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  • Evolution of Module

    • AU-A.2.1

      This Module was first issued in April 2006, as part of the first phase of Volume 4 (Investment Business) to be released. It is dated April 2006. 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.

      Amended: July 2007

    • AU-A.2.2

      When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 4 was updated in July 2007 to reflect the switch to the CBB, as well as other policy changes. However, new calendar quarter dates were only issued where these involved changes in the substance of Rules.

      Adopted: July 2007

    • AU-A.2.3

      A list of recent changes made to this Module is provided below:

      Module Ref.Change DateDescription of Changes
      AU-A.1.307/2006Deletion of reference to 'acting as a trust service provider'.
      AU-1.1.1307/2006Deletion of reference to 'acting as a trust service provider'.
      AU-1.1.1407/2006Clarification of scope of exemption.
      AU-1.4.5007/2006Deletion of paragraph relating to 'acting as a trust service provider'.
      AU-1.4.5107/2006Deletion of paragraph relating to 'acting as a trust service provider'.
      AU-A.107/2007Changes to reflect new CBB Law and reclassification of administrators as ancillary services providers (i.e. licensees, to be subject to Volume 5 of the CBB Rulebook).
      AU-1.307/2007Deletion of this Section to reflect reclassification of administrators as ancillary services providers (i.e. licensees, to be subject to Volume 5 of the CBB Rulebook).
      AU-1.407/2007Clarification of exemption in Rule AU-1.4.8; and minor change to definition of collective investment undertaking (to align with new Module CIU, Volume 6).
      AU-407/2007Chapter deleted to reflect reclassification of administrators as ancillary services providers (i.e. licensees, to be subject to Volume 5 of the CBB Rulebook).
      AU-5.107/2007Section amended to reflect new procedures reflecting CBB Law.
      AU-5.307/2007Deleted following reclassification of administrators as ancillary services providers (i.e. licensees, to be subject to Volume 5 of the CBB Rulebook).
      AU-5.407/2007Amended to reflect new CBB Law procedures.
      AU-5.507/2007Amended to reflect new CBB Law procedures.
      AU-607/2007New Chapter AU-6 on application and license fees (old material on fees, previously contained in Module GR, deleted).
      AU-5.1.5 and 5.1.5A01/2008Clarified CBB's requirements for letters of comfort and/or letters of guarantee.
      AU-5.1.1301/2008Clarified CBB's requirements for items that must be in place within 6 months of a new license being issued.
      AU-1.1.1804/2008Clarified that Category 3 investment firms must be independent.
      AU-5.2.204/2008Clarified to whom Form 3 should be sent to if dealing with a request for an appointment of MLRO from an existing investment firm licensee.
      AU-5.5.504/2008Outlined CBB's requirements in instances where a controlled function becomes vacant.
      AU-5.2.507/2008Clarified that the refusal decision by the CBB to grant a person 'approved person' status is issued to the investment firm licensee
      AU-5.2.607/2008Added cross reference.
      AU-1.1.1810/2009Clarified that Category 3 investment firms must refrain from receiving fees or commissions from parties other than clients.
      AU-1.1.2410/2009Paragraph changed from Guidance to Rule.
      AU-1.210/2009Amended to reflect requirements of Modules HC and RM.
      AU-1.2.210/2009Controlled function of Deputy MLRO added.
      AU-1.2.1510/2009New Rule added to clarify definition of Compliance Officer and MLRO/Deputy MLRO.
      AU-1.4.1110/2009Clarified that dealing in financial instruments as principal includes underwriting and private placement.
      AU-1.4.1910/2009Clarified that dealing in financial instruments as agent does not include execution of deals.
      AU-2.310/2009Updated to include CBB's requirements for controllers.
      AU-5.1.510/2009Clarified that copy of commercial registration certificate is required for existing Bahraini companies only.
      AU-5.210/2009Updated to include CBB's information requirements for the appointment of approved persons.
      AU-B.1.3, AU-2.5.2 and AU-2.7.207/2010Paragraphs deleted.
      AU-B.2 and AU-5.5.507/2010Amended heading.
      AU-1.2.9 and AU-5.5.107/2010Added cross reference.
      AU-1.4.33 and AU-1.4.3707/2010Paragraphs changed from Guidance to Rules and amended to clarify definition of safeguarding financial instruments.
      AU-1.4.42 and AU-1.4.4307/2010New rules added to clarify definition of advising on financial instruments.
      AU-1.4.49, AU-1.4.50, AU-1.4.51 and AU-5.5.507/2010Amended cross reference.
      AU-1.2.9, AU-1.4.49, AU-1.4.50, AU-1.4.51, AU-2.3.5, AU-5.1.6, AU-5.1.12A, AU-5.1.12B, AU-5.1.12D and AU-6.1.107/2010Paragraphs amended.
      AU-5.1.5A07/2010Paragraphs amended and changed to Rule.
      AU-5.1.12K07/2010Paragraph added to require confirmation that capital has been paid in before the final approval for a license.
      AU-5.1.1307/2010Updated to include new requirement to be submitted within six months of the license being issued.
      AU-6.207/2010Updated to include CBB's annual license fee requirements.
      AU-A.1.1101/2011Clarified legal basis.
      AU-1.1.201/2011Clarified guidance.
      AU-1.1.21, AU-1.1.22 and AU-1.2.1(f)01/2011Paragraphs deleted for consistency in CBB Rulebook.
      AU-1.201/2011Amended as requirements moved from Module HC to Module AU.
      AU-1.4.2501/2011Amended guidance to reflect new definitions related to licensed exchange(s).
      AU-5.1.13(j)01/2011Added language requirements for commercial registration certificate.
      AU-5.1.5A01/2011Amended CBB's requirements concerning letters of guarantee to be submitted with licensing application.
      AU-5.1.1301/2011Added requirement to submit copy of licensee's business card and any written communication including a statement that the investment firm is licensed by the CBB.
      AU-5.5.301/2011Clarified guidance.
      AU-1.2.1604/2011Added a definition Paragraph for the compliance officer.
      AU-5.1.5(m)04/2011Corrected typo and added clarification to requirements dealing with private placements.
      AU-6.2.9A04/2011Added the requirement for annual fees for SPV's to be in line with the requirements of Resolution No (1) of 2007.
      AU-A.1.910/2011Guidance Paragraph amended as Volume 5_Representative Offices was issued in December 2010.
      AU-A.1.1110/2011Legal basis updated to reflect all Articles of the CBB Law covered by this Module as well as applicable Resolutions.
      AU-5.510/2011Clarified language on cancellation of a license to be in line with other Volumes of the CBB Rulebook.
      AU-1.1.14, AU-1.4.11A and AU-1.4.11B01/2012Guidance in AU-1.1.14 amended and changed to Rule and moved to AU-1.4.11A and additional guidance added as AU-1.4.11B.
      AU-1.4.19 and AU-1.4.19A01/2012Clarified Rule AU-1.4.19 and added guidance for Category 3 investment firms.
      AU-1.4.3301/2012Added reference to Volume 5 (Administrators) and amended Rule.
      AU-2.2.2 and AU-2.2.301/2012Restructured and amended guidance into two Paragraphs, including one guidance and one Rule.
      AU-2.3.201/2012Clarified application of Rule for Category 1 and 2 investment firm licensees.
      AU-5.5.501/2012Clarified Rule.
      AU-6.2.9B01/2012Guidance added to clarify the non application of fees for SPVs established for the purpose of setting up a locally domiciled CIU.
      AU-1.2.13, AU-1.2.13A and AU-1.2.13B07/2012Clarified Rule and added Paragraphs on investment consultant and investment adviser.
      AU-1.4.2 and AU-5.5.4A10/2012Corrected cross reference.
      AU-1.1.25, AU-1.2.13, AU-1.4.11, AU-1.4.11A, AU-1.4.15, AU-1.4.17., AU-1.4.18, AU-1.4.28, AU-1.4.29, AU-1.4.41 and AU-1.4.4510/2012The term 'underwrite/underwriting' has now been defined and included in the Glossary under Part B of Volume 4.
      AU-1.4.1510/2012Clarified Rule dealing with providing credit.
      AU-1.4.5210/2012Reference updated to reflect the issuance of Volume 7 (CIU).
      AU-A.1.1101/2013Updated legal basis.
      AU-B.1.101/2013Updated prohibition as per issuance of Resolution No.(16) for the year 2012.
      AU-1.101/2013References added to requirements under Resolution No.(16) for the year 2012.
      AU-1.1.2404/2013Added cross reference.
      AU-6.207/2013Amended due date and collection process for annual license fees.
      AU-1.1.24, AU-1.1.24A and AU-1.1.24B10/2014Amended requirements to have a Shari'a Supervisory Board based on the category of investment firm licensee.
      AU-1.4.11 and AU-1.4.11B10/2014Clarified the meaning of dealing in financial instruments as a principal and added cross reference to approval from CBB's Capital market Supervision Directorate as well as requirements under Module OFS of Volume 6 of the CBB Rulebook.
      AU-5.1.7A10/2014Clarified that any PPM issued to raise capital must comply with module OFS and is subject to the CBB's Capital Market Supervision Directorate's prior approval.
      AU-A.1.1107/2015Legal basis updated to reflect Resolution No (23) of 2015.
      AU-3.2.107/2015Added cross reference to Module TC.
      AU-5.207/2015Amended to be in line with Resolution No (23) of 2015 on Prior Approval Requirements for Approved Persons.
      AU-5.5.507/2015Clarified interim arrangements for replacement of approved person.
      AU-1.201/2016Clarified general requirements for approved persons.
      AU-301/2016Amended to be in line with Resolution No (23) of 2015 on Prior Approval Requirements for Approved Persons.
      AU-5.1.401/2016Paragraph deleted as no longer applicable.
      AU-5.201/2016Minor amendments to be aligned with other Volumes of the CBB Rulebook.
      AU-1.1.1810/2016Added subparagraph (d)
      AU-1.1.18A10/2016Changed 'not limited' to 'in relation'
      AU-1.1.18B10/2016Deleted subparagraph (f)
      AU-5.2.310/2016Added to Rule new subparagraph (e)
      AU-5.607/2017Added new Section on Publication of the Decision to Grant, Cancel or Amend a License
      AU-1.2.204/2018Amended Paragraph
      AU-5.1.104/2018Amended Paragraph
      AU-5.1.12E04/2018Amended Paragraph
      AU-5.2.204/2018Amended Paragraph
      AU-1.4.41A04/2019Added a new Paragraph on digital investment advice.
      AU-1.2.707/2019Amended definition of a Director.
      AU-1.4.3307/2019Amended Paragraph.
      AU-5.1.107/2019Amended Paragraph to remove references to hardcopy Form 1 submission to online submission.
      AU-5.1.12H10/2019Changed from Rule to Guideline.
      AU-5.1.12I10/2019Changed from Rule to Guideline.
      AU-5.1.12J10/2019Changed from Rule to Guideline.
      AU-5.6.110/2019Changed from Rule to Guideline.
      AU-1.1.1307/2020Added new sub-paragraph (ff).
      AU-1.1.1707/2020Added new sub-paragraph (c).
      AU-1.1.22A, AU-1.1.22B, AU-1.1.22C07/2020Added new Paragraphs on Arranging Credit and Advising on Credit suitability.
      AU-1.4.4307/2020Deleted Paragraph.
      AU-1.4.47A, AU-1.4.47B, AU-1.4.47C, AU-1.4.47D, AU-1.4.47E, AU-1.4.47F, AU-1.4.47G07/2020Added new Paragraphs on Arranging Credit and Advising on Credit definitions.
      AU-1.1.13A10/2020Added a new Paragraph on compliance with AAOIFI Shari’a Standards.
      AU-1.2.201/2021Deleted Sub-paragraph (g).
      AU-1.2.501/2021Deleted Paragraph.
      AU-2.2.301/2021Amended Paragraph on approved persons occupying controlled functions.
      AU-A.1.301/2022Amended Paragraph.
      AU-A.1.501/2022Amended Paragraph.
      AU-A.1.1001/2022Deleted Paragraph.
      AU-B.1.201/2022Amended Paragraph.
      AU-1.1.601/2022Amended Paragraph.
      AU-1.1.801/2022Amended Paragraph.
      AU-1.1.13A01/2022Paragraph moved to AU-1.1.24.
      AU-1.1.18C01/2022Added a new Paragraph on Category 4 Investment Firms.
      AU-1.1.18D01/2022Added a new Paragraph on Category 4 Investment Firms.
      AU-1.1.18E01/2022Added a new Paragraph on Category 4 Investment Firms.
      AU-1.1.18F01/2022Added a new Paragraph on Category 4 Investment Firms.
      AU-1.1.2401/2022Amended Paragraph.
      AU-1.1.24B01/2022Amended Paragraph.
      AU-1.4.4801/2022Amended Paragraph.
      AU-5.4.101/2022Amended Paragraph.
      AU-1.1.22D – AU-1.1.22J01/2024Added new Paragraphs on regulated investment services involving crypto-assets requirements.
      Appendix AU-101/2024Added a new appendix on the Requirements for Regulated Investment Services Involving Crypto Assets.