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  • FP-1.5 Shared Responsibilities and Residency

    • FP-1.5.1

      Licensees may adopt shared responsibility structures (senior managers undertaking more than one function within the licensee’s organisation or within the group) subject to the following considerations:

      (a) The responsibilities, scope of authority and reporting lines for each senior manager function are clearly specified;
      (b) There is no conflict of interest inherent in or arising from simultaneously performing such functions;
      (c) Appropriate systems and controls are in place to manage the risks associated with the licensee’s offerings or transactions in Bahrain;

      (d) The licensee’s operations in Bahrain are not adversely impacted due to the shared responsibility structure, for example, there is:

      i. No impact on effective oversight of delegates and operations in Bahrain;
      ii. No material impact on, or compromise of the interests of, customers in Bahrain;
      iii. No disruption to the licensee’s day-to-day business or activities; and
      iv. No impairment in ability of the licensee to continue complying with the applicable laws, regulatory requirements, or codes of conduct, whether in Bahrain or elsewhere.
      Added: March 2025

    • FP-1.5.2

      Licensees must ensure that adequate mind and management, proportionate to their nature, size and complexity, are resident in Bahrain for managing their day-to-day operations and the conditions in sub-paragraph FP-1.5.1 (d) are met.

      Added: March 2025