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  • AU-4 AU-4 [This Chapter deleted 07/2007]

    Deleted: July 2007

    • AU-4.1 AU-4.1 Condition 1: Relevant Expertise

      • AU-4.1.1

        Administrators seeking registration must satisfy the BMA that they have relevant expertise. They must hold appropriate professional qualifications from a relevant, recognised professional body.

      • AU-4.1.2

        In the case of corporate persons wishing to provide administration services, the BMA expects management and other staff collectively to have sufficient appropriate expertise to ensure a professional level of service.

    • AU-4.2 AU-4.2 Condition 2: General Suitability

      • AU-4.2.1

        Administrators seeking registration must satisfy the BMA that they are generally suitable to operate as such.

      • AU-4.2.2

        The Agency will have regard to the fitness and propriety of the person seeking registration to operate as Administrators, using the rules and guidance contained in Sections AU-3.1 and AU-3.2.

      • AU-4.2.3

        The Agency will have regard to the person's reputation, financial soundness, and business conduct. The BMA will also review closely linked entities against the same criteria, using the definition of close links contained in Module GR (General Requirements).

    • AU-4.3 AU-4.3 Condition 3: Systems and Controls

      • AU-4.3.1

        Administrators seeking registration must maintain systems and controls that are, in the opinion of the BMA, adequate for the scale and complexity of their activities.

      • AU-4.3.2

        Administrators seeking registration must maintain systems and controls that are, in the opinion of the BMA, adequate to address the risks of financial crime occurring. These systems and controls must meet the minimum requirements contained in Module FC (Financial Crime)

    • AU-4.4 AU-4.4 Condition 4: External Auditors

      • AU-4.4.1

        Administrators seeking registration must appoint external auditors, subject to prior BMA approval. The minimum requirements regarding auditors contained in Module AA (Auditors and Accounting Standards) must be met.

      • AU-4.4.2

        Administrators seeking registration must submit details of their proposed external auditors to the BMA.

    • AU-4.5 AU-4.5 Condition 5: Other requirements

      • Books and Records

        • AU-4.5.1

          Administrators must maintain comprehensive books of accounts and other records, which must be available for inspection within the Kingdom of Bahrain by the BMA, or persons appointed by the BMA, at any time. Administrators must comply with the minimum record-keeping requirements contained in Module GR.

      • Provision of Information

        • AU-4.5.2

          Administrators must act in an open and cooperative manner with the BMA.