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 withcustomers .October 2010BC-A.1.2
The Rules contained in this Module aim to ensure that
licensees deal with theircustomers in a fair and open manner, and address theircustomers ' information needs.October 2010BC-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 withcustomers . Principle 3 (Due skill, care and diligence) requireslicensees to act with due skill, care and diligence when acting on behalf of theircustomers . Principle 7 (Customer Interests) requireslicensees to pay due regard to the legitimate interests and information needs of theircustomers , and to communicate with them in a fair and transparent manner.October 2010BC-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 2010Legal 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 alllicensees . Requirements regardingMoney Changer Licensees are also included in the Regulation Organising Money Changing Business, issued in 1994 and included in this Module.Amended: January 2011
October 2010BC-A.1.6
For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.
October 2010
