The CBB would normally expect the administrator/custodian required under Rule CIU-3.1.7 to be a CBB licensee (although 'hub and spoke' arrangements are allowed — see Paragraph CIU-1.4.10). However, with respect to Bahrain domiciled exempt CIUs, the CBB may additionally consider allowing non-CBB licensees to be used, on a case-by-case basis, where there is a strong rationale for doing so (e.g. prime broking arangements for hedge funds).