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 aslicensees .January 2014AU-B.1.2
Two types of authorisation are prescribed:
(a) Any person seeking to provideregulated 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 acontrolled function in alicensee also require prior CBB's approval, as anapproved person (see AU-1.2).January 2014AU-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 amicrofinance institution (conventional or Islamic) by the CBB or marketing anyfinancial services unless specifically allowed to do so by the CBB (see Rule AU-1.1.1).January 2014AU-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 2014AU-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 2014
