Back Custom print Link Text Only Rich Text Print

  • HC-A Introduction

    • HC-A.1 Executive Summary

      • Purpose

        • HC-A.1.1

          The purpose of this Module is to:

          (a) Explicitly reinforce the collective oversight and risk governance responsibilities of the board;
          (b) Emphasise key components of risk governance such as risk culture, risk appetite and their relationship to a licensee’s risk capacity;
          (c) Delineate the specific roles of the board, board committees, senior management, chief financial officer, internal auditor, chief risk officer and head of compliance; and
          (d) Strengthen licensees’ overall checks and balances.
          Added: July 2023

        • HC-A.1.2

          All references in this Module to ‘he’ or ‘his’ shall, unless the context otherwise requires, be construed as also being references to ‘she’ and ‘her’.

          Added: July 2023

      • Legal Basis

        • HC-A.1.3

          This Module contains the CBB’s Directive (as amended from time to time) relating to high-level controls and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 (‛CBB Law’). The Directive in this Module is applicable to licensees (including their approved persons).

          Added: July 2023

          • HC-A.1.4

            All Rulebook content that is categorised as a Rule must be complied with by those to whom the content is addressed. Other parts of this Module are Guidance paragraphs which are considered best market practices and licensees are encouraged to implement the same.

            Added: July 2023

      • Effective Date

        • HC-A.1.5

          The new requirements in this amended Module are effective from January 2024 on which date the existing Module HC will become redundant, and any exemptions allowed under the existing Module will be subject to grandfathering requirements unless the relevant requirement has undergone change within this amended Module.

          Added: July 2023

    • HC-A.2 Module History

      • HC-A.2.1

        This Module was first issued in July 2007. Following the issuance of the Corporate Governance Code by the Ministry of Industry and Commerce in March 2010, the Module was amended in January 2011 to be in line with the new Code and to include previous requirements that were in place in the originally issued Module HC. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        Added: July 2023

      • HC-A.2.2

        A list of recent changes made to this Module is detailed in the table below:

        Module Ref. Change Date Description of Changes
        Full Module HC 07/2023 New restructured HC Module supersedes the previous version.

      • HC-A.2.3

        Guidance on the implementation and transition to Volume 4 (Investment Business) is given in Module ES (Executive Summary).

        Added: July 2023