Nov 13 2011 |
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Revised Mutual Funds Regulations Released for Consultation
Manama, Bahrain - 13 November 2011 - On 20th October 2011, the Central Bank of Bahrain ("CBB") has released the revised Collective Investment Undertakings (CIU) Module of CBB Rulebook Volume 6 dealing with mutual funds, as a consultation paper.
Back in June 2007, the Central Bank of Bahrain introduced the CIU Module, replacing the CBB's old framework, first issued in 1992.
As a result, the number of mutual funds registered with the CBB rose to 2,819 funds at the end of June 2011, compared to 2374 funds in June 2007. The net asset value (NAV) of those funds totaled US$8.7 billion.
"As the mutual funds industry further progressed, the CBB found it is necessary at this stage to expand the CU Module so that it addresses in more details the aspects of Corporate Governance" said Mr. Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision at the CBB.
"We foresee that the re-organization of the CIU Module would certainly make users at more comfort when navigating through the rules" said Mr. Mohammed Ayman Al Tajer, Director, Financial Institutions Supervision at the CBB.
Additionally, the new framework broadens the range of funds that can be established in Bahrain, by introducing rules and regulations governing Bahrain Real Estate Investment Trusts (B-REITs), in line with best international practices, tailored to serve the needs of the local and regional markets. It also introduces new rules through which Private Investment Undertakings "PIUs" can be structured.
"We are delighted to introduce the B-REITs rules, as it can serve well for those whom are focused on real estate investment opportunities in this region" said Mr. Al Tajer.
"PIUs are new structures that facilitate private investments, and can only be offered to High Net-worth Individuals and Institutional investors, due to the risk characteristics they may exhibit" Mr. Al Baker added.
-Ends-
Central Bank of Bahrain
(CBB)
Contact: External Communications Unit
Tel: +973 17547357/17547360
E-mail: media@cbb.gov.bh
Website: www.cbb.gov.bh
© Press Release 2011
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