• BC-A BC-A Introduction

    • BC-A.1 BC-A.1 Purpose

      • Executive Summary

        • BC-A.1.1

          This Module contains requirements that have to be met by licensees with regards to their dealings with customers.

          October 2010

        • BC-A.1.2

          The Rules contained in this Module aim to ensure that licensees deal with their customers in a fair and open manner, and address their customers' information needs.

          October 2010

        • BC-A.1.3

          The Rules build upon several of the Principles of Business (see Module PB (Principles of Business)). Principle 1 (Integrity) requires licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in their dealings with customers. Principle 3 (Due skill, care and diligence) requires licensees to act with due skill, care and diligence when acting on behalf of their customers. Principle 7 (Customer Interests) requires licensees to pay due regard to the legitimate interests and information needs of their customers, and to communicate with them in a fair and transparent manner.

          October 2010

        • BC-A.1.4

          The Rules contained in this Module are largely principles-based and focus on desired outputs rather than on prescribing detailed processes. This gives licensees flexibility in how to implement the basic standards prescribed in this Module.

          October 2010

      • Legal Basis

        • BC-A.1.5

          This Module contains the Central Bank of Bahrain's ('CBB') Directive (as amended from time to time) on business conduct by licensees, and is issued under the powers available to the CBB under Article 38 of the CBB Law. The directive in this Module is applicable to all licensees. Requirements regarding Money Changer Licensees are also included in the Regulation Organising Money Changing Business, issued in 1994 and included in this Module.

          Amended: January 2011
          October 2010

        • BC-A.1.6

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

          October 2010

    • BC-A.2 BC-A.2 Module History

      • Evolution of the Module

        • BC-A.2.1

          This Module was first issued in October 2010 by the CBB. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        • BC-A.2.2

          A list of recent changes made to this Module is provided below:

          Module Ref. Change Date Description of Changes
          BC-A.1.5 01/2011 Clarified legal basis.
          BC-2.5.2 07/2019 Amended the number of years for record keeping.
          BC-C 10/2020 Added a new Chapter on Provision of Financial Services on a Non-discriminatory Basis

      • Superseded Requirements

        • BC-A.2.3

          This Module supersedes the following provisions contained in circulars or other regulatory requirements:

          Document Ref. Document Subject
          EDBC/73/96 Explanatory note on the promotion of banking and financial products offered in/from Bahrain by means of incentives.
          October 2010