Definitions
AU-1.2.5
Director is any person who occupies the position of aDirector , as defined in Article 173 of the Commercial Companies Law (Legislative Decree No. 21 of 2001).October 2010AU-1.2.6
The fact that a person may have '
Director' in their job title does not of itself make them aDirector within the meaning of the definition noted in Paragraph AU-1.2.5. For example, a 'Director of IT', is not necessarily a member of the Board ofDirectors and therefore may not fall under the definition of Paragraph AU-1.2.5.October 2010AU-1.2.7
The
Chief Executive orGeneral Manager means a person who is responsible for the conduct of thelicensee (regardless of actual title). TheChief Executive orGeneral Manager must be resident in Bahrain. This person is responsible, for the conduct of the whole of the firm.October 2010AU-1.2.8
Head of function means a person who exercises major managerial responsibilities, is responsible for a significant business or operating unit, or has senior managerial responsibility for maintaining accounts or other records of thelicensee .October 2010AU-1.2.9
Whether a person is a
head of function will depend on the facts in each case and is not determined by the presence or absence of the word in their job title. Examples ofhead of function might include, depending on the scale, nature and complexity of the business, a deputyChief Executive , heads of departments such as Risk Management, Compliance or Internal Audit, or the Chief Financial Officer.October 2010AU-1.2.10
Where a
licensee is in doubt as to whether a function should be considered acontrolled function it must discuss the case with the CBB.October 2010
