Definitions
HC-2.1.5
Director is any person who occupies the position of a Director, as defined in Article 173 of the Commercial Companies Law (Legislative Decree No. 21 of 2001).October 07HC-2.1.6
The fact that a person may have '
Director ' in their job title does not of itself make them aDirector within the meaning of the definition noted in Rule HC-2.1.5. For example, a 'Director of Marketing', is not necessarily a member of the Board of Directors and therefore may not fall under the definition of Rule HC-2.1.5.October 07HC-2.1.7
The
Chief Executive orGeneral Manager means a person who is responsible for the conduct of the licensee (regardless of actual title). TheChief Executive orGeneral Manager must be resident in Bahrain. This person is responsible, alone or jointly, for the conduct of the whole of the firm, or, in the case of anoverseas conventional bank licensee , for all of the activities of the branch (in which case, he may hold the title of 'Branch Manager').October 07HC-2.1.8
Senior Manager means a person who, under the immediate authority of aDirector or theChief Executive /General Manager , exercises major managerial responsibilities, is responsible for a significant business or operating unit, or has major managerial responsibility for maintaining accounts or other records of the licensee.October 07HC-2.1.9
Whether a person is a
Senior Manager will depend on the facts in each case and is not determined by the presence or absence of the word in their job title. Examples ofSenior Managers might include, depending on the scale, nature and complexity of the business, a deputyChief Executive ; and heads of departments such as Risk Management, or Internal Audit; or the Chief Financial Officer.October 07HC-2.1.10
Financial Instruments Trader means a person who is engaged in buying or sellingfinancial instruments .October 07HC-2.1.11
Where a firm is in doubt as to whether a function should be considered a
controlled function it must discuss the case with the CBB.October 07
