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  • FP-2.1 Prior Approval by the CBB

    • FP-2.1.1

      Licensees must seek the CBB’s prior written approval for appointment of board directors and persons holding key senior management functions set out in Appendix FP-2 of this Module. The licensees must submit a Form 3 – Application for Approval of Board Directors and Senior Management available on CBB’s website under ‘E-services/online Forms’ for the CBB’s review.

      Added: March 2025

    • FP-2.1.2

      Licensees must perform their due diligence on applications for persons proposed to be appointed/elected on the Board and for senior management functions (Appendix FP-2) before seeking the CBB’s approval. Applications for approval must only be made for persons that meet the fit and proper criteria.

      Added: March 2025

    • FP-2.1.3

      In evaluating the proposal by the licensee, the CBB may make inquiries regarding a person’s previous conduct (in the Kingdom of Bahrain or elsewhere). The CBB decisions are binding on the applicant unless the CBB has agreed to reconsider pursuant to an appeal by the licensee. In making its own assessments regarding matters specified in Paragraphs FP-1.3.3 to FP-1.3.5, the CBB will take into consideration the circumstances of each case prior to making a decision for approval or refusal:

      (a) the seriousness of the event or failure and the surrounding circumstances resulting in the person not meeting a specific criterion;
      (b) the relevance of the event or failure, to the role and responsibilities to be assumed by the said function; or
      (c) the length of time since the event or failure occurred.
      Added: March 2025

    • FP-2.1.4

      Following the approval of a person, if the CBB becomes aware of information which indicates that the person did not meet the fit and proper criteria, the CBB reserves the right to consider the approval as ‘revoked’. In such circumstances, the CBB will inform the licensee and agree with it a plan for the licensee to take the necessary corrective actions. Licensees or the nominated persons may, within 30 calendar days of the notification, appeal against the CBB’s decision to refuse the application for approval. The CBB shall decide on the appeal and notify the licensees of its decision within 30 calendar days from the date of submitting the appeal.

      Added: March 2025