CP-A.2 CP-A.2 Key Requirements
CP-A.2.1
The Board is, subject to and in accordance with the terms and conditions of the Regulation, responsible for the activities set out under Paragraph CP-1.1.4.
October 2012CP-A.2.2
The Board will convene and be ready to carry out its duties if either of the events set out in Section CP-1.2 arise.
October 2012CP-A.2.3
The Scheme will apply to
Eligible Accounts (as defined in Paragraph CP-2.1.2) held with the Bahrain offices of retail banks which are licensed by the CBB.October 2012CP-A.2.4
Upon the convening of the Board in accordance with Section CP-1.2, the Board calculates the total amount of compensation to be paid under the Scheme in the case of the relevant bank, as well as the amount of compensation payable under the Scheme to each Eligible Depositor and/or Investor of such relevant bank.
October 2012CP-A.2.5
Upon receipt by the Board of confirmation from the (Lead) Mandated bank that the actions referred to in Section CP-2.4 have been completed, each Eligible Depositor and/or Investor is sent a certificate in duplicate (included under Part B, Supplementary Information as Appendix CP-1A) by the Board informing such Eligible Depositor and/or Investor of the amount of compensation payable to him/her under the Scheme in respect of his/her
Eligible Account(s) with the relevant bank.October 2012CP-A.2.6
The CBB requires all Islamic retail bank licensees referring (directly or indirectly) to the protection of
Deposits and unrestricted investment accounts in related marketing materials and in general notices featured within banking halls and in account documentation, including Annual Reports, to prominently disclose the statement set out under Paragraph CP-2.5.1.October 2012
