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  • AU-5 AU-5 Information Requirements and Processes

    • AU-5.1 AU-5.1 Licensing

      • Application Form and Documents

        • AU-5.1.1

          Applicants for a license must fill in the Application Form 1 (Application for a License) online, available on the CBB website under E-services/online Forms. The applicant must upload scanned copies of supporting documents listed in Paragraph AU-5.1.5, unless otherwise directed by the CBB.

          Amended: July 2019
          Amended: April 2018
          Amended: July 2007

        • AU-5.1.2

          Articles 44 to 47 of the CBB Law govern the licensing process. This prescribes a single stage process, with the CBB required to take a decision within 60 calendar days of an application being deemed complete (i.e. containing all required information and documents). See below, for further details on the licensing process and time-lines.

          Amended: July 2007

        • AU-5.1.3

          References to applicant mean the proposed licensee seeking authorisation. An applicant may appoint a representative — such as a law firm or professional consultancy — to prepare and submit the application. However, the applicant retains full responsibility for the accuracy and completeness of the application, and is required to certify the application form accordingly. The CBB also expects to be able to liaise directly with the applicant during the authorisation process, when seeking clarification of any issues.

          Amended: July 2007

        • AU-5.1.4

          This Paragraph was deleted in January 2016.]

        • AU-5.1.5

          Unless otherwise directed by the CBB, the following documents must be provided in support of a Form 1:

          (a) A duly completed Form 2 (Application for Authorisation of Controller) for each controller of the proposed licensee;
          (b) A duly completed Form 3 (Application for Approved Person status), for each individual proposed to undertake controlled functions (as defined in Rule AU-1.2.2) in the proposed licensee;
          (c) A comprehensive business plan for the application, addressing the matters described in AU-5.1.6;
          (d) For overseas companies, a copy of the company's current commercial registration or equivalent documentation;
          (e) Where the applicant is an existing Bahraini company, a copy of the applicant's commercial registration certificate;
          (f) A certified copy of a Board resolution of the applicant, confirming its decision to seek a CBB investment firm license;
          (g) Details of the proposed licensee's close links, if any, as defined under Chapter GR-6;
          (h) In the case of applicants that are part of a regulated group, a letter of non-objection to the proposed license application from the applicant's lead supervisor, together with confirmation that the group is in good regulatory standing and is in compliance with applicable supervisory requirements, including those relating to capital requirements;
          (i) In the case of branch applicants, a letter of non-objection to the proposed license application from the applicant's home supervisor, together with confirmation that the applicant is in good regulatory standing and the company concerned is in compliance with applicable supervisory requirements, including those relating to capital;
          (j) In the case of branch applicants, copies of the audited financial statements of the applicant (head office) for the three years immediately prior to the date of application;
          (k) In the case of applicants that are part of a group, copies of the audited financial statements of the applicant's group, for the three years immediately prior to the date of application;
          (l) In the case of applicants not falling under either (j) or (k) above, copies of the audited financial statements of the applicant's major shareholder (where they are a legal person), for the three years immediately prior to the date of application;
          (m) In the case of applicants seeking to raise part of their capital through a private placement, a draft of the relevant private placement memorandum, together with a formal, independent legal opinion confirming that the memorandum complies with all applicable capital markets laws and regulations;
          (n) A copy of the applicant's memorandum and articles of association (in draft form for applicants creating a new company) addressing the matters described in AU-5.1.8;
          (o) [Subparagraph deleted in January 2008]; and
          (p) [Subparagraph deleted in January 2008].
          Amended: April 2011
          Amended: October 2009
          Amended: January 2008
          Amended: July 2007

        • AU-5.1.5A

          The CBB, in its complete discretion may ask for a guarantee from the applicant's controlling or major shareholders on a case by case basis as it deems appropriate/necessary as part of the required documents to be submitted as mentioned in Paragraph AU-5.1.5 above.

          Amended: January 2011
          Amended: July 2010
          Added: January 2008

        • AU-5.1.6

          The business plan submitted in support of an application must include:

          (a) An outline of the history of the applicant and its shareholders;
          (b) The reasons for applying for a license, including the applicant's strategy and market objectives;/div>
          (c) The proposed type of activities to be carried on by the applicant in/from the Kingdom of Bahrain;
          (d) The proposed Board and senior management of the applicant and the proposed organisational structure of the applicant;
          (e) An independent assessment of the risks that may be faced by the applicant, together with the proposed systems and controls framework to be put in place for addressing those risks and to be used for the main business functions; and
          (f) An opening balance sheet for the applicant, together with a three-year financial projection, with all assumptions clearly outlined, demonstrating that the applicant will be able to meet applicable capital adequacy requirements.
          Amended: July 2010
          Amended: July 2007

        • AU-5.1.7

          In the case of applicants seeking to raise capital (refer to AU-5.1.5(m)), the CBB's review is aimed at checking that the proposed private placement complies with applicable capital markets laws and regulations, and that the information contained in the private placement memorandum ('PPM') is consistent with the information provided in the license application. The CBB's review does not in any way constitute an approval or endorsement as to any claims made in the PPM regarding the future value of the company concerned. Note also that the CBB will not license applicants without a core group of sponsoring shareholders (who can demonstrate a strong business track record with relevant expertise), and where failure of the private placement to raise its targeted amount would leave the institution unable to comply with the CBB's minimum capital requirements. The CBB will normally expect core shareholders to account for at least 40% of the applicant's initial proposed total capital.

          Amended: July 2007

        • AU-5.1.7A

          The PPM must comply with the requirements contained under Module OFS (Offering of Securities) of Volume 6 of the CBB Rulebook and is subject to the CBB's Capital Market Supervision Directorate's prior approval.

          Added: October 2014

        • AU-5.1.8

          The applicant's memorandum and articles of association must explicitly provide for it to undertake the activities proposed in the license application, and must preclude the applicant from undertaking other regulated services, or commercial activities, unless these arise out of its investment activities or are incidental to those.

          Amended: July 2007

        • AU-5.1.9

          All documentation provided to the CBB as part of an application for a license must be in either the Arabic or English languages. Any documentation in a language other than English or Arabic must be accompanied by a certified English or Arabic translation thereof.

          Amended: July 2007

        • AU-5.1.10

          Any material changes or proposed changes to the information provided to the CBB in support of an authorisation application that occurs prior to authorisation must be reported to the CBB.

          Amended: July 2007

        • AU-5.1.11

          Failure to inform the CBB of the changes specified in Rule AU-5.1.10 is likely to be viewed as a failure to provide full and open disclosure of information, and thus a failure to meet licensing condition Rule AU-2.8.2.

          Amended: July 2007

      • Licensing Process and Timelines

        • AU-5.1.12

          By law, the 60 day time limit referred to in Paragraph AU-5.1.2 only applies once the application is complete and all required information (which may include any clarifications requested by the CBB) and documents have been provided. This means that all the items specified in Rule AU-5.1.5 have to be provided, before the CBB may issue a license.

          Amended: July 2007

        • AU-5.1.12A

          The CBB recognises, however, that applicants may find it difficult to secure suitable senior management (refer AU-5.1.5(b) above) in the absence of preliminary assurances regarding the likelihood of obtaining a license.

          Amended: July 2010
          Adopted: July 2007

        • AU-5.1.12B

          Therefore, applicants may first submit an unsigned Form 1 in draft, together with as many as possible of the items specified in Rule AU-5.1.5. This draft application should contain at least items AU-5.1.5(a); AU-5.1.5(b), with respect to proposed Directors (but not necessarily senior management); AU-5.1.5(c); AU-5.1.5(d); and AU-5.1.5(g) to AU-5.1.5(m) inclusive.

          Amended: July 2010
          Adopted: July 2007

        • AU-5.1.12C

          On the basis of the information specified in Paragraph AU-5.1.12B, the CBB may provide an initial 'in principle' confirmation that the applicant appears likely to meet the CBB's licensing requirements, subject to the remaining information and documents being assessed as satisfactory. The 'in principle' confirmation will also list all outstanding documents required before an application can be considered complete and subject to formal consideration.

          Adopted: July 2007

        • AU-5.1.12D

          An 'in principle' confirmation does not constitute a license approval, nor does it commit the CBB to issuing a license. However, it provides sufficient assurance for an applicant to complete certain practical steps, such as securing suitable executive staff that satisfy CBB's 'fit and proper' requirements. Once this has been done, the applicant may finalise its application, by submitting the remaining documents required under Rule AU-5.1.1 and, once assessed as complete by the CBB, a signed and dated final version of Form 1. However, a Bahraini company proposing to undertake financial services activities would not be eligible to obtain a Commercial Registration from the Ministry of Industry and Commerce unless it receives the final approval from the CBB.

          Amended: July 2010
          Amended: April 2008
          Adopted: July 2007

        • AU-5.1.12E

          Regardless of whether an applicant submits a draft application or not, all potential applicants are strongly encouraged to contact the CBB at an early stage to discuss their plans, for guidance on the CBB's license categories and associated requirements. The Licensing Directorate would normally expect to hold at least one pre-application meeting with an applicant, prior to receiving an application (either in draft or in final).

          Amended: April 2018
          Adopted: July 2007

        • AU-5.1.12F

          Potential applicants should initiate pre-application meetings in writing, setting out a short summary of their proposed business and any issues or questions that they may have already identified, once they have a clear business proposition in mind and have undertaken their preliminary research. The Central Bank can then guide the applicant on the specific areas in the Rulebook that will apply to them and the relevant requirements that they must address in their application.

          Adopted: July 2007

        • AU-5.1.12G

          At no point should an applicant hold themselves out as having been licensed by the CBB, prior to receiving formal written notification of the fact in accordance with Rule AU-5.1.12H below. Failure to do so may constitute grounds for refusing an application and result in a contravention of Articles 40 and 41 of the CBB Law (which carries a maximum penalty of BD 1 million).

          Adopted: July 2007

      • Granting or Refusal of License

        • AU-5.1.12H

          To be granted a license, an applicant must demonstrate compliance with the applicable requirements of the CBB Law and this Module. Should a license be granted, the CBB will notify the applicant in writing of the fact; the CBB will also publish its decision to grant a license in the Official Gazette and in two local newspapers (one published in Arabic, the other in English). The license may be subject to such terms and conditions as the CBB deems necessary for the additional conditions being met.

          Amended: October 2019
          Adopted: July 2007

        • AU-5.1.12I

          The CBB may refuse to grant a license if in its opinion:

          (a) The requirements of the CBB Law or this Module are not met;
          (b) False or misleading information has been provided to the CBB, or information which should have been provided to the CBB has not been so provided; or
          (c) The CBB believes it necessary in order to safeguard the interests of potential customers.
          Amended: October 2019
          Adopted: July 2007

        • AU-5.1.12J

          Where the CBB proposes to refuse an application for a license, it will give the applicant a written notice to that effect. Applicants will be given a minimum of 30 calendar days from the date of the written notice to appeal the decision, as per the appeal procedures specified in the notice; these procedures will comply with the provisions contained in Article 46 of the CBB Law.

          Amended: October 2019
          Adopted: July 2007

        • AU-5.1.12K

          Before the final approval is granted to a licensee, confirmation from a retail bank addressed to the CBB that the licensee's capital (injected funds) — as specified in the business plan submitted under Rule AU-5.1.5) — has been paid in must be provided to the CBB.

          Added: July 2010

      • Starting Operations

        • AU-5.1.13

          Within 6 months of the license being issued, the new licensee must provide to the CBB (if not previously submitted):

          (a) The registered office address and details of premises to be used to carry out the business of the proposed licensee;
          (b) The address in the Kingdom of Bahrain where full business records will be kept;
          (c) The licensee's contact details including telephone and fax number, e-mail address and website;
          (d) A copy of its business continuity plan;
          (e) A description of the IT system that will be used, including details of how IT systems and other records will be backed up;
          (f) A copy of the auditor's acceptance to act as auditor for the applicant;
          (g) [Sub paragraph deleted July 2010];
          (h) A copy of the licensee's professional indemnity insurance policy or confirmation that a deposit to an amount specified by the CBB has been placed in escrow in an account at a bank licensed in the Kingdom of Bahrain (see Section GR-9.1); and
          (i) A copy of the applicant's notarised memorandum and articles of association, addressing the matters described in Paragraph AU-5.1.8;
          (j) A copy of the Ministry of Industry and Commerce commercial registration certificate in Arabic and in English;
          (k) An updated organisation chart showing the reporting lines, committees (if any) and including the names of the persons undertaking the controlled functions.
          (l) A copy of the licensee's business card and any written communication (including stationery, website, e-mail, business documentation, etc.) including a statement that the investment firm is licensed by the CBB; and
          (m) Any other information as may be specified by the CBB.
          Amended: January 2011
          Amended: July 2010
          Amended: January 2008
          Amended: July 2007

        • AU-5.1.14

          New licensees must start their operations within 6 months of being granted a license by the CBB, failing which the CBB may cancel the license, as per the powers and procedures set out in Article 48 of the CBB Law.

          Amended: July 2007

        • AU-5.1.15

          The procedures for amending or cancelling licenses are contained in Sections AU-5.4 and AU-5.5 respectively.

          Amended: July 2007

    • AU-5.2 AU-5.2 Approved Persons

      • Prior Approval Requirements and Process

        • AU-5.2.1

          Investment firm licensees must obtain CBB's prior written approval before a person is formally appointed to a controlled function. The request for CBB approval must be made by submitting to the CBB a duly completed Form 3 (Application for Approved Person status) and Curriculum Vitae after verifying that all the information contained in the Form 3, including previous experience, is accurate. Form 3 is available under Volume 4 Part B Authorisation Forms of the CBB Rulebook.

          Amended: January 2016
          Amended: July 2015
          Amended: October 2009
          July 2007

        • AU-5.2.2

          When the request for approved person status forms part of a license application, the Form 3 must be marked for the attention of the Director, Licensing Directorate. When the submission to undertake a controlled function is in relation to an existing investment firm licensee, the Form 3, except if dealing with a MLRO, must be marked for the attention of the Director, Financial Institutions Supervision Directorate. In the case of the MLRO, Form 3 should be marked for the attention of the Director, Compliance Directorate.

          Amended: April 2018
          Amended: April 2008
          Amended: July 2007

        • AU-5.2.3

          When submitting Form 3, investment firm licensees must ensure that the Form 3 is:

          (a) Submitted to the CBB with a covering letter signed by an authorised representative of the investment firm licensee, seeking approval for the proposed controlled function;
          (b) Submitted in original form;
          (c) Submitted with a certified copy of the applicant's passport, original or certified copies of educational and professional qualification certificates (and translation if not in Arabic or English) and the Curriculum Vitae; and
          (d) Signed by an authorised representative of the licensee and all pages stamped with the licensee's seal.
          (e) Submitted with the existing organisation chart or a proposed organisation chart (if the existing organisation chart is to be amended) reflecting the reporting line of the applicant. This is for all controlled functions listed in Rule AU-1.2.2 except a & e.
          Amended: October 2016
          Amended: July 2015
          Amended: October 2009

        • AU-5.2.3A

          Investment firm licensees seeking to appoint Board Directors must seek CBB approval for all the candidates to be put forward for election/approval at a shareholders' meeting, in advance of the agenda being issued to shareholders. CBB approval of the candidates does not in any way limit shareholders' rights to refuse those put forward for election/approval.

          Added: July 2015

        • AU-5.2.4

          For existing licensees applying for the appointment of a Director or the Chief Executive/General Manager, the authorised representative should be the Chairman of the Board or a Director signing on behalf of the Board. For all other controlled functions, the authorised representative should be the Chief Executive/General Manager.

          Amended: July 2015
          Amended: October 2009

        • AU-5.2.5

          [This Paragraph was deleted in July 2015.]

          Deleted: July 2015

        • AU-5.2.6

          [This Paragraph was moved to Paragraph AU-5.2.3A in July 2015.]

          Amended: July 2015
          Amended: October 2009
          Amended: July 2007

      • Assessment of Application

        • AU-5.2.6A

          The CBB shall review and assess the application for approved person status to ensure that it satisfies all the conditions required in Paragraph AU-3.1.3 and the criteria outlined in Paragraph AU-3.1.5.

          Amended: January 2016
          Added: July 2015

        • AU-5.2.6B

          For purposes of Paragraph AU-5.2.6A, investment firm licensees should give the CBB a reasonable amount of notice in order for an application to be reviewed. The CBB shall respond within 15 business days from the date of meeting all regulatory requirements, including but not limited to receiving the application complete with all the required information and documents, as well as verifying references.

          Amended: January 2016
          Added: July 2015

        • AU-5.2.6C

          The CBB reserves the right to refuse an application for approved person status if it does not satisfy the conditions provided for in Paragraph AU-3.1.3 and does not satisfy the CBB criteria in Paragraph AU-3.1.5. A notice of such refusal is issued by registered mail to the licensee concerned, setting out the basis for the decision.

          Amended: January 2016
          Added: July 2015

        • AU-5.2.7

          [This Paragraph was deleted in January 2016.]

      • Appeal Process

        • AU-5.2.7A

          Investment firm licensees or the nominated approved persons may, within 30 calendar days of the notification, appeal against the CBB's decision to refuse the application for approved person status. The CBB shall decide on the appeal and notify the investment firm licensee of its decision within 30 calendar days from submitting the appeal.

          Added: July 2015

        • AU-5.2.7B

          Where notification of the CBB's decision to grant a person approved person status is not issued within 15 business days from the date of meeting all regulatory requirements, including but not limited to, receiving the application complete with all the required information and documents, investment firm licensees or the nominated approved persons may appeal to the Executive Director, Financial Institutions Supervision of the CBB provided that the appeal is justified with supporting documents. The CBB shall decide on the appeal and notify the investment firm licensee of its decision within 30 calendar days from the date of submitting the appeal.

          Amended: January 2016
          Added: July 2015

      • Notification Requirements and Process

        • AU-5.2.8

          Investment firm licensees must immediately notify the CBB when an approved person ceases to hold a controlled function together with an explanation as to the reasons why (see Paragraph AU-5.5.5). In such cases, their approved person status is automatically withdrawn by the CBB.

          Amended: October 2009
          Amended: July 2008
          Amended: April 2008
          Amended: July 2007

        • AU-5.2.9

          Investment firm licensees must immediately notify the CBB in case of any material change to the information provided in a Form 3 submitted for an approved person.

          Amended: October 2009

        • AU-5.2.10

          Investment firm licensees must immediately notify the CBB when they become aware of any of the events listed in Paragraph EN-8.2.3, affecting one of their approved persons.

          Amended: October 2009

    • AU-5.3 AU-5.3 [This Section deleted 07/2007]

      Deleted: July 2007

      • AU-5.3.1

        Persons wishing to be registered as an administrator must submit a duly completed Form 4 (Application for Registration). The form must be marked for the attention of the Director, Licensing and Policy Directorate.

      • AU-5.3.2

        BMA aims to respond to applications for registration within 2 weeks of receipt of a Form 4, although in some cases, where referral to an overseas supervisor is required, the response time is likely to be longer.

      • AU-5.3.3

        All refusals by the BMA to grant a person registered person status have to be reviewed and approved by an Executive Director of the BMA. A notice of intent is issued to the person concerned, setting out the basis for the decision. The person has 30 calendar days from the date of the notice in which to appeal the decision. The BMA then has 30 calendar days from the date of the representation in which to make a final determination. See also Chapter EN-10.

    • AU-5.4 AU-5.4 Amendment of Authorisation

      • Licenses

        • AU-5.4.1

          Investment firm licensees wishing to vary the scope of their license must obtain the CBB's written approval, before effecting any such change. Approval must be sought whenever a licensee wishes to add or cease undertaking a regulated investment service, change license category, or to vary a condition imposed on their license.

          Amended: January 2022
          Amended: July 2007

        • AU-5.4.2

          Failure to secure the CBB approval prior to effecting such changes is likely to be viewed as a serious breach of a licensee's regulatory obligations, and may constitute a breach of Article 40(a), as well as Article 50(a), of the CBB Law.

          Amended: July 2007

        • AU-5.4.3

          In addition to any other information requested by the CBB, and unless otherwise directed by the CBB, an investment firm licensee requesting CBB approval to undertake a new regulated investment service must provide the following documentation:

          (a) A summary of the rationale for undertaking the proposed new service;
          (b) A description of how the new service will be managed and controlled; and
          (c) An analysis of the financial impact of the new service.
          Amended: July 2007

        • AU-5.4.4

          The CBB will only agree to amend a license if doing so poses, in its judgement, no unacceptable risks to customers. As provided for under Article 48 of the CBB Law, the CBB may itself move to amend a license, for instance if a licensee fails to satisfy any of its existing license conditions or protecting the legitimate interests of customers or creditors of the licensee requires such a change. See also Chapter EN-7, regarding the cancellation or amendment of licenses, including the procedures used in such instances.

          Amended: July 2007

      • Approved Persons

        • AU-5.4.5

          Investment firm licensees must seek prior CBB approval before an approved person may move from one controlled function to another within the same licensee.

          Adopted: July 2007

        • AU-5.4.6

          In such instances, a new Form 3 (Application for Approved Person status) should be completed and submitted to the CBB. Note that a person may be considered ‘fit and proper’ for one controlled function, but not for another, if for instance the new role requires a different set of skills and experience. Where an approved person is moving to a controlled function in another licensee, the first licensee should notify the CBB of that person’s departure (see Rule AU-5.5.5), and the new licensee should submit a request for approval under Rule AU-1.2.1.

          Adopted: July 2007

    • AU-5.5 AU-5.5 Cancellation of Authorisation

      • Voluntary Surrender of a License or Closure of a Branch

        • AU-5.5.1

          In accordance with Article 50 of the CBB Law, investment firm licensees wishing to cancel their license or cease activities for a branch must obtain the CBB's written approval, before ceasing their activities. All such requests must be made in writing to the Director, Financial Institutions Supervision, setting out in full the reasons for the request and how the business is to be wound up.

          Amended: October 2011
          Amended: July 2010
          Amended: July 2007

        • AU-5.5.2

          Investment firm licensees must satisfy the CBB that their customers' interests are to be safeguarded during and after the proposed cancellation. The requirements contained in Module GR regarding cessation of business must be satisfied.

          Amended: July 2007

        • AU-5.5.3

          Failure to comply with Rule AU-5.5.1 constitutes a breach of Article 50(a) of the CBB Law. The CBB will only approve such a request where it has no outstanding regulatory concerns and any relevant customer interests would not be prejudiced. A voluntary surrender of a license will not be accepted where it is aimed at pre-empting supervisory actions by the CBB. A voluntary surrender will only be allowed to take effect once the licensee, in the opinion of the CBB, has discharged all its regulatory responsibilities to customers.

          Amended: January 2011
          Amended: July 2007

      • Cancellation of a License by the CBB

        • AU-5.5.4

          As provided for under Article 48(c) of the CBB Law, the CBB may itself move to cancel a license, for instance if a licensee fails to satisfy any of its existing license conditions or protecting the legitimate interests of customers or creditors of the licensee requires a cancellation. The CBB generally views the cancellation of a license as appropriate only in the most serious of circumstances, and generally tries to address supervisory concerns through other means beforehand. See also Chapter EN-7, regarding the cancellation or amendment of licenses, including the procedures used in such instances and the licensee's right to appeal the formal notice of cancellation issued by the CBB.

          Amended: October 2011
          Amended: July 2007

        • AU-5.5.4A

          Cancellation of a license requires the CBB to issue a formal notice of cancellation to the licensee concerned. The notice of cancellation describes the CBB's rationale for the proposed cancellation, as specified in Article 48(d) of the CBB Law.

          Amended: October 2012
          Adopted: October 2011

        • AU-5.5.4B

          Where the cancellation of a license has been confirmed by the CBB, the CBB will only effect the cancellation once a licensee has discharged all its regulatory responsibilities to clients. Until such time, the CBB will retain all its regulatory powers towards the licensee and will direct the licensee so that no new regulated investment services may be undertaken whilst the licensee discharges its obligations to its clients.

          Adopted: October 2011

      • Cancellation of Approved Person Status

        • AU-5.5.5

          In accordance with Paragraph AU-5.2.8, investment firm licensees must promptly notify the CBB in writing as soon as they become aware, when a person undertaking a controlled function will no longer be carrying out that function. If a controlled function falls vacant, the investment firm licensee must appoint a permanent replacement (after obtaining CBB approval), within 120 calendar days of the vacancy occurring. Pending the appointment of a permanent replacement, the investment firm licensee must make immediate interim arrangements to ensure continuity of the duties and responsibilities of the controlled function affected, provided that such arrangements do not pose a conflict of duties. These interim arrangements must be approved by the CBB.

          Amended: July 2015
          Amended: January 2012
          Amended: July 2010
          Amended: April 2008
          Amended: July 2007

        • AU-5.5.6

          The explanation given for any such changes should simply identify if the planned move was prompted by any concerns over the person concerned, or is due to a routine staff change, retirement or similar reason.

          Amended: July 2007

        • AU-5.5.7

          The CBB may also move to declare someone as not 'fit and proper', in response to significant compliance failures or other improper behaviour by that person: see Chapter EN-8 regarding the cancellation of 'fit and proper' approval.

          Amended: July 2007

    • AU-5.6 AU-5.6 Publication of the Decision to Grant, Cancel or Amend a License

      • AU-5.6.1

        In accordance with Articles 47 and 49 of the CBB Law, the CBB will publish its decision to grant, cancel or amend a license in the Official Gazette and in two local newspapers, one in Arabic and the other in English.

        Amended: October 2019
        Added: July 2017

      • AU-5.6.2

        For the purposes of Paragraph AU-5.6.1, the cost of publication must be borne by the Licensee.

        Added: July 2017

      • AU-5.6.3

        The CBB may also publish its decision on such cancellation or amendment using any other means it considers appropriate, including electronic means.

        Added: July 2017