What does CIS stand for?

The capital markets development program aims, among others, to deepen government and corporate bond markets as well as interbank money markets, while broadening the investor base by promoting institutional investors such as contractual savings and collective investment schemes, via initiatives such as policy reforms to improve financial governance and market efficiency, the ADB said.

Self-Managed Companies Although typically a collective investment scheme would appoint an external manager, this is not mandatory.

The FSA has also issued proceedings against three individuals linked to the consultancies for allegedly taking unlawful deposits and running an unauthorised collective investment scheme.

The fund is an open-ended collective investment scheme domiciled in Saudi Arabia aimed at providing long-term capital appreciation and growth by investing in securities listed and traded on the Tadawul, Saudi Arabia's stock exchange, as well as in securities offered in the course of an initial public offering in the kingdom.

An FSA spokeswoman declined to comment on Elite's case, but said: "If you operate your business model in a way that you pool your resources from a range of people and manage them, then you could be a collective investment scheme and you need to check with the FSA whether you need authorisation.

The funds are operated via CFG, which is authorised under the Financial Services and Markets Act 2000 (FSMA) to act in the UK as the operator of an unregulated collective investment scheme and is regulated by the Financial Services Authority (FSA) in the conduct of its regulated activities.

Dubai's creation of its Hedge Fund Code, Bahrain's introduction of its Collective Investment Scheme Regulations and Qatar's launch of its Qatar Financial Centre were seen as the most prominent examples.

The FSA attempted to define a way in which the scheme could operate without being a collective investment scheme as defined in s.