Bahrain domiciled CIUs must, in their terms of engagement with all relevant persons, provide for them to report to the CBB in writing without delay, if they become aware of any of the following:

(a) The information provided to the CIU's participants or the CBB does not truly reflect the financial situation of the CIU;
(b) There has been a material breach of the requirements of this Volume 7, the CIU documents, or any directions issued by the CBB;
(c) There exist circumstances that may materially affect the ability of the CIU to fulfill its obligations to the CIU participants;
(d) There are material defects in the financial systems, controls or accounting records of the CIU;
(e) There are material inaccuracies in any reporting provided to the CBB; or
(f) In the case of the external auditor, if they are likely to qualify any opinion they are to provide in relation to the financial statements of the CIU.
April 2012