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  • MAE-2 MAE-2 Obligation of Licensed Exchanges and Market Operators

    • MAE-2.1 MAE-2.1 General Obligations

      • Licensing Requirements

        • MAE-2.1.1

          A licensed exchange or licensed market operator shall, in respect of every market it operates:

          (a) As far as is reasonably practicable, ensure that the market is fair, orderly and transparent;
          (b) Manage any risks associated with its business and operations prudently;
          (c) Not act contrary to the interests of the public, having particular regard to the interests of the investing public;
          (d) Ensure that access for participation in its facilities is subject to criteria that are fair and objective, and that are designed to ensure the orderly functioning of the market and to protect the interests of the investing public;
          (e) Maintain business rules and, where appropriate, listing rules that make satisfactory provision for:
          (i) A fair, orderly and transparent market in securities and futures contracts that are traded through its facilities; and
          (ii) The proper regulation and supervision of its members;
          (f) Enforce compliance with its business rules and, where appropriate, its listing rules;
          (g) Have sufficient financial, human and system resources:
          (i) To operate a fair, orderly and transparent market;
          (ii) To meet contingencies or disasters; and
          (iii) To provide adequate security arrangements;
          (h) Ensure that it appoints or employs fit and proper persons as its chairman, chief executive officer, directors and key management officers;
          (i) Have a well designed Disaster Recovery Plan in place and the same shall be submitted to the CBB in accordance with Section MAE-2.10;
          (j) Have the capacity, authority, expertise and resources to enforce compliance by its members, shareholders, users and participants with laws, regulations and rules;
          (k) Ensure that the rules and regulations of the stock exchange are clearly expressed, understandable and readily available to anyone who needs to use them;
          (l) Ensure that the rules are applied equally to all participants without favour or discrimination;
          (m) Ensure that there is a system in place to record all trades and capture order entry data for surveillance purposes;
          (n) Ensure that it has a complaints and whistleblowing procedure; and
          (o) Have an operating manual, including the structure of the licensed exchange or licensed market operator;
          (p) Provide to the CBB, for its review and comment, at least 5 business days prior to publishing in the press, the draft agenda for any shareholders meetings referred to in Subparagraph MAE-2.1.1(r);
          (q) Ensure that any agenda items to be discussed or presented during the course of meetings which require the CBB's prior approval, have received the necessary approval, prior to the meeting taking place;
          (r) Invite a representative of the CBB to attend any shareholders' meeting (i.e. ordinary and extraordinary general assembly) taking place. The invitation must be provided to the CBB at least 5 business days prior to the meeting taking place; and
          (s) Within a maximum of 15 calendar days of any shareholders' meetings referred to in Subparagraph MAE-2.1.1(r), provide to the CBB a copy of the minutes of the meeting.
          Amended: July 2016
          Amended: April 2016

        • MAE-2.1.1A

          Licensed exchanges and licensed market operators must ensure that all regulated financial services are provided without any discrimination based on gender, nationality, origin, language, faith, religion, physical ability or social standing.

          Added: October 2020

      • Notification Requirements

        • MAE-2.1.2

          A licensed exchange or licensed market operator shall, as soon as practicable after the occurrence of any of the following circumstances, notify the CBB of the circumstance:

          (a) Any material change to the information provided by the licensed exchange or licensed market operator in its application under MAE-1.2;
          (b) The carrying on of any business by the licensed exchange or licensed market operator other than:
          (i) The business of operating a market;
          (ii) A business incidental to operating a market; or
          (iii) Such business or class of businesses as the CBB may prescribe;
          (c) The acquisition by the licensed exchange or licensed market operator of a substantial shareholding in a corporation which does not carry on:
          (i) The business of operating a market;
          (ii) A business incidental to operating a market; or
          (iii) Such business or class of businesses as the CBB may prescribe;
          (d) The licensed exchange or licensed market operator becoming aware of a financial irregularity or other matter which in its opinion:
          (i) May affect its ability to discharge its financial obligations; or
          (ii) May affect the ability of a member of the licensed exchange or licensed market operator to meet its financial obligations to the licensed exchange or licensed market operator;
          (e) The licensed exchange or licensed market operator reprimanding, fining, suspending, expelling or otherwise taking disciplinary action against a member of the licensed exchange or licensed market operator;
          (f) The licensed exchange or licensed market operator reprimands, suspends, dismisses or otherwise takes disciplinary action against any of its directors, or key management officers or if any director or key management officer is subject to an order or petition of bankruptcy or criminal prosecution;
          (g) Any civil or criminal legal proceeding instituted against the licensed exchange or licensed market operator, whether in Bahrain or elsewhere;
          (h) Any disciplinary action taken against the licensed exchange or licensed market operator by any regulatory body, whether in Bahrain or elsewhere, other than the CBB;
          (i) Any significant change to the regulatory requirements imposed on the licensed exchange or licensed market operator by any regulatory body, whether in Bahrain or elsewhere, other than the CBB;
          (j) A failure by the licensed exchange or licensed market operator to adhere to the trading days, hours or sessions of the licensed exchange or licensed market operator;
          (k) Any disruption of, delay in, suspension of, or termination in any trading procedure or trading practice of the licensed exchange or licensed market operator including those resulting from any system failure;
          (l) Any other matter that the CBB may specify by notice in writing to the licensed exchange or licensed market operator.
          Amended: April 2013

        • MAE-2.1.3

          The CBB may, at any time after receiving a notification referred to in Paragraph MAE-2.1.2 and after providing the licensed exchange and licensed market operator an opportunity to be heard, issue directions to the licensed exchange or licensed market operator:

          (a) Where the notification relates to a matter referred to in Subparagraph MAE-2.1.1 (b):
          (i) To cease carrying on the first-mentioned business referred to in Subparagraph MAE-2.1.1 (b); or
          (ii) To carry on the first-mentioned business referred to in Subparagraph MAE-2.1.1 (b) subject to such conditions or restrictions as the CBB may impose; or
          (b) Where the notification relates to a matter referred to in Subparagraph MAE-2.1.1 (c):
          (i) To dispose of the shareholding referred to in Subparagraph MAE-2.1.1 (c); or
          (ii) To exercise its rights relating to such shareholding subject to such conditions or restrictions as the CBB may impose, and the licensed exchange or licensed market operator shall comply with such directions.
          Amended: April 2016
          Amended: April 2013

        • MAE-2.1.4

          Where a circumstance referred to in MAE-2.1.2 has occurred, the licensed exchange or licensed market operator shall, in addition to the notification required under Paragraph MAE-2.1.2, within 14 days of the occurrence of the circumstance or such longer period as the CBB may permit, submit a report to the CBB of the circumstances relating to the occurrence, the remedial actions taken at the time of the occurrence, and the subsequent follow-up actions that the licensed exchange or licensed market operator has taken or intends to take.

          Amended: April 2016

        • MAE-2.1.5

          An exchange may levy on its members, participants and users such fees as it may deem necessary in the form of:

          (a) Membership fees; and/or
          (b) Listing fees
          Amended: April 2013

        • MAE-2.1.6

          The fees shall be paid quarterly, semi-annually or annually at the discretion of the exchange.

        • MAE-2.1.7

          A licensed exchange or licensed market operator shall, within a reasonable period of time prior to entering into negotiations to establish a trading linkage, clearing arrangement or cooperative arrangement with the person establishing or operating an overseas market or clearing facility, notify the CBB of such intent to enter into negotiations.

        • MAE-2.1.8

          In Paragraph MAE-2.1.7, "cooperative arrangement" shall not include:

          (a) Any joint development of products and services;
          (b) Any joint marketing efforts between the licensed exchange and the person operating an overseas market or clearing facility in promoting the services of either entity; or
          (c) Any memoranda of understanding for the exchange of information.

    • MAE-2.2 MAE-2.2 Obligation to Maintain Proper Records

      • MAE-2.2.1

        Every licensed exchange or licensed market operator shall ensure that all relevant books and other information, as may be required by the CBB for the purposes of this Module, be kept for a minimum of 10 years.

    • MAE-2.3 MAE-2.3 Final Accounts and Auditing

      • MAE-2.3.1

        Every licensed exchange or licensed market operator shall appoint one or more qualified and experienced external auditors for its accounts for every financial year. A prior written approval by the CBB will be required before appointing an auditor.

      • MAE-2.3.2

        If a licensed exchange or licensed market operator fails to appoint an auditor within 4 months from the beginning of the financial year, the CBB shall appoint such auditor.

      • MAE-2.3.3

        The licensed exchange or licensed market operator shall pay the fees of the auditor regardless of the manner in which such auditor is appointed.

      • MAE-2.3.4

        An auditor shall not be the chairman or a director in the licensed exchange or licensed market operator's board or a managing director, agent, representative or taking up any administrative work therein, or supervising its accounts, or a next of kin to someone who is responsible for the administration or accounts of a licensed exchange or licensed market operator, or having an extraordinary interest in a licensed exchange or licensed market operator as the CBB may determine.

      • MAE-2.3.5

        If any of the circumstances referred to in Paragraph MAE-2.3.4 occurs after the appointment of the auditor, the licensed exchange or licensed market operator must appoint another auditor.

        Amended: April 2016

      • MAE-2.3.6

        The licensed exchange or licensed market operator shall provide the external auditor with all information and assistance necessary for carrying out his duties.

      • MAE-2.3.7

        The duties of the auditor shall include the preparation of a report on the final accounts. The report shall contain a statement on whether the licensed exchange or licensed market operator's accounts are correct and reflect the actual state of affairs of the licensed exchange or licensed market operator according to the auditing standards prescribed by the CBB and whether the licensed exchange or licensed market operator has provided the auditor with any required information and clarifications.

      • MAE-2.3.8

        The final audited accounts shall be presented to the general meeting of the licensed exchange or licensed market operator together with the auditor's report. A copy of these documents shall be sent to the CBB at least 15 days before the date of the general meeting.

      • MAE-2.3.9

        If the licensed exchange or licensed market operator is a foreign company, a copy of its final audited accounts together with the auditor's report shall be sent to its main office abroad.

      • MAE-2.3.10

        Every licensed exchange or licensed market operator must, within 3 months following every financial year, send to the CBB and make public its final audited accounts, for all the transactions carried out until year end as well as any other financial statements required by the CBB. Extracts of the final audited accounts shall be published in 2 local daily newspapers, one in Arabic and the other in English, within 60 calendar days from the end of the financial year.

        Amended: July 2016

      • MAE-2.3.11

        Audited financial statements must comply with International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS). For Islamic institutions, audited financial statements must comply with AAOIFI standards or where AAOIFI standards do not cover a subject, IFRS must be followed.

        Amended: July 2016

    • MAE-2.4 MAE-2.4 Obligation to Submit Periodic Reports

      • MAE-2.4.1

        A licensed exchange or licensed market operator shall submit to the CBB:

        (a) Within 3 months after the end of its financial year or such longer period as the CBB may permit, a copy of its:
        (i) Annual report and directors' report; and
        (ii) Auditor's report;
        (b) Within 45 days after the end of each of the first 3 quarters of its financial year or such longer period as the CBB may permit, or the preceding quarter, in such form as may be approved by the CBB, a copy of its:
        (i) Profit and loss accounts; and
        (ii) Balance sheet;
        (c) Within 3 months after the end of its financial year or such longer period as the CBB may permit, a report on how the licensed exchange or licensed market operator has discharged its responsibilities under the CBB Law and these Rules during that financial year;
        (d) Within 3 months after the end of its financial year or such longer period as the CBB may permit, a copy of the balance sheet of any fidelity fund of the licensed exchange prepared in such form as may be approved by the CBB;
        (e) The following reports relating to the business of the licensed exchange or licensed market operator:
        (i) Prescribed monthly statistics in Form 5 within 10 business days from the end of the month;
        (ii) Prescribed quarterly statistics in Form 6 within 10 business days from the end of each quarter; and
        (iii) Where the licensed exchange is operating a futures market, Form 7 within 10 business days from the end of each month;
        (f) Such other report as the CBB may require for the proper administration of this Module, at such time or on such periodic basis as may be required by the CBB.
        Amended: April 2013

      • MAE-2.4.2

        The auditor's report referred to in Paragraph MAE-2.4.1 (a)1 shall unless otherwise provided to the CBB by way of a management letter, include the findings and recommendations of the auditors, if any, on the internal controls of the licensed exchange or licensed market operator; and

        (a) Any provision of this Module;
        (b) Any direction issued by the CBB under this Module; or
        (c) Any other relevant laws or regulations.
        Amended: April 2013

      • IIS Reporting Requirements

        • MAE-2.4.3

          A licensed exchange or licensed market operator is required to complete online non-financial information related to its institution by accessing the CBB's institutional information system (IIS). Licensees must update the required information at least on a quarterly basis or when a significant change occurs in the non-financial information included in the IIS. If no information has changed during the quarter, the licensee must still access the IIS quarterly and confirm the information contained in the IIS. Licensees must ensure that they access the IIS within 20 calendar days from the end of the related quarter and either confirm or update the information contained in the IIS.

          Added: April 2013

        • MAE-2.4.4

          Licensees failing to comply with the requirements of Paragraph MAE-2.4.3 or reporting inaccurate information are subject to financial penalties or other enforcement actions.

          Added: April 2013

    • MAE-2.5 MAE-2.5 Obligation to Assist CBB

      • MAE-2.5.1

        A licensed exchange and licensed market operator shall provide such assistance to the CBB as the CBB may require for the performance of the functions and duties of the CBB, including the furnishing of such returns and the provisions of:

        (a) Such books and information:
        (i) Relating to the business of the licensed exchange or licensed market operator; or
        (ii) In respect of such dealings in securities or trading in futures contracts; and
        (b) Such other information, as the CBB may require for the proper administration of this Module.
        Amended: April 2013

      • MAE-2.5.2

        The CBB may at is discretion:

        (a) Call for the provision of additional information about the affairs of the exchange or the operator;
        (b) Carry out inspections of the office of the exchanges and inspect the books of accounts and other relevant books of the exchange or the operator; and
        (c) Appoint one or more person to inquire into the affairs of the exchange or operator.

    • MAE-2.6 MAE-2.6 Obligation to Maintain Confidentiality

      • MAE-2.6.1

        Subject to Paragraph MAE-2.6.2, a licensed exchange and licensed market operator and its officers and employees must maintain, and aid in maintaining the confidentiality of all user information that:

        (a) Comes to the knowledge of the licensed exchange or licensed market operator, or any of its officers or employees; and
        (b) Is in possession of the licensed exchange or licensed market operator, or any of its officers or employees.
        Amended: April 2016

      • MAE-2.6.2

        Paragraph MAE-2.6.1 does not apply to:

        (a) The disclosure of user information for such purposes, or in such circumstances as the CBB may prescribe;
        (b) Any disclosure of user information which is authorised by the CBB to be disclosed or furnished; or
        (c) The disclosure of user information pursuant to any requirement imposed under any law or order of court in the Kingdom of Bahrain.
        Amended: April 2016

      • MAE-2.6.3

        For the avoidance of doubt, nothing in this Section shall be construed as preventing a licensed exchange or licensed market operator from entering into a written agreement with a user which obliges the licensed exchange or licensed market operator to maintain a higher degree of confidentiality than that specified in this Section.

        Amended: April 2016

    • MAE-2.7 MAE-2.7 Exceptions to Obligation to Maintain Confidentiality

      • MAE-2.7.1

        The obligation to maintain confidentiality shall not apply to the disclosure of user information by a licensed exchange or licensed market operator, or its officers or employees for the following purposes or in the following circumstances:

        (a) The disclosure of user information is necessary for the making of a complaint or report under any law for an offence alleged or suspected to have been committed under such law;
        (b) The disclosure of user information is permitted for such purpose specified in writing by the user or, where the user is deceased, by his appointed personal representative;
        (c) The disclosure of user information is necessary for the execution by the licensed exchange or licensed market operator of a transaction in any securities or futures contracts or clearing or settlement of a transaction and such disclosure is made only to another user which is:
        (i) A party to the transaction; or
        (ii) A member of a licensed exchange or licensed market operator, or a designated clearing house through which that transaction is executed, cleared or settled;
        (d) The disclosure of user information is necessary:
        (i) In any disciplinary proceedings of the licensed exchange or licensed market operator, provided that reasonable steps are taken to ensure that user information disclosed to any third person is used strictly for the purpose for which the user information is disclosed; or
        (ii) For the publication, in any form or manner, of the disciplinary proceedings and the outcome thereof;
        (e) The user information disclosed is already in the public domain;
        (f) The disclosure of user information is made in connection with:
        (i) The outsourcing or proposed outsourcing of any function of the licensed exchange or licensed market operator to a third party;
        (ii) The engagement or potential engagement of a third party by the licensed exchange or licensed market operator to create, install or maintain systems of the licensed exchange or licensed market operator; or
        (iii) The appointment or engagement of an auditor, a lawyer, a consultant or other professional by the licensed exchange or licensed market operator under a contract for service;
        (g) The disclosure of user information is necessary in:
        (i) An application for a grant of probate or letters of administration or the resealing thereof in relation to the estate of a deceased user; or
        (ii) The administration of the estate of a deceased user, including such disclosure as may be required for this purpose by the relevant authority; or
        (h) The disclosure of user information is made in connection with:
        (i) In the case where the user is an individual, the bankruptcy of a user; or
        (ii) In the case where the user is a body corporate, the winding up or receivership of a user.
        Amended: April 2013

      • MAE-2.7.2

        Where user information is disclosed under MAE-2.7.1 (f), the licensed exchange or licensed market operator shall:

        (a) Maintain a record of the circumstances relating to the disclosure of user information referred to in MAE-2.7.1 (f); and the particulars of:
        (i) In the case of the disclosure of information under MAE-2.7.1 (f), the outsourcing of the function of the licensed exchange;
        (ii) In the case of the disclosure of information under MAE-2.7.1 (f), the engagement of the third party; and
        (iii) In the case of the disclosure of information under MAE-2.7.1 (f), the appointment or engagement of the auditor, lawyer, consultant or other professional and make that record available for inspection by the CBB;
        (b) Disclose the user information only insofar as this is necessary for the relevant purpose; and
        (c) Take reasonable steps to ensure that the user information disclosed is used by the person to whom the disclosure is made strictly for the relevant purpose, and that the user information is not disclosed by that person to any other person except with the consent of the licensed exchange or licensed market operator.
        Amended: April 2013

      • MAE-2.7.3

        Where disclosure of user information is permitted to be made for any purpose or in any circumstance under Paragraph MAE-2.7.1 to a body corporate, the user information may be disclosed only to those officers of the body corporate to whom the disclosure is necessary for the relevant purpose.

      • MAE-2.7.4

        In Paragraphs MAE-2.7.2 and MAE-2.7.3, "relevant purpose" means:

        (a) In the case of the disclosure of information under Paragraph MAE-2.7.1 (f), facilitating the outsourcing of the function of the licensed exchange or licensed market operator;
        (b) In the case of the disclosure of information under Paragraph MAE-2.7.1 (f), facilitating the engagement of the third party; and
        (c) In the case of the disclosure of information under Paragraph MAE-2.7.1 (f), facilitating the appointment or engagement of the auditor, lawyer, consultant or other professional.

    • MAE-2.8 MAE-2.8 Provision of Information to Investors

      • MAE-2.8.1

        A licensed exchange or licensed market operator shall:

        (a) Make available upon request by; or
        (b) Publish in a manner that is accessible to, any investor who accesses or potential investor who may access, any market that the licensed exchange or licensed market operator operates information on:
        (i) All services of the licensed exchange or licensed market operator;
        (ii) All products available on the market operated by the licensed exchange or licensed market operator;
        (iii) Applicable fees and charges;
        (iv) Applicable margin requirements; and
        (v) Any arrangement that may be in place to compensate an investor who suffers pecuniary loss as a result of these activities or insolvency of a participant of the licensed exchange or licensed market operator.
        Amended: April 2013

      • MAE-2.8.2

        In Paragraph MAE-2.8.1 "investor" means:

        (a) In the case where the licensed exchange is incorporated in Bahrain, any investor, whether in Bahrain or elsewhere; and
        (b) In the case of licensed market operators, any investor in Bahrain.

    • MAE-2.9 MAE-2.9 Transmission and Storage of User Information

      • MAE-2.9.1

        A licensed exchange or licensed market operator shall take all reasonable measures to maintain the integrity and security of the transmission and storage of user information.

    • MAE-2.10 MAE-2.10 Business Continuity Plan

      • MAE-2.10.1

        A licensed exchange or licensed market operator shall maintain at all times a plan of action (referred to in this regulation as a business continuity plan) setting out the procedures and establishing the systems necessary to restore fair, orderly and transparent operations of any market it operates, in the event of any disruption to the operations of the market.

      • MAE-2.10.2

        A licensed exchange or licensed market operator shall review the procedures and systems referred to in MAE-2.10.1 on such regular basis as may be specified in the business continuity plan.

      • MAE-2.10.3

        A licensed exchange or licensed market operator shall immediately notify the CBB of any activation of its business continuity plan and of any action taken or intended to be taken to restore fair, orderly and transparent operations of any market it operates.

      • MAE-2.10.4

        A licensed exchange or licensed market operator shall, within 14 days or such longer period as the CBB may permit, inform the CBB of any material change to the business continuity plan, and shall submit at the request of the CBB, a copy of the new plan to the CBB.

    • MAE-2.11 MAE-2.11 [This Section has been deleted in April 2022 and replaced with Module CFP requirements in Volume 5 Ancillary Service Providers]

      • MAE-2.11.1

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Added: October 2017

      • MAE-2.11.2

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Added: October 2017

      • MAE-2.11.3

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Added: October 2017

      • MAE-2.11.4 MAE-2.11.4

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Added: October 2017

        • Appointment of Shari'a Advisor

          • MAE-2.11.5

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.6

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.7

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.8

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.9

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Type of Securities Eligible for Hosting

          • MAE-2.11.10

            [This Paragraph was deleted in April 2022]..

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.11

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Permitted Equity Crowdfunding Issuers

          • MAE-2.11.12

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.13

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.14

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Overseas Equity Crowdfunding Issuers

          • MAE-2.11.15

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.16

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Limits to Funds Raised

          • MAE-2.11.17

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Amended: October 2018
            Added: October 2017

        • Eligible Investors and Investment Limits

          • MAE-2.11.18

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.19

            [This Paragraph was deleted in January 2019].

            Deleted: January 2019
            Added: October 2017

          • MAE-2.11.20

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.21

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Disclosure Requirements

          • MAE-2.11.22

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.23

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Warning Statement

          • MAE-2.11.24

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.25

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Investor Agreement

          • MAE-2.11.26

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.27

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Investor Money

          • MAE-2.11.28

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.29

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Cooling-off Period

          • MAE-2.11.29A

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: January 2019

        • Segregation of Client Assets

          • MAE-2.11.30

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.31

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Client Money

          • MAE-2.11.32

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Record-keeping

          • MAE-2.11.33

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Compliance

          • MAE-2.11.34

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.35

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Share Register

          • MAE-2.11.36

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.37

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.38

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.11.39

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

    • MAE-2.12 MAE-2.12 [This Section has been deleted in April 2022 and replaced with Module CFP requirements in Volume 5 Ancillary Service Providers]

      • MAE-2.12.1

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Added: October 2017

      • MAE-2.12.2

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Added: October 2017

      • MAE-2.12.3 MAE-2.12.3

        [This Paragraph was deleted in April 2022].

        Deleted: April 2022
        Amended: January 2019
        Added: October 2017

        • Equity Crowdfunding Offering Statement Disclosure

          • MAE-2.12.4

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.5

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Offer Period

          • MAE-2.12.6

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Minimum Subscription

          • MAE-2.12.7

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.8

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Investment Commitment

          • MAE-2.12.9

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.10

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.11

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Oversubscription

          • MAE-2.12.12

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Allotment, Dispatch and Refund

          • MAE-2.12.13

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.14

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Reporting Requirements

          • MAE-2.12.15

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.16

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.17

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

        • Limits on Advertising

          • MAE-2.12.18

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.19

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017

          • MAE-2.12.20

            [This Paragraph was deleted in April 2022].

            Deleted: April 2022
            Added: October 2017