The Banking Executive Magazine - March 2022 Issue

Central Bank of Bahrain said “The CBB embarked on a com- prehensive revision of the CIU regu- lations under CBB Rulebook – Volume 7 as part of a larger initiative to simplify and revise all the CBB Rulebook Volumes. The new CIU regulations are now combined under a single Module making it simpler and market friendly. They are largely principles-based leaving room for the industry to pave the way for building a sound funds ecosystem thereby boosting growth of the asset manage- ment industry.” Mr. Musab Abdulla, Executive Direc- tor of Investment Development – Fi- nancial Services, Technology & Innovation – at the Bahrain Eco- nomic Development Board, said, “Bahrain’s forward-looking regula- tions have always been a key com- petitive advantage that enabled our financial sector to expand and has al- ways attracted new FS companies. These revised regulations are another step forward which will enable us to attract further investments into the Kingdom, in line with the strategies put forward under the Economic Re- covery Plan.” Ms. Najla Al Shirawi, Chief Executive Officer of SICO B.S.C. (c), has also commented on the enhanced regula- tions stating that "The updated col- lective investment undertaking regulations are a game changer for local, regional, and global funds seeking an international jurisdiction to domicile their structures with a very flexible framework yet still within a solid regulatory environ- ment overseen by the Central Bank of Bahrain. Some of the benefits of these regulations include signifi- cantly reduced setup and ongoing processes which reduce operating costs, all factors that are prominent decision-making criteria in a man- ager's choice of domicile. Further- more, the simplification of the regulations simultaneously provides a lot more flexibility on key fund terms including asset class, investor categories, service provider require- ments and legal structure" Mr. Brian Howard, Partner and Head of the International Funds Team at Trowers & Hamlins said “Following market consultation, the Central Bank of Bahrain’s new collective in- vestment undertakings regulations offer speed, simplicity and flexibility and should make Bahrain the leading jurisdiction of choice in the region for the establishment of investment funds. Bahrain now makes a wide spectrum of investment fund struc- tures available to prospective man- agers following a simplified notification process to the Central Bank of Bahrain.” ISSUE 159 MARCH 2022 the BANKING EXECUTIVE 25