• MIE-4.3 MIE-4.3 Financial Penalties for Date Sensitive Requirements

    • MIE-4.3.1

      Volume 6 (Capital Markets) Modules contain specific requirements where licensees and listed companies must comply with, by a precise date. As per MIE-3.1.17, the CBB attaches considerable importance to the timely submission of reports, and late reporting or non-submission of reports will prompt the CBB to consider initiating enforcement actions. In cases where a specific due date and licensees and listed companies are involved, the CBB will impose financial penalties which are based on a per diem basis.

      Added: July 2021

    • MIE-4.3.2

      This Section applies to date sensitive requirements for:

      (a) Reporting requirements included in Volume 6 Modules;
      (b) Public disclosure requirements included in Volume 6 Modules and any related regulations pursuant thereto;
      (c) The report of the external auditor required as per Paragraph AML-3.3.1B (d);
      (d) Annual licensing fees required as per Volume 6 Modules, and
      (e) Conduct of Shareholders' Meetings requirements included in Section HC-7.4.
      Added: July 2021

    • MIE-4.3.3

      For listed companies, financial penalties related to late filing or other date sensitive requirements are calculated as per the following per diem basis:

      (a) Where the listed company’s total consolidated assets are less than or equal to BD 50 million, the financial penalty for late filing is BD 100 per day;
      (b) Where the listed company’s total consolidated assets are greater than BD 50 million but less than BD 250 million, the financial penalty for late filing is BD 200 per day;
      (c) Where the listed company’s total consolidated assets are greater than BD 250 million but less than or equal to BD 5 billion, the financial penalty is BD 400 per day;
      (d) Where the listed company’s total consolidated assets are greater than BD 5 billion, the financial penalty is BD 800 per day; and
      (e) For a newly listed company who is yet to provide audited financial statements, the financial penalty is BD 100 per day.
      Added: July 2021

    • MIE-4.3.4

      For SROs and members of SROs, the financial penalties related to late filing or other date sensitive requirements are calculated as per the following per diem basis:

      (a) For SROs under Module MAE and Module CSD, the financial penalty for late filing is BD 100 per day;
      (b) For members of SROs under Module MIR, the financial penalty for late filing is BD 50 per day.
      Added: July 2021

    • MIE-4.3.5

      For licensed crypto-asset service providers, the financial penalties related to late filing or other date sensitive requirements are outlined in Paragraph CRA-14.6.13 of the Crypto-Asset Module (CRA).

      Added: July 2021

    • MIE-4.3.6

      The various deadlines for submission of reports and annual fees referred to in Volume 6 Modules are defined:

      (a) In terms of a specified number of days or months following a given date, such as the last date of a calendar quarter;
      (b) A specified number of days or months after the occurrence of a specific event; or
      (c) A specific date.
      Added: July 2021

    • MIE-4.3.7

      In imposing financial penalties for date sensitive requirements, the following criteria apply:

      (a) Where the due date falls on a weekend or a holiday as designated by the CBB, the first business day following the weekend or holiday will be considered as being the due date;
      (b) Where a due date is not complied with by the end of the day on which it is due, holidays and weekend days are included in the number of days the item is considered late;
      (c) For returns and other filings, the date received is the date recorded by the CBB's systems in case of returns filed electronically;
      (d) In the case of returns filed in hard copy, the CBB stamp is the date received;
      (e) All returns are to be sent to the respective Supervision Directorate and the annual fees to the Accounts Directorate, on or before the due date, to be considered filed on time;
      (f) A day ends at midnight in the case of returns that must be filed electronically, or at the close of CBB business day, in the case returns are filed in hard copy; and
      (g) An incomplete return, where completeness is determined in relation to the requirements of the relevant instructions and Volume 6 Modules, is considered 'not filed' until the CBB receives all necessary elements of the return.
      Added: July 2021

    • MIE-4.3.8

      The CBB does not require any particular method of delivery for returns and filings that are filed in hard copy. The use of the Bahrain postal services, private courier services or other methods of delivery is entirely at the discretion and risk of the licensee and listed company. For the payment of annual fees, licensees and listed companies must follow the requirements under Volume 6 Modules.

      Added: July 2021

    • MIE-4.3.9

      A decision to impose a financial penalty for date sensitive requirements is unrelated to whether the CBB issues a reminder; it is the licensee's and listed company’s responsibility to file and disclose on time as per the requirements of Volume 6 (Capital Markets) Rulebook.

      Added: July 2021