MAE-2.11.28
Past version: Effective from 01 Oct 2017 to 31 Mar 2022
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A
(a) Establish systems and controls for maintaining accurate and up-to-date records of investors' monies held;
(b) Ensure that investors' monies are properly safeguarded from inappropriate use;
(c) Subscription monies received in respect of an equity crowdfunding offer must be held in a separate bank account with a licensed retail bank based in Kingdom of Bahrain;
(d) Designate a separate bank account for each issue of equity crowdfunding offer . The name of the designated bank must be provided to investors as part of information relating to equity crowdfunding issuer specified under Paragraph MAE-2.11.22(a).
(e) Hold subscription monies received in respect of crowdfunding offer in the designated separate bank account held with a licensed retail bank, until the final allotment of shares has been approved by the crowdfunding platform operator .
Release the fund to the
(i) The equity crowdfunding offer confirms to minimum subscription requirement and conditions regarding unsubscribed portion of an equity crowdfunding offer stipulated under Paragraphs MAE-2.12.7 and MAE-2.12.8; There is no material adverse change relating to the equity crowdfunding offer during the offer period; and
(ii) In the event of non-receipt of minimum subscription, all investors monies received must be refunded to the investors forthwith, but no later than 7 calendar days from the closing date of the equity crowdfunding offer .
Added: October 2017