MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Bahrain / Kuwait
Exchange Traded Funds
Questions Bahrain Kuwait
investment of USD100,000 (or
equivalent).
Private Investment Undertakings
(PIUs) – are investment
undertakings that may only be
offered to high net worth investors
– imposing a minimum initial
investment of USD 3 million (or
equivalent). PIUs are not subject
to ongoing supervisory
requirements.
Average set-up time Up to 3 months, depending on the nature
and complexity.
CMA response to the application takes
one month from the date of application
Full capital and units’ issuance should
be completed within 3 months from CMA
approval otherwise license is cancelled
Documentation
Basic documents required to set up
fund
Information memorandum of the scheme Application forms to be presented from
management agreement, custodian
and other key agreements relating to the scheme are required to be approved by the authorised parties allowed to set up
funds.
CBB (for Bahrain domiciled CIUs). The
scheme documents have been specified by the CBB in the CIU application form which is Constitution of the Fund (memorandum
& articles of association of the fund )
part of CBB rulebook, volume 7, as these
vary from one scheme to another, depending upon the nature and type of each scheme. Issuance prospectus for the fund
included the basic information that assist
Normally, scheme documents include the investors in fund assessments
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