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  • TC-A.1 TC-A.1 Purpose

    • Executive Summary

      • TC-A.1.1

        This Module presents requirements that have to be met by investment firm licensees with respect to training and competency of individuals undertaking controlled functions (i.e. approved persons).

        Amended: October 2013
        Adopted: July 2010

      • TC-A.1.2

        Module TC provides Rules and Guidance to Investment firm licensees to ensure satisfactory levels of competence, in terms of an individual's knowledge, skills, experience, and professional qualifications. Investment firm licensees, are required to demonstrate that individuals undertaking controlled functions are sufficiently competent, and are able to undertake their respective roles and responsibilities.

        Amended: October 2013
        Adopted: July 2010

      • TC-A.1.3

        The Rules build upon Principles 3 and 9 of the Principles of Business (see Module PB (Principles of Business)). Principle 3 (Due Skill, Care and Diligence) requires an investment firm licensee to observe high standards of integrity and fair dealing, and to be honest and straightforward in its dealings with clients. Principle 9 (Adequate Resources) requires an investment firm licensee to maintain adequate human, financial and other resources sufficient to run its business in an orderly manner.

        Adopted: July 2010

      • TC-A.1.4

        Condition 4 of the Central Bank of Bahrain's ('CBB') Licensing Conditions (Chapter AU-2.4) and Condition 1 of the Approved Persons regime (Chapter AU-3.1) impose further requirements. To satisfy Condition 4 of the CBB's Licensing Conditions, an investment firm licensee's staff, taken together, must collectively provide a sufficient range of skills and experience to manage the affairs of the licensee in a sound and prudent manner (AU-2.4). This condition specifies that investment firm licensees must ensure their employees meet any training and competency requirements specified by the CBB. Condition 1 of the Approved Persons Conditions (AU-3.1) sets forth the 'fit and proper' requirements in relation to competence, experience and expertise required by approved persons.

        Amended: January 2011
        Adopted: July 2010

    • Legal Basis

      • TC-A.1.5

        This Module contains the CBB's Directive (as amended from time to time) relating to Training and Competency and is issued under the powers available to the CBB under Articles 38 and 65 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to all investment firm licensees (including their approved persons).

        Amended: January 2011
        Adopted: July 2010

      • TC-A.1.6

        Chapter AU-3 of Module AU (Authorisation), specifies that approved persons must be assessed by the CBB as 'fit and proper' to hold such a position. The Chapter specifies various factors that the CBB takes into account when reaching such a decision.

        Adopted: July 2010

      • TC-A.1.7

        For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

        Adopted: July 2010