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BC/23/99 Collective Investment Schemes

BC/23/99

27th October, 1999

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

Dear Sir,

Collective Investment Schemes

The Agency refers to Circulars No. 356/92, 318/95 and 121/99 dated 18th November, 1992, 4th November, 1995 and 19th April, 1999 respectively, and specifically to Paragraphs 49-5 3 (inclusive) of the second Circular referred to above. The Agency has decided that, with effect from the date of this Circular, banks and financial institutions engaged in the marketing and/or establishment of Collective Investment Schemes in/from Bahrain may advertise Schemes in accordance with the attached Guidelines. Terms used in the Guidelines shall have the same meaning as set out in the above Circulars.

Agency officials will, during the course of their normal inspection of Licensees' activities, undertake a review of advertisements used by Licensees for Collective Investment Schemes. It should be noted that the Guidelines apply to all forms of advertising, regardless of the media used.

Banks and financial institutions seeking clarification on any point referred to therein should contact Mr. Anwar Khalifa A1-Sadah, Director of Financial Institutions Supervision Directorate, at the Agency on Tel: 529444/529445.

Yours faithfully,

Dr. Khalid Abdulla Ateeq
Executive Director - Banking Control

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