• [M] [M]

    • Malware

      Malicious software used to disrupt the normal operation of an information system in a manner that adversely impacts its confidentiality, integrity or availability.

      Added: April 2019

    • Manager(s)

      [This definition has been moved to Volume 7 in April 2012].

    • Mandatory offer

      An offer for the remaining outstanding shares of an offeree company made by a shareholder, whether individually or along with persons acting in concert on the acquisition of control of such offeree company or such other threshold stipulated in the Module TMA.

      Added: July 2011

    • Manipulation

      Includes any deliberate/reckless act or attempt or act, expression, omission or concealment or influence to interfere with the free and fair functioning of the market, or to introduce misinformation or misleading appearance in the market, or to impede judgement of investors and market participants.

      Added: July 2011

    • Market

      Means a place at which, or a facility (whether electronic or otherwise) by means of which, offers or invitations to sell, purchase or exchange securities or futures contracts (including options and derivatives) regularly made on a centralised basis, being offers or invitations that are intended or may reasonably be expected to result, whether directly or indirectly, in the acceptance or making, respectively, of offers to sell, purchase or exchange securities or futures contracts (whether through that place or facility or otherwise).

      Amended: July 2016
      Added: July 2011

    • Market analysis

      Means research aimed at predicting or anticipating the direction of stock, debt securities, or commodity markets based on technical data about the movement of market prices, or on fundamental data such as corporate earnings prospects, or supply and demand.

      Added: July 2011

    • Market charge

      Means a security interest, whether fixed or floating, granted in favour of a licensed clearing house or central depository:

      (a) Over property held by or deposited with the licensed clearing house or central depository; and
      (b) To secure liabilities arising directly in connection with the licensed clearing house or central depository, ensuring the performance of a market contract.
      Added: July 2011

    • Market collateral

      Means property held by, or deposited with, a licensed clearing house or central depository for the purpose of securing liabilities arising directly in connection with the licensed clearing house or central depository, ensuring the performance of market contracts.

      Added: July 2011

    • Market contract or contracts


      (a) A contract subject to the business rules of a licensed clearing house or central depository that is entered into between the licensed clearing house and a member pursuant to a novation (however described), whether before or after default proceedings have commenced, which is in accordance with those business rules and for the purposes of the clearing or settlement of transactions using the clearing facility of the licensed clearing house; or
      (b) A transaction which is being cleared or settled using the clearing facility of a licensed clearing house and in accordance with the business rules of the licensed clearing house, whether or not a novation referred to in paragraph (a) is to take place.
      Added: July 2011

    • Market information

      Means any published information about trading or non-trading in certain types of securities, their number, prices, range of price for trading, or the identity of those involved or who may be involved in any capacity, such as trading.

      Added: July 2011

    • Market intermediary and representative

      Means a person falling within a category referred to in Module MIR-2.2.4 which undertakes regulated activities.

      Amended: July 2016
      Added: July 2011

    • Market Maker

      Means the person licensed by the Central Bank of Bahrain and registered with a licensed exchange or licensed market operator to provide both buy and sell quotes on continuous basis with an objective to improve liquidity in a security.

      Amended: January 2019
      Added: April 2013

    • Market Maker Agreement

      Means an agreement executed between the licensed exchange or licensed market operator and a member in respect of registration of the member as a market maker.

      Added: January 2019

    • Market Making

      Means the act of providing two-way quotes on a regular and on-going basis to enhance liquidity of a security.

      Added: January 2019

    • Market Making Agreement

      Means an agreement executed between the market maker and the issuer to undertake a market making scheme in the issuer's security

      Added: January 2019

    • Materiality

      Information is material if its omission or mis-statement could influence the economic decisions of the users taken on the basis of the financial statements. A reasonable person would be taken to expect information to have a material effect on the price or value of securities if the information would, or would be likely to, influence persons who commonly invest in securities in deciding whether or not to subscribe for, buy or sell the first-mentioned securities.

      Added: July 2011

    • Member

      In relation to an SRO means a person who holds membership of any class or description in the SRO, whether or not he holds any shares in the share capital of the SRO, as the case may be, and who has been approved by a licensed exchange to effect transactions on the trading system of the licensed exchange and/or approved by a licensed clearing house to effect the clearing, settlement or depositing of securities thereof.

      Added: July 2011

    • Merger

      Means the combination of two or more companies through the acquisition of an equity stake.

      Added: July 2011

    • Mixed Ijara contract(s)

      Islamic contract where the underlying assets can comprise of Istisna'a or Murabaha receivables in addition to Ijara.

      Added: January 2014

    • Mixed Ijara Sukuk

      Islamic contract that allows for a greater variety of funds to be used since previously inaccessible Murabaha and Istisna'a assets can be used in the portfolio.

      Added: January 2014

    • Modarabah contract(s)

      Islamic contract used to finance a project or business venture whereby the investor (Rabb Al Maal) provides capital and a manager (Mudarib) manages the project or the business. A financial institution may act as the Mudarib for funds it mobilizes for investments in Shari'a compliant products. If the venture is profitable, the profit will be distributed based on a pre-agreed ratio and losses if any are to be borne solely by the provider of the capital (Rabb Al Maal).

      Added: January 2014

    • Money laundering

      As defined in Decree Law No. 4 of 2001 and Decree Law 54 of 2006 with Respect to the Prohibition of the Laundering of Money.

      Added: July 2011

    • Murabaha contract(s)

      Islamic contract that covers the sale and purchase transaction for the financing of an asset whereby the cost and profit margin (mark-up) are made known and agreed by all parties involved. The settlement for the purchase can be a deferred lump sum payment or an instalment basis of payments.

      Added: January 2014