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  • MAE-1.5 MAE-1.5 Power of CBB to Revoke Exemption

    • MAE-1.5.1

      The CBB may revoke any exemption granted to a person under MAE-1.4.3 if:

      (a) The person does not commence operating its market or, where it operates more than one market, all of its markets, within 6 months from the date on which it was granted the exemption;
      (b) The person ceases to operate its market or, where it operates more than one market, all of its markets;
      (c) The person contravenes:-
      (i) Any condition or restriction relating to the exemption;
      (ii) Any direction issued to it by the CBB; or
      (iii) Any provision of the CBB Law or Regulations;
      (d) The CBB is of the opinion that the person has operated in a manner that is contrary to the interests of the public;
      (e) The person is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
      (f) A receiver, a receiver and manager or an equivalent person has been appointed, whether in Bahrain or elsewhere, in relation to, or in respect of, any property of the person;
      (g) The person has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly;
      (h) The CBB is of the opinion that the person would be more appropriately regulated as a licensed exchange or a licensed market operator; or
      (i) Any information or document provided by the person to the CBB is false or misleading.
      Amended: April 2013

    • MAE-1.5.2

      Subject to MAE-1.5.3, the CBB shall not revoke under MAE-1.5.1 any exemption granted to a person without giving the person an opportunity to be heard.

    • MAE-1.5.3

      The CBB may revoke any exemption granted to a person on any of the following grounds without giving the person an opportunity to be heard:

      (a) The person is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
      (b) A receiver, a receiver and manager or an equivalent person has been appointed, whether in Bahrain or elsewhere, in relation to, or in respect of any property of the person; or
      (c) The person has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud and dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.

    • MAE-1.5.4

      For the purposes of MAE-1.5.1(b), a person shall be deemed to have ceased to operate its market if:

      (a) It has ceased to operate the market for more than 30 days, unless it has obtained the prior approval of the CBB to do so; or
      (b) It has ceased to operate the market under a direction issued by the CBB.

    • MAE-1.5.5

      Any revocation under MAE-1.5.1 of an exemption granted to a person shall not operate so as to:

      (a) Avoid or affect any agreement, transaction or arrangement entered into on a market operated by the person, whether the agreement, transaction or arrangement was entered into before or after the revocation of the exemption; or
      (b) Affect any right, obligation or liability arising under such agreement, transaction or arrangement.
      Amended: April 2013

    • MAE-1.5.6

      The CBB shall give notice in the Gazette of any revocation of an exemption referred to in MAE-1.5.1.