• BR-2.3 BR-2.3 Approval Requirements

    • Change of Address

      • BR-2.3.1

        As specified in Article 51 of the CBB Law, a licensee must seek approval from the CBB and give reasonable advance notice of a change in the address of the licensee's principal place of business in Bahrain.

        April 2016

      • BR-2.3.2

        The request under Paragraph BR-2.3.1 must include the details of the proposed new address and the date on which the licensee intends to use the new address.

        April 2016

    • Change in Legal Status

      • BR-2.3.3

        A licensee must seek CBB approval and give reasonable advance notice of a change in its legal status that may, in any way, affect its relationship with or limit its liability to its customers.

        April 2016

    • Change in Paid-up and/or Issued Capital

      • BR-2.3.4

        As specified in Article 57(3) of the CBB Law, a licensee must seek CBB prior approval before making any modification to its issued and/or paid-up capital.

        April 2016

    • Controllers

      • BR-2.3.5

        In accordance with Section GR-7.1, licensees must seek CBB prior approval and give reasonable advance notice of any of the following events:

        (a) A person acquiring control or ceasing to have control of the licensee;
        (b) An existing controller acquiring an additional type of control (such as ownership or significant influence) or ceasing to have a type of control of the licensee;
        (c) An existing controller increasing the percentage of shares or voting power of the licensee; and
        (d) An existing controller becoming or ceasing to be a parent undertaking of the licensee.
        April 2016

    • Mergers, Acquisitions and Disposals of Assets and Liabilities

      • BR-2.3.6

        A licensee incorporated in Bahrain must seek CBB prior approval and give reasonable advance notice of its intention to enter into a:

        (a) Merger with another undertaking;
        (b) Proposed acquisition or disposal of all or a major part of assets and liabilities, inside or outside the Kingdom; or
        (c) Modify its memorandum or articles of association.
        Amended: January 2020
        Added: April 2016

    • Outsourcing Arrangements

      • BR-2.3.7

        [This Paragraph was deleted in January 2023].

        Deleted: January 2023
        April 2016

    • Other Matters Having a Supervisory Impact

      • BR-2.3.8

        A licensee must seek prior approval from the CBB for any material changes or proposed changes to the information provided to the CBB in support of an authorisation application that occurs after authorisation has been granted.

        April 2016

    • External Auditor

      • BR-2.3.9

        A licensee must seek prior approval from the CBB for the appointment or re-appointment of its external auditor (ref. AU-2.7.1 and AA-1.1.1).

        April 2016

    • Dividend Distribution

      • BR-2.3.10

        Licensees, must obtain the CBB's prior written approval to any dividend proposed to be distributed to the shareholders, in accordance with Chapter GR-6.

        April 2016

    • Approved Persons

      • BR-2.3.11

        A licensee must seek prior approval from the CBB for the appointment of persons undertaking a controlled function (ref. Article 65 of the CBB Law, AU-1.3 and AU-4.3.1).

        April 2016

      • BR-2.3.12

        Licensees must seek prior CBB approval before an approved person may move from one controlled function to another within the same licensee (ref. AU-4.3.11).

        April 2016

      • BR-2.3.13

        If a controlled function falls vacant, a licensee making immediate interim arrangements for the controlled function affected, must obtain approval from the CBB (ref. AU-4.4.9).

        April 2016

    • Cessation of Business

      • BR-2.3.14

        In accordance with Paragraph GR-9.1.1 and Article 50 of the CBB Law, licensees must seek the CBB's prior approval should they wish to cease to provide or suspend any or all of the licensed regulated services of their operations and/or liquidate their business.

        April 2016