MAE-1.3 MAE-1.3 Licensing of Exchanges and Market Operators
MAE-1.3.1
The CBB shall decide on the application within 60 days from the date of receiving the application, complete with all the required information and documents.
MAE-1.3.2
The CBB may grant an 'in principle' confirmation that the applicant appears likely to meet the CBB's licensing requirements, subject to the remaining information and documents being assessed as satisfactory. The 'in principle' confirmation will also list all outstanding documents required before an application can be considered complete and subject to formal consideration.
Amended: April 2016MAE-1.3.2A
An 'in principle' confirmation does not constitute a license approval, nor does it commit the CBB to issuing a license. However, it provides sufficient assurance for an applicant to complete certain practical steps, such as securing suitable executive staff that satisfy CBB's 'fit and proper' requirements. Once this has been done, the applicant may finalise its application, by submitting the remaining documents and, once assessed as complete by the CBB, a signed and dated final version of Form 1. However, a Bahraini company proposing to undertake financial services activities would not be eligible to obtain a Commercial Registration from the Ministry of Industry and Commerce unless it receives the final approval from the CBB.
Added: April 2016MAE-1.3.3
The operations of the
licensed exchange orlicensed market operator may only commence after the CBB grants the license to the applicant.Amended: April 2016MAE-1.3.4
The CBB may license a
person as alicensed exchange or license anoverseas exchange as alicensed market operator , subject to such conditions or restrictions as the CBB may deem fit to impose by notice in writing, including conditions or restrictions relating to:(a) The activities that theperson may undertake;(b) Thesecurities orfutures contracts that may be traded on anymarket established or operated by theperson ; and(c) The nature of the investors orparticipants who may use, invest in or participate in thesecurities orfutures contracts traded on anymarket established or operated by theperson .Amended: April 2016MAE-1.3.5
The CBB may, at any time, by notice in writing to the
person , vary any condition or restriction or impose such further condition or restriction as it may deem fit.Amended: April 2016MAE-1.3.6
A
licensed exchange or alicensed market operator shall, for the duration of the license, satisfy all conditions and restrictions that may be imposed on it.MAE-1.3.7
Where the CBB rejects an application, the decision and any appeal by the applicant shall be governed by Article 46 of the CBB Law.
