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  • EN-2.4 EN-2.4 The Required Report

    [The Content of this Section was moved to Section BR-3.5 in October 2011]

    • EN-2.4.1

      The scope of the required report will be determined and detailed by the CBB in the appointment letter. Commissioned investigators will normally be required to report on one or more of the following aspects of a licensee's business:

      a) Accounting and other records;
      b) Internal control systems;
      c) Returns of information provided to the CBB;
      d) Operations of certain departments; and/or
      e) Other matters specified by the CBB.
      Adopted: October 2009

    • EN-2.4.2

      Investigators will be required to form an opinion on whether, during the period examined, the licensee is in compliance with the relevant provisions of the CBB Law and the CBB's relevant requirements, as well as other requirements of Bahrain Law and, where relevant, industry best practice locally and/or internationally.

      Adopted: October 2009

    • EN-2.4.3

      The investigators report should follow the format set out in Appendix EN-1 in Part B of Rulebook Volume 4.

      Adopted: October 2009

    • EN-2.4.4

      Unless otherwise directed by the CBB, the report should be discussed with the Board of Directors and/or senior management in advance of it being sent to the CBB.

      Adopted: October 2009

    • EN-2.4.5

      Where the report is qualified by exception, the report must clearly set out the risks which the licensee runs by not correcting the weakness, with an indication of the severity of the weakness, should it not be corrected. Investigators will be expected to report on the type, nature and extent of any weaknesses found during their work, as well as the implications of a failure to address and resolve such weaknesses.

      Adopted: October 2009

    • EN-2.4.6

      If the investigators conclude, after discussing the matter with the licensee, that they will give a negative opinion (as opposed to one qualified by exception) or that the issue of the report will be delayed, they must immediately inform the CBB in writing giving an explanation in this regard.

      Adopted: October 2009

    • EN-2.4.7

      The report must be completed, dated and submitted, together with any comments by Directors or management (including any proposed timeframe within which the licensee has committed to resolving any issues highlighted by the report), to the CBB within the timeframe applicable.

      Adopted: October 2009