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 undertakingcontrolled functions (i.e.approved persons ) (as defined in Paragraph AU-1.2.2)January 2014TC-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 provideregulated financing company services as outlined in Section AU-1.3. Individuals occupyingcontrolled functions , as outlined in Paragraph AU-1.2.2, must therefore meet minimum levels of training and experience related to their functions.January 2014TC-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) requiresfinancing company licensees to maintain adequate human, financial and other resources sufficient to run its business in an orderly manner.January 2014TC-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 thefinancing company licensee in a sound and prudent manner (AU-2.4). This condition specifies thatfinancing 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 byapproved persons .January 2014Legal 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 theirapproved persons ).January 2014TC-A.1.6
For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.
January 2014TC-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 2014TC-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