OG/356/92

18th November, 1992

The General Manager,
All FCBs/IBs/OBUs and Representative Offices,
Manama,
Bahrain.

Dear Sir,

Re: Collective Investment Schemes

As you are aware, the Agency has been considering the introduction of arrangements for the supervision, operation and marketing of Collective Investment Schemes which are either already established and/or marketed in Bahrain, or which intend to be so established and/or marketed in Bahrain in the future. This work is consistent with the intention of the Bahrain authorities to develop and diversify further Bahrain's financial sector.

In this connection and in accordance with Resolution No. (3) of 1992 on 24^th October, 1992 signed by H.H. Sh. Khalifa Bin Salman Al Khalifa, The Prime Minister, Chairman of the Board of the Bahrain Monetary Agency, the Agency is hereby circulating the attached Regulation with respect to the general supervision, operation and marketing of Collective Investment Schemes.

Banks and other financial institutions in Bahrain which have already established and/or are engaged in the marketing of Collective Investment Schemes will wish to note the requirements of the Regulation, while other such institutions may wish to consider participating in the type of activity covered by the Regulation.

Banks and other financial institutions for which the Regulation is, or may become, relevant should feel free to contact Mr. Anwar Al-Sadah (Director of Financial Institutions Supervision) here at the Agency on 529444 for further information and guidance.

Yours sincerely,

Abdulla H. Saif,
Governor