' letter from the home regulatory authority of the proposed operator/trustee (if a non CBB Licensee);
        (d) The audited financial statements of the proposed operator/trustee for the last 3 years (if a non CBB Licensee); and
        (e) A Form 1 CIU Application form, duly completed by the proposed operator/trustee.
        Amended: January 2020
        Added: April 2012

    • RP-1.3 RP-1.3 Other Relevant Persons

      • RP-1.3.1

        All relevant persons of a Bahrain domiciled CIU must be appointed by the operator/trustee of the CIU, after it conducts an assessment and is satisfied as to the suitablitly of the relevant person to undertake that role, prior to entering into an agreement with the operator/trustee of the CIU.

        April 2012

      • RP-1.3.2

        The CBB will consider the suitability of the relevant persons of a CIU initially, as part of the registration/authorisation process.

        April 2012

      • RP-1.3.3

        The list of documents required to be submitted along with the initial appointment are listed in Form 1 CIU Application Form.

        April 2012

      • RP-1.3.4

        Appointments subsequent to granting authorisation of a Bahrain domiciled retail CIU or Bahrain domiciled expert CIU must be approved by the CBB, prior to the termination of the agreement with the existing relevant person.

        April 2012

      • RP-1.3.5

        The documents that must be submitted to the CBB in support of an application for a subsequent appointment of a relevant person include, but are not limited, to the following:

        (a) A Board Resolution from the BOD of the CIU approving the appointment;
        (b) The draft contractual agreement with the relevant person;
        (c) The draft amendment to the prospectus;
        (d) A copy of license certificate for non-CBB licensee relevant persons; and
        (e) The audited financial statements for the last 3 years for the fund manager only, in case the fund manager is a non-CBB licensee.
        April 2012

      • RP-1.3.6

        Appointments subsequent to granting approval for registration of a Bahrain domiciled exempt CIU must be notified to the CBB 3 months prior to the effective termination date of the agreement with the existing relevant person.

        April 2012

      • RP-1.3.7

        Overseas domiciled CIUs must appoint an eligible CBB licensee to offer their holdings to prospective investors in Bahrain.

        Amended: July 2017
        April 2012