• C C

    • CBB licensees

      Any person licensed by the CBB under any of the Volumes of the CBB Rulebook.

    • Card Processing or Card Processing Service(s)

      Ancillary service provider activity as defined under Paragraph AU-1.2.5 of Module AU_Ancillary Service Provider.

      Added: April 2016

    • Chief Executive, Chief Executive Officer or CEO

      A person responsible under the immediate authority of the Board of Directors for the conduct of the firm (regardless of actual title): cf. AU-1.2.9; AU-1.3.5 for ancillary service providers).

      Amended: April 2016

    • Client Assets

      Money or financial instruments belonging to clients of a licensee that are held or controlled by the licensee in connection with the conduct of regulated administration services.

      Added: January 2011

    • Client money

      Client money comprises any money that a licensee receives and holds on a fiduciary basis, as intermediary in the course of carrying on regulated services, towards the execution of transactions on behalf of its customers.

      Added: April 2023

    • Client money account

      A segregated bank account held by PSPs with a retail bank in order to hold client money.

      Added: April 2023

    • Close link (as defined under Paragraph GR-6.2.1 of Module GR_Administrators; GR-5.2.1 for financing companies; GR-8.2.1 for ancillary service providers)

      A licensee ("L") has close links with another undertaking ("U"), if:

      (a) U is a parent undertaking of L;
      (b) U is a subsidiary undertaking of L;
      (c) U is a parent undertaking of a subsidiary undertaking of L;
      (d) U is a subsidiary undertaking of a parent undertaking of L;
      (e) U owns or controls 20% or more of the voting rights or capital of L; or
      (f) L, any of its parent or subsidiary undertakings, or any of the subsidiary undertakings of its parent, owns or controls 20% or more of the voting rights or capital of U.
      Amended: April 2016
      Amended: January 2013
      Added: January 2011

    • Collective Investment Undertaking(s) ('CIUs')

      Collective investment undertakings ('CIUs') are undertakings:

      (i) The sole object of which is the collective investment of capital raised from the public or through private placement, including investment seeded by the operator, in financial instruments and other assets and which operates on the basis of risk-spreading as appropriate; and
      (ii) The holdings of which may be re-purchased or redeemed out of those undertakings. assets, as appropriate.
      Added: January 2013

    • Compliance Officer

      An employee of appropriate standing designated by licensees having responsibility for oversight of the licensee's compliance with the requirements of the CBB and reporting to the licensee's Board in respect of that responsibility. The compliance officer is an approved person occupying a controlled function.

    • Conflict of interest

      A situation when a person or an entity has competing professional or personal obligations to other parties in a financial transaction (e.g. underwriting a securities transaction and simultaneously advising clients whether to buy the security or not) or in ongoing financial relationships (e.g. when a specialised licensee has a director or one of its major customers on its board), or personal or financial interests that would make it difficult to fulfil his duties fairly.

    • Connected person(s)

      (a) The individual's spouse and his/her son, adopted son, stepson, daughter, adopted daughter, step-daughter, father, step-father, mother, step-mother, brother, step-brother, sister or step-sister, under his/her guardianship or control;
      (b) A firm or corporation in which the individual or any persons mentioned in (a) has control of not less than 10% of the voting power in the firm or corporation, whether such control is exercised individually or jointly; or
      (c) Connected persons in relation to a firm or corporation means another firm or corporation in which the first-mentioned firm or corporation has control of not less than 10% of the voting power in that other firm or corporation.
      Added: January 2013

    • Conspicuous notice

      Means a written statement in both Arabic and English languages which is easily visible and legible and displayed in all credit institutions' premises open to the public (head offices and branches), and via means such as websites, newspapers and other press notices.

      Added: January 2014

    • Controller's family

      (to be defined at a later date)

    • Controlled function

      A function carried on by an approved person in relation to a licensee that requires prior CBB approval: cf. AU-1.2.

      Amended: December 2010

    • Controller

      As defined under Paragraph GR-5.2.1 for administrators, [GR-4.2.1 for financing companies; GR-7.2.1 for ancillary service providers], a controller is a natural or legal person who, either alone or with his associates:

      (a) Holds 10% or more of the shares in the licensee ("L"), or is able to exercise (or control the exercise) of more than 10% of the voting power in L; or
      (b) Holds 10% or more of the shares in a parent undertaking ("P") of L, or is able to exercise (or control the exercise) of more than 10% of the voting power in P; or
      (c) Is able to exercise significant influence over the management of L or P.
      Amended: April 2016
      Amended: January 2013
      Amended: January 2011

    • Conventional bank licensees

      A bank licensed by CBB under Volume 1 of the CBB Rulebook, and generally operating according to conventional finance principles (as opposed to operating in accordance with Islamic finance principles).

    • Conventional retail bank licensee(s)

      Banks which undertake the regulated banking services of (a) to (o) in Paragraph LR-1.3.1 for both residents and non-residents of the Kingdom of Bahrain.

      Added: December 2018

    • Core Capital (as defined in CA-1.1.6_Financing Companies)

      Core capital shall consist of the sum of items (a) to (e) below, less the sum of items (f) to (i) below:

      (a) Issued and fully paid ordinary shares (net of treasury shares);
      (b) Share premium reserve;
      (c) Perpetual non-cumulative preference shares;
      (d) All disclosed reserves brought forward, that are audited and approved by the shareholders, in the form of legal, general and other reserves created by appropriations of retained earnings, excluding fair value reserve1;and
      (e) Retained profit brought forward;

      LESS:

      (f) Goodwill;
      (g) Current interim cumulative net losses;
      (h) Unrealised gross losses arising from fair valuing equity securities2; and
      (i) Other deductions, as specified by the CBB.

      1 This refers to unrealised fair value gains reported directly in equity.

      2 This refers to both 'net losses taken through P&L'. and 'gross losses reported directly in equity'.

      Added: January 2013

    • Core Capital (for Ancillary Service Providers)

      Core capital refers to:

      (a) Issued and fully paid ordinary shares (net of treasury shares);
      (b) Share premium reserve;
      (c) All disclosed reserves brought forward, that are audited and approved by the shareholders, in the form of legal, general and other reserves created by appropriations of retained earnings, excluding fair value reserve;
      (d) Retained profit brought forward;

      Less:

      (e) Current interim cumulative net losses; and
      (f) Other deductions, as specified by the CBB.

      Interim profits which have been reviewed as per IAS 34 may be included as core capital.

      Added: April 2016

    • CPD

      Continuous professional development as referred to in Module TC (Training and Competency).

    • Credit Information

      As defined under Article (68 bis) b) 1) of the CBB Law, means any information and data related to financial obligations of customers of members of a credit reference bureau. This includes information and data related to all of the customer's debts (liabilities), credit facilities, sale on credit arrangements, sale by instalments, and any other claims due from the customer, along with their due dates, terms and conditions, and guarantees related to such claims, repayment, and the extent of the customers' commitments as well as the data and information related to government claims against the customer in the form of fees, instalments and fines, and any other claims due to government bodies. For this definition, customer means any of the customers of a credit reference bureau whom the credit reference bureau holds credit information as defined under Article (68 bis) b) 3) of the CBB Law.

      Added: April 2016

    • Credit Reference Bureau

      A credit reference bureau is a company licensed by the CBB as an ancillary services provider that receives, stores, analyses and classifies the credit information of customers and issues credit reports and provides the members of the credit reference bureau with such reports upon their request (see Paragraph AU-1.2.6 of Module AU_Ancillary Service Provider). For this definition, customer means any of the customers of a credit reference bureau whom the credit reference bureau holds credit information as defined under Article (68 bis) b) 3) of the CBB Law.

      Added: April 2016

    • Credit Report

      As defined under Article (68 bis) b) 4) of the CBB Law, means any report issued by any of the credit reference bureaus based upon a request by a customer or any of the members of the credit reference bureau and which includes credit information indicating the credit worthiness of the customer.

      Added: April 2016

    • Crowdfunding Platform Operator

      A person licensed by the CBB under the CBB Rulebook Volume 5 in respect of operating a crowdfunding platform.

      Added: October 2017

    • Customer

      A customer refers to a person or persons who have a business relationship with the licensee—those who receive and use or are directly affected by the products and services of the licensee.

      Amended: January 2011