The activity of offering CIU holdings to investors resident in Bahrain is a regulated activity (that of dealing in financial instruments). As such, it requires the appropriate CBB license to be held (see CBB Rulebook Volumes 1, 2 and 4). It is therefore not possible to offer CIU holdings to investors resident in Bahrain, on a 'cross-border' basis from outside Bahrain. Where an overseas operator of a CIU wishes to offer an overseas domiciled CIU to investors resident in Bahrain, they must themselves hold the appropriate CBB license or appoint an appropriate CBB licensee as their distributor — see also Rule CIU-4.1.5.