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 thelicensee's principal place of business in Bahrain.April 2016BR-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 2016Change 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 2016Change 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 2016Controllers
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 thelicensee ;(b) An existingcontroller acquiring an additional type of control (such as ownership or significant influence) or ceasing to have a type of control of thelicensee ;(c) An existingcontroller increasing the percentage of shares or voting power of thelicensee ; and(d) An existingcontroller becoming or ceasing to be a parent undertaking of thelicensee .April 2016Mergers, 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 2016Outsourcing Arrangements
BR-2.3.7
[This Paragraph was deleted in January 2023].
Deleted: January 2023
April 2016Other 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 2016External 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 2016Dividend 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 2016Approved Persons
BR-2.3.11
A
licensee must seek prior approval from the CBB for the appointment of persons undertaking acontrolled function (ref. Article 65 of the CBB Law, AU-1.3 and AU-4.3.1).April 2016BR-2.3.12
Licensees must seek prior CBB approval before anapproved person may move from onecontrolled function to another within the samelicensee (ref. AU-4.3.11).April 2016BR-2.3.13
If a
controlled function falls vacant, alicensee making immediate interim arrangements for thecontrolled function affected, must obtain approval from the CBB (ref. AU-4.4.9).April 2016Cessation 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