• TC-A TC-A Introduction

    • TC-A.1 TC-A.1 Purpose

      • Executive Summary

        • TC-A.1.1

          This Module presents requirements that have to be met by financing company licensees with respect to training and competency of individuals undertaking controlled functions (i.e. approved persons) (as defined in Paragraph AU-1.2.2)

          January 2014

        • TC-A.1.2

          Module TC provides Rules and Guidance to financing company licencees to ensure satisfactory levels of competence, in terms of an individual's knowledge, skills, experience, and professional qualifications. Financing company licencees must maintain the competence to provide regulated financing company services as outlined in Section AU-1.3. Individuals occupying controlled functions, as outlined in Paragraph AU-1.2.2, must therefore meet minimum levels of training and experience related to their functions.

          January 2014

        • TC-A.1.3

          The Rules build upon Principles 3 and 9 of the Principles of Business (see Module PB (Principles of Business)). Principle 3 (Due Skill, Care and Diligence) requires financing company licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in its dealings with customers. Principle 9 (Adequate Resources) requires financing company licensees to maintain adequate human, financial and other resources sufficient to run its business in an orderly manner.

          January 2014

        • TC-A.1.4

          Condition 4 of CBB's Licensing Conditions (Chapter AU-2.4) and Condition 1 of the Approved Persons regime (Chapter AU-3.1) impose further requirements. To satisfy Condition 4 of the CBB's Licensing Conditions, a financing company licensee's staff, taken together, must collectively provide a sufficient range of skills and experience to manage the affairs of the financing company licensee in a sound and prudent manner (AU-2.4). This condition specifies that financing company licensees must ensure their employees meet any training and competency requirements specified by the CBB. Condition 1 of the Approved Persons Conditions (AU-3.1) sets forth the 'fit and proper' requirements in relation to competence, experience and expertise required by approved persons.

          January 2014

      • Legal Basis

        • TC-A.1.5

          This Module contains the CBB's Directive relating to Training and Competency and is issued under the powers available to the CBB under Articles 38 and 65(b) of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to all financing company licensees (including their approved persons).

          January 2014

        • TC-A.1.6

          For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

          January 2014

    • TC-A.2 TC-A.2 Module History

      • Evolution of the Module

        • TC-A.2.1

          This Module was first issued in January 2014. Any material changes that are subsequently made to this Module will be annotated with the calendar quarter date in which the change is made; Chapter UG-3 provides further details on Rulebook maintenance and version control.

          January 2014

        • TC-A.2.2

          A list of recent changes made to this Module is provided below:

          Module Ref. Change Date Description of Changes
          TC-B.1.3 07/2014 Clarified scope of application.
          TC-2.3.3 04/2017 Amended Paragraph on exception to the grandfathering Rule.

      • Superseded Requirements

        • TC-A.2.3

          This Module does not replace any regulations or circulars in force prior to January 2014.

          January 2014