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  • LR-2.8 LR-2.8 Condition 8: Other Requirements

    • Books and Records

      • LR-2.8.1

        Article 59 of the CBB Law requires that conventional bank licensees must maintain comprehensive books of accounts and other records, and satisfy the minimum record-keeping requirements contained in Article 60 of the pre-mentioned Law and Module OM. Books of accounts must comply with the financial accounting standards issued by the International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS), as updated from time to time.

        Amended: January 2014
        Amended: July 2012
        Amended: July 2011
        October 2007

    • Provision of Information

      • LR-2.8.2

        Article 58, 111, 114 and 163 of the CBB Law require that conventional bank licensees and their staff must act in an open and cooperative manner with the CBB. Conventional bank licensees must meet the regulatory reporting and public disclosure requirements contained in Modules BR and PD respectively. As per Article 62 of the CBB Law, audited financial statements must be submitted to the CBB within 3 months of the licensee's financial year-end.

        Amended: July 2012
        October 2007

    • General Conduct

      • LR-2.8.3

        Conventional bank licensees must conduct their activities in a professional and orderly manner, in keeping with good market practice. Conventional bank licensees must comply with the general standards of business conduct contained in Module PB, as well as the standards relating to treatment of customers contained in Modules BC and CM.

      • LR-2.8.4

        [This paragraph has been moved to chapter LR-4 in October 2007]

      • LR-2.8.5

        [This paragraph has been deleted in October 2007]

    • Additional conditions

      • LR-2.8.6

        Conventional bank licensees must comply with any other specific requirements or restrictions imposed by the CBB on the scope of their license.

        October 2007

      • LR-2.8.7

        Bank licensees are subject to the provisions of the CBB Law. These include the right of the CBB to impose such terms and conditions, as it may deem necessary when issuing a license, as specified in Article 45 of the CBB Law. Thus, when granting a license, the CBB specifies the regulated banking services that the licensee may undertake. Licensees must respect the scope of their license. LR-3.2 sets out the process for varying the scope of an authorisation, should a licensee wish to undertake new activities.

        October 2007

      • LR-2.8.8

        In addition, the CBB may impose additional restrictions or requirements, beyond those already specified in Volume 1, to address specific risks. For instance, a license may be granted subject to strict limitations on intra-group transactions.

        October 2007

      • LR-2.8.9

        Conventional retail bank licensees are subject to the deposit protection scheme of eligible deposits held with the Bahrain offices of the licensee (see Chapter CP-2). This Rule is supported by Article 177 of the CBB Law.

        Amended: October 2010
        October 2007