AU-B AU-B Scope of Application
AU-B.1 AU-B.1 Scope of Application
AU-B.1.1
The content of this Module applies to all
financing company licensees authorised in the Kingdom of Bahrain, thereafter referred to in this Module aslicensees .January 2013AU-B.1.2
Two types of authorisation are prescribed:
(a) Any person seeking to provide aregulated financing company service within or from the Kingdom of Bahrain must hold the appropriate CBB license (see AU-1.1); and(b) Natural persons wishing to perform acontrolled function in alicensee also require prior CBB's approval, as anapproved person (see AU-1.2).January 2013AU-B.1.3
The Authorisation requirements in Chapter AU-1 have general applicability, in that they prevent any person from providing (or seeking to provide)
regulated financing company services within or from the Kingdom of Bahrain, unless they have been licensed as afinancing company (conventional or Islamic) by the CBB (see Rule AU-1.1.1).January 2013AU-B.1.4
The remaining requirements in Chapters AU-1 to AU-3 (besides those mentioned in Section AU-B.2 above) apply to all those licensed by the CBB as a
financing company licensee , or which are in the process of seeking such a license. They apply regardless of whether the person concerned is incorporated in the Kingdom of Bahrain, or in an overseas jurisdiction, unless otherwise specified.January 2013AU-B.1.5
Chapter AU-2 applies to
licensees (not just applicants), since licensing conditions have to be met on a continuous basis bylicensees . Similarly, Chapter AU-3 applies toapproved persons on a continuous basis; it also applies tolicensees seeking anapproved person authorisation. Chapter AU-4 contains requirements applicable tolicensees , with respect to the starting up of their operations, as well as tolicensees andapproved persons , with respect to the amendment or cancellation of their authorised status. Finally, Section AU-5.2 imposes annual fees onlicensees .January 2013