MAE-1.8 MAE-1.8 Cancellation or Amendment of License
MAE-1.8.1
The CBB may cancel any license of a
person as alicensed exchange orlicensed market operator if:(a) There exists criteria under MAE-1.2 that thelicensed exchange orlicensed market operator does not meet and on which grounds the CBB would refuse an application;(b) Thelicensed exchange orlicensed market operator does not commence operating itsmarket or, where it operates more than onemarket , all of itsmarkets within 6 months from the date on which it was granted the license.(c) Thelicensed exchange orlicensed market operator ceases to operate itsmarket or, where it operates more than onemarket , all of itsmarkets .(d) Thelicensed exchange orlicensed market operator contravenes:(i) Any condition or restriction applicable in respect of its license;(ii) Any direction issued to it by the CBB;(iii) Any provision in this Module; or(iv) Any other CBB law, rule or regulation;(e) Thelicensed exchange orlicensed market operator operates in a manner that is in the opinion of the CBB, contrary to the interests of the public oruser ; and(f) Any information or document knowingly or willingly provided by thelicensed exchange orlicensed market operator to the CBB is false or misleading.Amended: April 2013MAE-1.8.2
The CBB may not, subject to MAE-1.8.3, cancel any license that was granted to a
licensed exchange orlicensed market operator without giving the opportunity to be heard.MAE-1.8.3
The CBB may cancel a license that was granted to a
licensed exchange orlicensed market operator on any of the following grounds without giving an opportunity to be heard:(a) Thelicensed exchange orlicensed market operator 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 equivalentperson has been appointed, whether in Bahrain or elsewhere, in relation to or in respect of any property of thelicensed exchange orlicensed market operator ; and(c) Thelicensed exchange orlicensed market operator 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.MAE-1.8.4
For the purposes of Subparagraph MAE-1.8.1(c), a
licensed exchange orlicensed market operator shall be deemed to have ceased to operate itsmarket if:(a) It has ceased to operate themarket 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 themarket under a direction issued by the CBB.Amended: July 2016
Amended: April 2016MAE-1.8.5
Any cancellation of a license of a
licensed exchange orlicensed market operator referred to in Paragraph MAE-1.8.1 shall not operate so as to:(a) Avoid or affect any agreement, transaction or arrangement entered into amarket operated by the corporation, whether the agreement, transaction or arrangement was entered into before or after the revocation of the license; or(b) Affect any right, obligation or liability arising under such agreement, transaction or arrangement.MAE-1.8.6
Where the CBB cancels or amends a license of a
licensed exchange orlicensed market operator , notification to thelicensed exchange and an appeal against such a decision shall be governed by Article 48 of the CBB Law.Amended: July 2016