Back Custom print Link Text Only Rich Text Print

  • PD-A.2 PD-A.2 Key requirements

    This version of Module PD was replaced in April 2008. Click here for the current Module PD.

    • General guidance and best practice

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.1

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        Section PD-B.2 lists the key guidance papers on disclosure as issued by the Basel Committee on Banking Supervision and International Organisation of Securities Commissions. These papers serve as international best practice in financial and other disclosures.

        October 07

    • Annual audited financial statements (annual reports)

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.2

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        Locally incorporated banks are required to publish their audited financial statements per the rules set out in the CBB Law, Bahrain Commercial Companies Law of 2001 (as amended) and the Bahrain Stock Exchange regulations.

        October 07

      • PD-A.2.3

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        Locally incorporated banks must, in their Annual Reports, provide timely information which facilitates market participants' assessment of them. There are seven broad categories of information (as set out in Section PD-1.3 and Section PD-1.4), each of which should be addressed in clear terms and with appropriate details to help achieve a satisfactory level of bank transparency.

        October 07

    • Annual disclosure in the annual audited financial statements of banks listed on the Bahrain Stock Exchange (BSE)

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.4

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        The Directors' Report attached to the annual financial statements of banks (referred to under Section PD-1.4) should contain details of the interests of Directors, chief executive officers and managers (persons as defined under Section HC-2.1, respectively) in the shares of such banks. Such details should include:

        (a) Total interests in the shares of such banks by individual persons mentioned above, and
        (b) Changes in such interests from the previous financial year to the current financial year.
        October 07

    • Semi-annual disclosure by commercial branches of foreign banks

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.5

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        Banks (referred to under Section PD-2.2) are required by the Central Bank to prepare and disclose to the public the following information (in the same format as their Annual Audited Accounts) for their Bahrain operations on a semi-annual basis:

        (a) Balance Sheet, and
        (b) Profit and Loss Accounts
        October 07

    • Publication of reviewed (unaudited) quarterly financial statements

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.6

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        Banks should prepare reviewed (unaudited) quarterly financial statements on a quarterly basis in accordance with FAS 1 issued by AAOIFI. Such statements should be in the same form, and should be prepared on the same basis, as is required by FAS 1 for banks' annual published financial statements.

        October 07

    • Disclosure of charges

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.7

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        The Central Bank requires all retail banks to display, by a conspicuous notice, their current effective charges.

        October 07

    • Disclosure relating to Deposit Protection Schemes (the "Scheme")

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.8

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        The Central Bank requires all retail banks to give prominence to the protection of deposits afforded under the Deposit Protection Scheme (see Chapter CP-2) - for example in related marketing materials and in general notices featured within banking halls and in account documentation, including audited financial statements.

        October 07

    • Public disclosure via the internet

      This version of Module PD was replaced in April 2008. Click here for the current Module PD.

      • PD-A.2.9

        This version of Module PD was replaced in April 2008. Click here for the current Module PD.

        Non-listed locally incorporated OBUs and IBs may apply to the Central Bank to disclose their quarterly financial statements via the Internet. If a non-listed locally incorporated OBU or IB wishes to cease disclosure of quarterly financial statements via the local press and use the internet instead, it must satisfy the following criteria:

        (a) The bank has no shareholders resident in Bahrain.
        (b) The bank has no customers resident in Bahrain. Customers include borrowers, depositors, investment account holders or persons from whom the bank earns fees or commissions. 'Customers' in this context would not include other banks, but would include Bahraini corporations, the Government of Bahrain and its agencies, and private individuals (whether high net worth or not).
        (c) The bank does not market itself in any way to residents of Bahrain. In particular, the bank should not market funds or other financial products to residents, even if the bank has no on balance sheet assets or liabilities arising from Bahraini residents.
        October 07