BC-9.13 BC-9.13 Appendix
BC-9.13.1
For the purpose of Paragraph BC-9.5.11, the minimum information that should be contained in promotional material for specific products includes:
(a) The name of theIslamic bank licensee communicating the promotional material;(b) The licensing status of theIslamic bank licensee ;(c) TheIslamic bank licensee's address;(d) A description of the main characteristics of the financial product involved or service offered;(e) Suitable warning regarding the risks of the financial product involved and/or service offered; and(f) A clear statement indicating that, if acustomer (as defined in Section BC-9.4) is in any doubt about the suitability of the agreement which is the subject of the promotion, he should consult his own financial adviser, or else theIslamic bank licensee .Amended: July 2015
Added: April 08BC-9.13.2
For the purpose of Paragraph BC-9.6.2, the minimum information that should be contained in terms of business includes:
(a) The licensing status of theIslamic bank licensee ;(b) A statement that the licensee is bound by the CBB's regulation and licensing conditions;(c) The licensee's name, address, e-mail and telephone number;(d) A statement of the products and services provided by the licensee, as permitted by the CBB;(e) The total price to be paid by thecustomer to theIslamic bank licensee for its services, or, where an exact price cannot be indicated, the basis for the calculation of the price enabling thecustomer to verify it;(f) Information on any rights the parties may have to terminate the contract early or unilaterally under its terms, including any penalties imposed by the contract in such cases;(g) Where appropriate, thecustomer's investment objectives;(h) Where appropriate, the extent to which theIslamic bank licensee will consider thecustomers' personal circumstances when considering suitability (as required under Section BC-9.7) and the details of such matters that will be taken into account;(i) Any conflict of interest disclosure as required by Section BC-9.12;(k) A statement that clearly indicates the following:(i) Thecustomer's right to obtain copies of records relating to his business with the licensee;(ii) Thecustomer's record will be kept for 5 years or as otherwise required by Bahrain Law; and(iii) The name and job title, address and telephone number of the person in theIslamic bank licensee to whom any complaint should be addressed (in writing) by thecustomer .Amended: July 2015
Added: April 08BC-9.13.3
This Paragraph was deleted in July 2015.
Deleted: July 2015
Added: April 08BC-9.13.4
This Paragraph was deleted in July 2015.
Deleted: July 2015
Added: April 08BC-9.13.5
This Paragraph was deleted in July 2015.
Deleted: July 2015
Added: April 08BC-9.13.6
This Paragraph was deleted in July 2015.
Deleted: July 2015
Added: April 08BC-9.13.7
For the purpose of Paragraph BC-9.10.4, the minimum information that should be included in a transaction confirmation includes:
(a) TheIslamic bank licensee's name and address;(b) Whether theIslamic bank licensee executed the transaction as principal or agent;(c) Thecustomer's name, account number or other identifier;(d) Where relevant, a description of thecollective investment undertaking or fund, including the amount invested or number of units involved;(e) Whether the transaction was a sale or purchase;(f) The price or unit price at which the transaction was executed;(g) If applicable, a statement that the transaction was executed on an execution only basis;(h) The date and time of the transaction or a statement that the time of execution will be provided on request;(i) Due date and procedure for settlement of transaction and the bank account;(j) The amount theIslamic bank licensee charges in connection with the transaction, including commission charges and the amount of any mark-up or mark-down, fees, taxes or duties;(k) The amount or basis of any charges shared with another person or statement that this will be made available on request;(l) Forcollective investment undertakings , a statement that the price at which the transaction has been executed is on a historic price or forward price basis, as the case may be;(m) The regulated market on which the transaction was carried out or the fact that the transaction was undertaken outside a regulated market; and(n) Whether thecustomer's counterparty was theIslamic bank licensee itself or any other person in the Islamic bank group.Amended: July 2015
Amended: January 2013
Added: April 08BC-9.13.8
For the purpose of Paragraph BC-9.10.7, the minimum information that should be included in a periodic statement includes:
(a) The number, description and value of eachfinancial instrument ;(b) The amount of cash held;(c) The total value of the portfolio; and(d) A statement as to the basis on which the value of eachfinancial instrument was calculated.Amended: July 2015
Added: April 08BC-9.13.9
For the purpose of Paragraph BC-9.10.8, the minimum information that should be included in a periodic statement, where the relationship includes portfolio management, includes:
(a) [This Subparagraph was deleted in October 2015];(b) The aggregate of any payments made and income received during the account period in respect of financing or borrowings made during that period;(c) A management report on the strategy implemented (provided at least yearly);(d) Total amount of fees and charges incurred during the period and an indication of their nature;(e) Information on any remuneration received from a third party and details of calculation basis;(f) Total amount of dividends, and other payments received during the period in relation to thecustomers portfolio;(g) Details of each transaction which have been entered into for the portfolio during the period;(h) The aggregate of money and details of allfinancial instruments transferred into and out of the portfolio during the period;(i) The aggregate of any payments including the dates of their application and dividends or other benefits received by theIslamic bank licensee from the portfolio for its own account during that period;(j) A statement of the aggregate charges of theIslamic bank licensee and its associates; and(k) A statement of the amount of any remuneration received by theIslamic bank licensee or its associates or both from a third party.Amended: October 2015
Amended: July 2015
Added: April 08BC-9.13.10
For the purpose of Paragraph BC-9.10.9, the minimum information that should be included in periodic statements, where the relationship includes contingent liability investment transactions, includes:
(a) The aggregate of money transferred into and out of the portfolio during the valuation period;(b) In relation to each open position in the account at the end of the account period, the unrealised profit or loss to thecustomer (before deducting or adding any commission which would be payable on closing out);(c) In relation to each transaction executed during the account period to close out acustomer's position, the resulting profit or loss to thecustomer after deducting or adding any commission; and(d) The aggregate of each of the following in, or relating to, thecustomer's portfolio at the close of business on the valuation date:(i) Cash;(ii) Collateral value;(iii) Management fees; and(iv) Commissions;(e) [This Subparagraph was deleted in July 2015.]Amended: July 2015
Added: April 08BC-9.13.11
For the purpose of Paragraph BC-9.12.8, the minimum requirements that should be met where the
Islamic bank licensee prepares and publishesinvestment research include:(a) Analysts must not trade in securities or related derivatives ahead of publishing research on the issuer of these securities;(b) Analysts must not trade in securities or related derivatives of any issuer that they review in a manner contrary to their existing recommendations except in special circumstances subject to pre-approval by compliance or legal personnel;(c) Analysts must not accept inducements by issuers or others with a material interest in the subject matter of investment research; and(d) Islamic banks must not promise issuers favourable research coverage, specific ratings or specific target prices in return for a future or continued business relationship, service or investment.Amended: July 2015
Amended: January 2011
Added: April 2008BC-9.13.12
For the purpose of Paragraph BC-9.12.17, the minimum requirements that should be met where the
Islamic bank licensee has asoft dollar agreement under which it deals withcustomers include:(a) The percentage paid undersoft dollar agreements of the total commission paid by or at the direction of:(i) TheIslamic bank licensee ; and(ii) Any other member of theIslamic bank licensee's group which is a party to those agreements;(b) The value, on a cost price basis, of the goods and services received by theIslamic bank licensee undersoft dollar agreements , expressed as a percentage of the total commission paid by or at the direction of:(i) TheIslamic bank licensee ; or(ii) Other members of theIslamic bank licensee's group;(c) A summary of the nature of the goods and services received by theIslamic bank licensee under thesoft dollar agreements ; and(d) The total commission paid from the portfolio of thatcustomer .Amended: July 2015
Amended: April 2011
Added: April 2008