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CIU-3.1.7

Bahrain domiciled exempt CIUs must delegate the administration and safe-keeping of their assets to an administrator/custodian (with the two functions either undertaken by a single institution or two separate institutions). These functions must be undertaken by one or more licensed institutions acceptable to the CBB for the role. The administrator / custodian must:

(a) Be independent of the CIU's operator;
(b) Act solely in the interests of the CIU's participants;
(c) Have sufficient financial and other resources in order to undertake properly its function as administrator / custodian of the CIU; and
(d) Accept liability to the CIU and its participants, for any loss suffered by them as a result of its unjustifiable failure to perform its obligations adequately.