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  • 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