• 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 microfinance institution licensees authorised in the Kingdom of Bahrain, thereafter referred to in this Module as licensees.

        January 2014

      • AU-B.1.2

        Two types of authorisation are prescribed:

        (a) Any person seeking to provide regulated microfinance services within or from the Kingdom of Bahrain must hold the appropriate CBB license (see Section AU-1.1); and
        (b) Natural persons wishing to perform a controlled function in a licensee also require prior CBB's approval, as an approved person (see AU-1.2).
        January 2014

      • AU-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 microfinance services within or from the Kingdom of Bahrain, unless they have been licensed as a microfinance institution (conventional or Islamic) by the CBB or marketing any financial services unless specifically allowed to do so by the CBB (see Rule AU-1.1.1).

        January 2014

      • AU-B.1.4

        The remaining requirements in Chapters AU-1 to AU-3 (besides those mentioned in Section AU-B.1) apply to all those licensed by the CBB as a microfinance institution 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 2014

      • AU-B.1.5

        Chapter AU-2 applies to licensees (not just applicants), since licensing conditions have to be met on a continuous basis by licensees. Similarly, Chapter AU-3 applies to approved persons on a continuous basis; it also applies to licensees seeking an approved person authorisation. Chapter AU-4 contains requirements applicable to licensees, with respect to the starting up of their operations, as well as to licensees and approved persons, with respect to the amendment or cancellation of their authorised status. Finally, Section AU-5.2 imposes annual fees on licensees.

        January 2014