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  • Prior Approval Requirements and Process

    • CRA-1.7.8F

      An application for approval for a person occupying a controlled function under Paragraph CRA-1.7.2 must be made by submitting to the CBB a duly completed Form 3 (Application for Approved Person Status) and Curriculum Vitae after verifying that the information in the Form 3, including previous experience is accurate. Form 3 is available under Volume 6 Part B Authorisation Forms CRA Forms of the CBB Rulebook.

      Added: April 2023

    • CRA-1.7.8G

      When the request for approved person status forms part of a license application, it must be marked for the attention of the Director, Licensing and Policy Directorate. When the submission to undertake a controlled function is in relation to an existing licensee, except if dealing with a MLRO, it must be marked for the attention of the Director, Capital Markets Supervision Directorate. In case of the MLRO, Form 3 must be marked for the attention of the Director, Compliance Directorate.

      Added: April 2023

    • CRA-1.7.8H

      When submitting the Forms 3, licensees must ensure that the Form 3 is:

      (a) Submitted to the CBB with a covering letter signed by an authorised representative of the licensee, seeking CBB approval;
      (b) Submitted in original form;
      (c) Submitted with a certified copy of the applicant’s passport, original or certified copies of educational and professional qualification certificates (and translation if not in Arabic or English) and the Curriculum Vitae; and
      (d) Signed by an authorised representative of the licensee and all pages stamped with the licensee’s seal.
      Added: April 2023

    • CRA-1.7.8I

      Licensees seeking to appoint Board Directors must seek CBB approval for all the candidates to be put forward for election/approval at a shareholders’ meeting, in advance of the agenda being issued to shareholders. CBB approval of the candidates does not in any way limit shareholders’ rights to refuse those put forward for election/approval.

      Added: April 2023

    • CRA-1.7.8J

      For existing licensees applying for the appointment of a Director or the Chief Executive/General Manager, the authorised representative should be the Chairman of the Board or a Director signing on behalf of the Board. For all other controlled functions, the authorised representative should be the Chief Executive/General Manager.

      Added: April 2023