Procedure for Issuing Directions
SIO-14.3.5
Proposals to issue Directions are carefully considered against the criteria listed in Section SIO-14.3. They require the approval of a Director or more senior official of the CBB and include the statement “This is a formal Direction as defined in section SIO-14.3 of the CBB Rulebook”.
Added: July 2025SIO-14.3.6
The subject of the Direction will normally be given 30 days from the Direction’s date of issuance in which to make objections to the CBB concerning the actions required. This must be done in writing and addressed to the issuer of the original notification. Should an objection be made, the CBB will make a final determination, within 30 days of the date of the objection, as specified in Articles 125(c) and 126 of the CBB Law.
Added: July 2025SIO-14.3.7
In extreme circumstances, where the CBB believes that immediate action is required to prevent real damage to Bahrain’s financial markets, its users or to customers of the stablecoin issuer concerned, it may cancel or amend a license, as specified in Article 48(g) of the CBB Law, or place a stablecoin issuer under administration according to Article 130(2) of the CBB Law, or suspend a license according to Article 131 of the pre-mentioned Law. These measures may be used in conjunction with directions.
Added: July 2025
