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  • EN-9 EN-9 [This Chapter deleted 07/2007.]

    Deleted: July 2007

    • EN-9.1 EN-9.1 BMA Policy

      • EN-9.1.1

        Rule AU-1.3.1 of Module AU (Authorisation) requires persons wishing to carry on the business of an administrator in the Kingdom of Bahrain to be registered as such by BMA. Registered administrators are not allowed to undertake regulated investment services and are not categorised as licensees: the registration requirement exists simply to ensure that those acting as administrators satisfy certain basic suitability criteria.

      • EN-9.1.2

        These basic criteria are contained in Chapter AU-4. Should a registered administrator, in the opinion of the BMA, cease to satisfy one or more of these criteria, then the BMA has the right to cancel that person's registration.

      • EN-9.1.3

        Where the BMA proposes to cancel the registration of a registered person, it must provide the person concerned reasonable time to object to the proposed cancellation.

      • EN-9.1.4

        Amongst other matters affecting a person's compliance with the registration criteria contained in Chapter AU-4, the BMA will normally consider as grounds for the revocation of registration the following:

        (a) the conviction by a court, whether in Bahrain or elsewhere, for a crime affecting honesty;
        (b) a bankruptcy declaration by a court of law;
        (c) a court ruling that the person's legal capacity is totally or partially impaired; or
        (d) the sanction by a professional body of a fine, suspension, expulsion or censure.

    • EN-9.2 EN-9.2 Procedure for Cancellation of Registration

      • EN-9.2.1

        All proposals to cancel a registration are subject to a thorough review of all relevant facts and must be approved by an Executive Director of the BMA.

      • EN-9.2.2

        Once approved within the BMA, a notice of intent is issued to the registrant concerned, setting out the basis for the decision. The notice of intent will describe the factual circumstances and the BMA's rationale for the proposed cancellation.

      • EN-9.2.3

        The registrant has 30 calendar days from the date stated in the notice in which to appeal the decision. The appeal should be addressed to the Executive Director that has approved the proposal for cancellation.

      • EN-9.2.4

        If representations are made, then the BMA has 30 calendar days from the date of the representation in which to consider any mitigating evidence submitted and make a final determination.