Basis for Approval
AU-1.4.4
Approval under Paragraph AU-1.4.1 is only granted by the CBB, if it is satisfied that the person is fit and proper to hold the particular position in the
licensee concerned. 'Fit and proper' is determined by the CBB on a case-by-case basis. The definition of 'fit and proper' and associated guidance is provided in Sections AU-3.1 and AU-3.2 respectively.January 2014AU-1.4.5
The
chief executive orgeneral manager means a person who is responsible for the conduct of thelicensee (regardless of actual title). Thechief executive orgeneral manager must be resident in Bahrain. This person is responsible for the conduct of the whole of the firm.January 2014AU-1.4.6
Head of function means a person who, under the immediate authority of adirector or thechief executive orgeneral manager exercises major managerial responsibilities, is responsible for a significant business or operating unit, or has senior managerial responsibility for maintaining accounts or other records of thelicensee .January 2014AU-1.4.7
Whether a person is a
head of function will depend on the facts in each case and is not determined by the presence or absence of the word in their job title. Examples ofhead of function might include, depending on the scale, nature and complexity of the business, a deputychief executive ; heads of departments such as Risk Management, Compliance or Internal Audit; or the Chief Financial Officer.January 2014AU-1.4.8
Where a
licensee is in doubt as to whether a function should be considered acontrolled function it must discuss the case with the CBB.January 2014
