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  • Prior Approval Requirements and Process

    • C4-1.3.13

      Category 4 investment firms must obtain CBB’s prior written approval before a person is formally appointed to a controlled function. The request for CBB approval must be made by submitting to the CBB the approved persons’ section of the application for authorisation and Curriculum Vitae after verifying that all the information provided is accurate. The following additional documents must be attached with the application:

      (a) A certified copy of the applicant’s passport and national ID card;
      (b) Certified copies of applicant’s educational and professional qualification certificates (with its translation if not in Arabic or English);
      (c) Licensee’s organisation chart (or proposed organisation chart if it is to be amended) clearly showing the proposed applicant’s position and reporting lines in the organisation.
      Added: January 2022

    • C4-1.3.14

      The CBB approval for the Board of director candidates of category 4 investment firms must be obtained prior to issuance of the notice/agenda of the shareholder’s meeting in which the candidates are put forward for election/approval. CBB approval of the candidates does not in any way limit the shareholders’ rights to refuse those put forward for election/approval.

      Added: January 2022