Arab Today, arab today revised mutual funds regulations released for consultation
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Arab Today, arab today
Arab Today, arab today

Revised Mutual Funds Regulations Released for Consultation

Arab Today, arab today

Arab Today, arab today Revised Mutual Funds Regulations Released for Consultation

Manama - Bna

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.The number of Bahrain domiciled funds totaled 127 funds as of June 2011, compared with 108 funds in June 2007. Of the total assets of the mutual funds industry, assets of such funds rose to US$5.2 billion in June 2011, up from US$3.7 billion in June 2007.“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.The revised Module is now released for consultation, and is expected to be finalized and issued by the end of the first quarter of 2012. It expands the current regulations to include re-organization of the current rules and chapters, and adding new chapters addressing areas the like of corporate governance requirements, and the duties and responsibilities of relevant parties.

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