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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.